Mules, Moonshine, and Magnets

The Wire China Podcast explores America's dependency on China for rare earth magnets, focusing on Vulcan Elements, a North Carolina startup aiming to produce these magnets without Chinese ingredients or equipment. Noah Berman details Vulcan's complex manufacturing process and its partnerships with Energy Fuels and ReElement Technologies for sourcing rare earths. The discussion highlights the Trump administration's financial support for reshoring the rare earths industry, including a significant deal with Vulcan. Despite substantial investment, challenges remain for U.S. companies, including competing with China's established industrial clusters and ensuring sufficient domestic demand. The mayor of Benson, North Carolina, is excited about Vulcan's move to his town, which he hopes will become known for magnets. The podcast also includes excerpts from a conversation with Kei Koizumi, who discusses the implications of China's advancements in AI and military technology.