Japan has discovered an "astronomically" high level of rare earth deposits about 5.8 kilometers under the Pacific Ocean's surface, near Minami Torishima island south-east of Tokyo. The discovered rare minerals, which include drysprosium, are used in the production of high technology equipment such as smartphones, hard disks or catalytic converters.

Rare earths aren't all that rare.  Find them all over the place, including sea water (IIRC.)  They are rarely found in concentrations economically viable to mine.

Rare earths have been the center of a foo-foo over the last couple of years.  China is, currently, the global supplier and they've been using their control of supply to "invite" factories to move there by doubling the export price wrt domestic price.  US has been party to a protest at the WTO.

The fact the US has export controls on high-tech products isn't brought into the discussion because Communism Terrorism!

She believed in nothing; only her skepticism kept her from being an atheist. -- Jean-Paul Sartre