What you need to understand is that the value of rare earth...

What you need to understand is that the value of rare earth magnets is in their high strength, in a very small size. For something like a lift, that’s not a big deal - there’s room to put in a physically larger magnet if that’s cheaper but still achieves the desired goal.

It’s for applications like cars, where weight and space is at a premium, where rare earth magnets really have high value. Even there, there are alternatives (eg, reluctance motors), with certain drawbacks.

Don’t get me wrong; rare earth materials are of high importance, and I don’t see supply meeting demand in the near future. I just don’t want people overstating the case for investing in a rare earth mining project.