Scrape to the last bit

They are truly rare and getting rarer by the day. About 124,000 metric tons of rare earth elements (REEs) were produced in 2009, with worldwide demand during this period estimated to be 134,000 metric tons — the difference have been made up from existing stockpiles. By 2012, worldwide demand is expected to reach 180,000 metric tons while mining operations are not expected to keep up with demand in the near term.

Rare earth elements are critical to a variety of high-tech products and manufacturing processes, including catalytic converters, petroleum refining, color TV and flat panel displays, permanent magnets, batteries for hybrid and electric vehicles, medical devices, and various defense systems like missiles, jet engines, and satellite components.

The Chinese produce 97% of REEs worldwide.

Rare earths are moderately abundant in the earth's crust, some even more abundant than copper, lead, gold, and platinum. While more abundant than many other minerals, REE are not concentrated enough to make them easily exploitable economically.

Either one has to look for alternatives which will take time, or stop using all those gadgets made from these elements (asking for the moon!) or simply pally up to China.

Or, recycle wherever possible, taking help from bacteria?

Researchers from the School of Biosciences at the University of Birmingham have found a way to use microbes, similar to the common soil bacterium Desulfovibrio desulfuricans, to recover palladium from useless industrial waste. Palladium itself is one of the most precious resource metals on Earth, boasting unique chemical properties. This metal can in fact be used as an active element in autocatalytic converters able to reduce greenhouse gas emissions.

As we have noted before, these are time of Peak everything!