Rare Earths are called so because yes they are rare. Not only does China have a large monopoly on these elements they gained eve more when the US backed out of Afghanistan and the Taliban working with the CCP took over. Afghanistan has a large amount of lithium.

Regardless rare earth elements according to National Geographic will run out long before the year 2100 at current use rates. If we increase usage of these elements the Earth will literally run out of them sometime around 2050. The value of these will only go up unless the Earth can find an external source of this material.