Alaska could be 'Silicon Valley' of rare earth mining?

According to Bloomberg, Alaska state legislators are bullish on the state's potential for producing rare earth elements (coveted materials necessary for manufacturing modern, high-tech gizmos) from some 70 promising sites around Alaska. Luisa Moreno, an analyst for Toronto-based Jacob Securities is optimistic in particular about the efforts of Canada's Ucore Rare Metals to develop its holdings at the Bokan Mountain deposit, near Ketchikan. Moreno tells Bloomberg, "They have this view that, potentially, they can make Alaska the Silicon Valley of rare earths" (although from context it's unclear which "they" the analyst is referring to, whether the company, the securities brokers or state legislators). Either way, Moreno says starting an industry from scratch, including ore processing facilities near Ketchikan, won't come cheap. The mine is expected to cost around $100 million, and facility to process its raw materials around $50 million. Read much more, here.