Ukraine doesn’t actually have any commercial deposits of the rare earths that both Washington and Kyiv have hyped up. The country does not currently produce rare earths, which are a type of critical mineral, nor has it produced rare earths in recent decades. Kyiv only has Soviet-era rare-earth geological mapping, and the ongoing Russia-Ukraine war is certain to complicate any mining or processing efforts—all of which require years of hefty investments, even in countries that are not in war. “Mining is a long-term effort—so the United States may not yield benefits for another 20 years,” a report by the Center...