Stillwater, Oklahoma — Buried on Round Top Mountain in a remote part of West Texas are rare earth minerals, the metals that could power America's future.

Rare earths are a group of 17 elements used in many of the world's most advanced technologies, including semiconductors, electric cars and guided missiles used by the military.

Before they can be used, the minerals must be turned into magnets, and China produces as much as 95% of the world's rare earth magnets, according to energy research company Wood Mackenzie.

But USA Rare Earth, a Stillwater, Oklahoma-based company, is trying to change that by bringing this critical supply chain back to the United States.

"I'd say we're a good 10, 15 years behind," USA Rare Earth CEO Joshua Ballard told CBS News of where he thinks U.S. production of rare earth magnets should be. 

Inside its warehouse in Stillwater, USA Rare Earth is rushing to assemble massive machines that will eventually produce up to 5,000 tons of magnets per year. According to Ballard, that will equal about 10% of U.S. demand. 

"Right now, we have to ask permission from China in order to get the magnets and minerals we need for our defense technologies," Ballard said. "...This is an incredible choke point for this country."

In April, the Trump administration announced an economic investment deal with Ukraine designed to give the U.S. access to Ukraine's rare earths, a move that comes amid the White House's trade disputes with China.

Ballard showed CBS News a small-scale laboratory that is showcasing what could be possible. Inside, engineers are refining the volatile rare earth metals, cooking and compressing them into tiny but powerful magnets.

"When you think about all these new technologies, whether it's in your phone, there's probably 12 magnets if you have an iPhone," Ballard said. "A car, there's up to 40 magnets in a car. And the strength of them allows you to create smaller technologies with the power of the magnet."

And while companies like USA Rare Earth will eventually help lessen U.S. dependence on China, Ballard said that's still a long way off.

"It's a long term proposition," Ballard said. "We've got a lot of work to do here. There's a few sites here in America that are working out today. It's not nearly enough. We've got a lot of work to do."