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Rare Earths

Importance

Global Demand for Rare Earth Metals

Global Demand for Rare Earth Metals
  • 1950: approximately zero
  • 1984: 20,000 t
  • 2009: approximately 140,000 t
  • 2010 (estimated): approximately 160,000 t

Factors for consistently High Prices for Rare Earth Metals

  • The exploration, mining and extraction of rare earths elements is a laborious and expensive process.
  • The high-end technologies of today, tomorrow, and the distant future urgently require rare earth metals.
  • Both the nature and scope of industrial uses for rare earth metals are rapidly growing. Many “sunrise industries” are emerging.
Recent price history for selected Rare Earth Oxides

China Has a Quasi-Monopoly (known as the “China Factor”)

  • The West associates the dangerous, strategic advantages of Beijing with this quasi-monopoly.
  • 12 years ago, China had 88 % of the world’s reserves for rare earths, of which approximately one third has already been consumed.
  • Currently China has 98 % of the world’s reserves for rare earths.
  • At that time, China supplied 98 % of the world’s requirement for rare earths. However, China’s supply has since been restricted.
Global Production of Rare Earth Metal Oxides
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