Rare earths are a set of seventeen chemical elements in the periodic table, specifically the fifteen lanthanides, as well as scandium and yttrium. Rare earths are present in the earth’s crust but are not found in large enough concentrations that they can be economically extracted.
They form a critical part of many high-tech products and applications, such as cell phones, television screens, and nuclear reactors. They are also used in military hardware, including missiles and radar systems.
The demand for rare earths is increasing due to their use in a variety of industries, particularly in the high-tech sector. The global market for rare earth-related products was estimated to be worth over US$15 billion in 2017.
China is the largest producer of rare earths, accounting for about 70% of the global total. The country has some of the world’s biggest deposits of rare earths and also has the most efficient methods for extracting them. However, there are environmental concerns over the toxic chemicals used during the extraction process.
In response to these environmental concerns, many countries have begun searching for new sources of rare earths. Countries such as the United States, Japan, and Australia have begun exploring alternative methods of extraction, such as deep-ocean mining and in-situ leaching.
These efforts may eventually result in new sources of rare earths, but they will take years to develop and put into operation. In the meantime, countries around the world are looking for ways to reduce their dependence on China for rare earths. This includes investing in research and development.
Japan, for instance, has invested in research exploring the possibility of recycling rare earths from discarded electronics. India has invested in rare earth miners and research into processing rare earths domestically.
The United States has implemented a number of policies to secure rare earth supply. In 2019, the Department of Defense implemented a $150 million program to secure rare earths for military use. The program helps secure rare earth supply by funding research into rare-earth alternatives, as well as new rare-earth extraction methods.
The rising demand for rare earths has caused the prices of the minerals to surge. This has led to a growing industry of illegal mining and smuggling of rare earths, particularly in developing countries where economies are heavily reliant on minerals.
It is therefore important that countries establish clear regulations and standards for mining rare earths in order to reduce the environmental damage caused by illegal and unmonitored mining activities.
In conclusion, rare earths are a key component of modern technology. However, their supply is heavily reliant on China, and growing demand has led to an increase in price. Governments around the world are therefore taking steps to reduce their reliance on China, such as investing in research and development to find alternative sources and processing methods. In order to protect the environment, it is also important for countries to regulate the mining of rare earths.
