In More Detail
What are Rare Earth Metals?
• Rare Earth metals are incorporated into many modern technological devices e.g. hybrid cars, lasers, computer memory, superconductors, catalysts and much more.
• There are seventeen Rare Earth Metals or Elements.
• China is the leading producer of Rare Earth Metals. It current supplies 95% of the world’s Rare Earth Metals.
• The use of rare earth elements in modern technology has increased dramatically over the last few years. This increasing demand has strained supply and there are concerns that there will be an annual shortfall of 40,000 tonnes per annum in the near future unless major new sources are developed.
• China is considering reducing production to conserve scarce resources and reduce damage to the environment. This will put further pressure on the Rare Earth Metals market.
