IEA, India to collaborate on critical minerals data analysis
The IEA is placing a strong focus on critical minerals analysis, with the Agency set to release a World Energy Outlook special report this month.
And without heavy rare earths, fighter jets, drones, and most computer-controlled equipment would have to undertake a lengthy process of redevelopment.The council points out that the US has become far too dependent on China, which currently produces 90% of global rare earth metals.
Governments around the world have become increasingly attentive to rare earths as their strategic value has become clearer. In 2010, China stopped rare earth metal shipments to Japan for two months after a diplomatic row, which caused serious damage to Japan’s high-tech manufacturing.
The scare prompted the Japanese government to provide $500 million of subsidy to support the US domestic rare earth industry.
Rare earth miners in South Africa, Canada and Malaysia are also looking to make headway. Notably, Australia’s Lynas Corp. began production last November in its $800 million rare earth facility after a drawn out legal battle with local residents.
For further heavy rare earth company news and a market round-up, click here.
Sources: Adam Currie of Resource Investing News; The Diplomat; goldstocktrades.com
