Rare Earth News
Rare earth mining companies race to capitalize on rare earth elements
Rare earth elements (REEs) are not actually that rare, although the technology needed to mine them and the processes by which it must be done are expensive and difficult, leading to constrained supplies around the globe. The sector, however, has many companies digging up new ways to to mine the elements in an effort to cash in on the growing industry, Rare Earth Investing News reports.
According to the news source, China, which has held a monopoly on REEs, has begun to slow exports in order to satisfy domestic demand, opening up an immediate need for supplies and an increase in rare earth mining across the globe, including areas of Canada such as Quebec and British Columbia.
New technologies are the most significant factor in the rise in investing in rare earth and expanding rare earth mining production, as more efficient ways to harness the products are beginning to lift the constraint. One Canadian rare earth mining company has filed a slew of patents that it claims will be a breakthrough in the extraction of rare earths.
According to the Institute for Energy and Research, China currently controls 97 percent of the world's REE production, causing vulnerability in the supply and allowing for disruptions. However, the Quebec province is home to more than 40 rare earth development projects itself, making up much of the mining activity outside of China.