Rare Earth News
End-users of rare earth metals venturing outside of China
A new chapter has begun in the rare earth element market, as some of the world's largest end-users of the precious raw materials have left China behind, seeking greener, less expensive, pastures, Investment U reports.
According to the news source, Siemens AG and Hitachi Ltd. have taken their business elsewhere, opening the door for smaller rare earth mining operations to strike deals with the massive businesses.
Siemens will be receiving its neodymium, used in magnets, from Australia, while Hitachi has entered into a three-year agreement with a company in the U.S. from which it will receive its didymium and lanthanum oxide.
The trend to find new sources of rare earths is likely to expand to many end-users, with an increasing withdrawal from Chinese exports, the media outlet stated.
Deposits of rare earth have also turned up across North America and Canada, with many new operations underway in Quebec and British Columbia.
The Rocky Mountain Rare Earth Belt in British Columbia is home to impressive exploration and development activities, and is located just 80 km northeast of Prince George, according to Rare Earth Investing News.