Rare Earth News

Oil and gas take a backseat to rare earth elements in North America

Alaska, an area long known for its oil and gas reserves, may see increased activity in the mining of rare earth elements (REEs), as these hard-to-extract metals have inimitable properties that make them essential for the production of many everyday products, The Associated Press reports.

According to the news source, Alaska is touting its lands as excellent places to explore for the critical minerals, as it has 70 known sites of rare earth deposits.

In a paper released by the Alaska Department of Natural Resources, a surge in exploration activity began last year, when China, which supplies the world with roughly 95 percent of all REEs, lowered its exports. In the paper, economic assessments took place all over the region, including Canada.

In nearby British Columbia, the provincial Ministry of Energy, Mines and Petroleum Resources recently gave out a number of permits to conduct exploration programs for REEs in an area north of Prince George.

According to the U.S. Geological Survey, Canada is among the few countries that have increased rare earth mining in the wake of Chinese export grips.