Rare Earth News

The race is on for rare earth elements

All over the world, countries are beginning to explore their lands for potential rare earth deposits, as the precious elements are necessary for a wide range of commonly used products.
In the Philippines, the head of the Mines and Geosciences Bureau (MGB) rececently stated that the government has begun an exploration campaign to find deposits that may exist in the country, Business World reports.

"[Environment] Secretary Ramon Jesus P. Paje has given an instruction to me for MGB to launch an exploration for rare earth elements because it is the future," MGB Director Leo L. Jasareno said on Thursday. "No cars or computers can work without [them]."

The government has provided more than $455,000 for exploration projects to begin in early 2012.

However, some mining executives have warned investors that there are very few deposits available for rare earth mining outside of China. But many mines in Canada, namely in Quebec and British Columbia, have been recognized as having positive feasibility studies, giving them "advanced" ratings.

The demand forecast for rare earths in 2015 is 170,000 metric tons of rare earth oxide per annum.