Their mining is also environmentally hazardous. The rare earths were discovered and first put to industrial use in the United States. But lower labor costs and less strict environmental regulations in China have now enabled the country to be the world's predominant supplier of rare earths.
China. Unsurprisingly, China has the highest reserves of rare earth minerals at 44 million MT. The country was also the world's leading rare earths producer in 2022 by a long shot, putting out 210,000 MT.
The majority of rare earth minerals are mined in China because that country has the majority of mining facilities in operation.
According to estimates, the total worldwide reserves of rare earths amount to approximately 130 million metric tons. Most of these reserves are located within China, estimated at some 44 million metric tons. After China, the major rare earth countries based on reserve volume are Vietnam, Brazil, and Russia.
However, China accounts for over 95 percent of the world's production of rare earths.
Concerningly, production of these rare earth minerals has remained concentrated. China has a dominant hold on the market—with 60% of global production and 85% of processing capacity.
Australia has abundant reserves of critical minerals such as lithium, silicon and rare earths, which are key components of low-emissions technologies such as batteries, solar panels and electric vehicles which will help Australia and the world to lower emissions.
Out of the 35 critical minerals and metals as identified by the US geological survey, China ranked as the number one producer of 16 elements with a monopoly in global production of Yttrium with 99% share, gallium with 94%, magnesium metal with 87% share, tungsten with 82% share, bismuth with 80% share, antimony with 72 ...
All of the world's heavy rare-earths (such as dysprosium) come from Chinese rare-earth sources such as the polymetallic Bayan Obo deposit.
China has over time acquired global domination of rare earths, even at one point, it produced 90% of the rare earths the world needs. Today, however, it has come down to 60% and the remaining is produced by other countries, including the Quad (Australia, India, Japan and United States).
Hence, Lithium is not a rare earth mineral.
Precious metals, such as gold, silver and platinum, are among the most valuable commodities worldwide. The value of the materials is determined by their relative scarcity. In 2020, an estimated 380 metric tons of gold were produced in China, the world's largest producer of the metal.
Russia was among the leading rare earth producing countries worldwide.
REEs, such as neodymium, yttrium and terbium, are crucial materials commonly present in smartphones, wind turbines, and electric vehicles. As of today, China controls around 80 percent of the production of rare earths.
China is reported to be preparing a ban on the export of technology needed to process and magnetise rare earth metals. Rare earths metals have uses in advanced technology such as high-performance magnets used in electric vehicles and wind turbine motors.
It could help cut dependence on China. Swedish mining company LKAB says it has found Europe's largest deposit of rare earth oxides in the country's north, a discovery that could reduce the continent's reliance on China for the critical resource.
Together, China and Myanmar produce 100 percent of the world's “heavy” rare earth elements, primarily dysprosium and terbium.
As China's mining capacity expanded, rare earth producers in other countries began to shift their production to China to take advantage of the country's low labor costs and weak environmental regulations.
The reason for the concentration is one of the biggest puzzles in geology, but researchers at the Guangzhou Institute of Geochemistry in Guangdong province say the answer may be found in a combination of clay deposits, acid rain and granite that is distinctive to southern China.
The reasons behind this renewed gold rush have to do with the need to seek refuge in safer assets during inflationary times. According to economists, China might be preparing for the issuance of a gold-backed currency as part of the BRICS strategy to reduce dependence on the U.S. dollar.
Porcelains and spices were the main goods shipped.
Highlights: Beijing is actively considering prohibiting the export of key rare-earth magnet technology, according to media reports China has assiduously and deliberately built up advantages in rare earth elements (REEs) and rare earth magnet markets since 1992 In 2022, the country mined 58 percent of the world's REEs.
Uranium. Australia has the world's largest endowment of uranium resources in the world, with around one-third of global resources.
Musgravite – Estimated $35,000/carat
Musgravite is one of the newest and most rare gemstones in the world. Musgravite is a silicate mineral whose main ingredients are beryllium (Be), magnesium (Mg) and aluminum (Al). It was named 'musgravite' after the area Musgrave in Australia from where the material was first found.
Australia is the world's largest producer of lithium and a global top five producer of gold, iron ore, lead, zinc, and nickel.