No we don’t mine them in the upper Kedron Brook valley but they come into the equation when we start thinking about alternative energy sources to carbon for electric vehicles and battery technologies.
Light rare earth metals include lanthanum cerium and neodymium.
Heavy rare earth metals include europium terbium and dysprosium.
They are found in Australia Canada Africa Brazil central Asia Vietnam Mongolia the US and parts of Europe.
Lithium is one of the world’s most treasured commodities. Half the known global reserves are in the Salar de Uyuni in the Bolivian Andean plateau region.
Asia (China and Japan) are crucially aware of lithium (vital for batteries used in everything from electric cars to mobile phones) and rare earth metals.
China controls 97% of the trade in rare earth metals and are limiting supply to focus on conserving stocks for itself and improving their own lives. We have said ‘the market will take care of it’ but China doesn’t give a damn about fancy rules of trade when it comes to China’s survival. The West abandoned rare earth production after the Cold War but China stuck to it even though it was uneconomic at the time.
Japan is particularly affected. Until recently the government of Japan took the view that supply of rare earth metals was best left to market forces but now it is caught. [A good lesson for all of us in relation to all strategic resources including energy and food]
The main driver of demand is the electric car with some assuming it will make up 15% of the global vehicle fleet by 2020. This will need a lot of lithium for batteries and rare earth metals for high performance magnets.
Rare earth metals are being produced at Mt Weld mine north of Kalgoorie in WA and shipped to Malaysia for processing. They look forward to being able to supply 20% of the world market.
Rare earth metals are central in the row between Japan and China over the Senkaku Islands in the East China Sea.
The yearly market in rare earth metals is equal to one day’s trade in oil. The lithium deposits in Chile Argentina the US and China would satisfy the production of lithium batteries for ever.