Rare earth metals are indispensable components of high-tech applications and green energy solutions in emerging markets, where demand for them is expected to rapidly increase.
REE value chains are complex and process-intensive, with most commercially produced REO coming from bastnaesite, monazite and xenotime (a similar mineral to monazite).
Rutgers University-New Brunswick researchers are conducting trials of an innovative method for extracting valuable metals from natural resources using waste from phosphate rock production as an aid.
Batteries used to power electric vehicles are constructed using multiple pounds of rare earth compounds. While their cost might not be cheap now, their prices will quickly diminish with advancement in technology and supply outpacing demand.
As soon as EVs hit the market, their prices were considerably higher than gasoline-powered models due to various factors; battery costs being the primary one. As battery prices decrease over time, however, EVs will become more cost-competitive with internal combustion engines in terms of total cost-of-ownership; helping accelerate industry transition towards electromobility while benefiting customers in turn.
Light rare earth metals such as praseodymium and neodymium play key roles in electric motors, while heavy rare earths such as dysprosium, holmium and terbium are utilized in magnets as well as high-tech manufacturing.
Metals are found in relatively limited amounts, making recycling of them extremely rare. Many products only see limited use before becoming scrap when they breakdown; this process of recycling can be expensive and labor intensive.
Electric vehicles (EVs) typically require much larger batteries than their ICE counterparts and typically take longer to charge than an everyday vehicle; however, the industry has developed more efficient chargers and charging networks that speed up charging times.
EV battery manufacturers have also created more durable and long-lived EV batteries that can extend the lifetime of electric vehicles and lower production costs, increasing battery lifespan while simultaneously increasing profitability of EV production costs.
The United States has made efforts to regain dominance of rare earths supply chains crucial to electric vehicles, battery manufacturing, renewable energy systems and technology manufacturing. Unfortunately, however, competition from China as well as geopolitics present formidable obstacles.
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Rare Earth Elements (REE), comprised of 15 lanthanides plus scandium and yttrium, are not truly rare; rather they can be found abundantly across Earth's surface; however their extraction and mining can be both expensive and hazardous due to their chemical properties; this includes acid extraction methods as well as radioactive water use to separate from other minerals containing REEs - most are usually embedded within another mineral deposit.
REE prices have skyrocketed, prompting many companies to seek alternate sources. LG Chem recently announced plans for a plant in Canada which would extract REEs from coal waste and coke byproducts rather than purchasing them on the global market; LG would then use these recovered REEs to manufacture batteries for electric vehicles.
REEs are widely utilized across both consumer and industrial applications, from electric vehicle motors and solar cells to mobile phones and missile guidance systems. Rare earth elements (REEs) play an essential role in efforts to curb greenhouse gas emissions enough to avert climate collapse - this requires massive investments in green technology as well as strict control over geopolitical rivalries over rare metal supply chains.
United States attempts to regain its position in the rare earths market have often failed. One of President Joe Biden's first acts as president was ordering an evaluation of any gaps in domestic supply chains for 17 essential materials - and MP Materials of Las Vegas has shown it's committed to entering its domestic market through SPAC merger. They currently send their Mountain Pass mined material overseas for processing and refining but intend to reinstate separation, refining, magnet-making capabilities within its U.S. operation.
Rare earth elements are priced according to supply and demand; when supplies shrink while demand increases, prices increase as demand surges; this explains why mining companies invest in new projects when they see opportunities arise. Rare earths mines take more time to open; once an acquisition of property and production planning are underway, opening one may take several years. In the 1980s and 90s, U.S. dominance in the rare earths market began to slip as U.S. firms relocated overseas for lower wages and laxer environmental regulations. China began expanding its manufacturing and global trade capabilities to ensure political stability and economic prosperity, eventually becoming the global producer for 80% of rare earths by 2019.
Rare earths have become essential components in modern technologies, including cell phones, flat-screen televisions and electric vehicles. Furthermore, rare earths play an integral part in military applications like catalytic converters, magnets batteries and guidance systems.
Although rare earths may not be an essential component in many products, they still play an essential role. A small amount of neodymium in a smartphone magnet allows sound transmission through its tiny speaker while lanthanum and yttrium help create vibrant colors on energy-efficient TV screens.
While attempts by previous administrations to restore American dominance of rare earths markets and rebuild domestic industries were thwarted by geopolitics and China's control of export pipelines, the Biden administration is making efforts to do just that more urgent given their commitment to climate change technology and national security. Part of this strategy involves creating more resilient supply chains; to that end labs across the nation like Ames Laboratory in Iowa are exploring eco-friendly extraction and recycling techniques of rare earths from waste streams.
Over the 20th century, automotive producers in the US primarily operated as assemblers, assembling components from various companies into complete vehicles for sale to customers through dealerships for cash sales. This business model proved immensely successful over time and continues to drive automobile sales today.
However, the auto industry relies heavily on rare earth elements for operation: Neodymium iron boron magnets for electric vehicles and wind turbine motors as well as thulium used in positron emission tomography scintillation detectors and nickel metal hydride batteries require various rare metals that will likely increase in demand in coming years.
As evidenced by its 2008 debut, Apple's iPhone heralded a new age in consumer electronics relying heavily on rare earth metals for everything from color of its screen to speaker volume; even its battery is composed of several pounds of rare earth compounds! As hybrid-electric vehicles continue to proliferate on roads across America, their use will become even greater.
Rare earth minerals differ from most commodities in that their production costs are extremely expensive, which makes them susceptible to price shocks and bubbles. Furthermore, their supply chains are highly fragmented; creating new mines or refineries typically takes years of planning.
China currently dominates the market and accounts for over 70% of the complex processing necessary to transform rare earth metals into magnets, powders and alloys used in various applications. While attempts by President Biden's administration to regain dominance in this area through creating domestic supply chains were made unsuccessful due to political rivalries with China and concerns regarding national security risks.
Aerospace industry components require rare earth metals from multiple suppliers in order to create planes, missiles, drones, and satellites. Furthermore, this sector is highly responsive to geopolitical tensions and tariff retaliations changes, leading some companies to sign sole-sourcing contracts with certain vendors if their supply chains become disrupted or they must increase prices due to geopolitical tensions; Deloitte warns these strategies may expose aerospace and defense companies to supply disruptions that lead to delays, lost revenue or even complete product cancellation.
Historically, the United States held the dominant position in the rare earths market; however, China has recently seen their share rapidly expand through strategic production and flooding global markets to drive out current and potential competitors. A 2018 report from the Department of Defense states it is essential that domestic production be increased while finding alternative sources so as to decrease reliance upon Chinese imports (Casey 2020).
Unfortunately, developing new mines takes decades while mining releases toxic chemicals into the environment, often leaching into waterways or leaching ponds which then require cleanup efforts for contamination of surrounding areas. Furthermore, many mining techniques used today are unsustainable and environmentally hazardous - in 2008 when Apple released its iPhone, its design featured rare earths including neodymium magnets to minimize distortion in tiny camera lenses; erbium and yttrium phosphors to make bright colors on energy-saving screens; lanthanum reduced noise from tiny speakers for energy conservation - it was proof of how far rare earths had come since then!