Vital for so many modern technologies, rare earths remain among the most sought-after minerals on the planet. It was recently suggested at the American Association for the Advancement of Science that the sea beds should be mined for them.
Currently, global demand is met largely by China. However, the fact that Rainbow Rare Earths, which owns a project in Burundi, successfully listed on the London Stock Exchange at the end of January has prompted speculation that China’s dominance may finally be challenged. Such talk may be premature but it does suggest that now is a good time to assess the current state of play in the market.
China clearly continues to dominate global production. The latest available statistics (for 2015, from the US Geological Survey) give its annual production as slightly more than 100,000 tons. Australia, second in the list, trails with 10,000 tons. Only three other countries produce more that 1,000 tons a year (the US, Russia and Thailand with 4,100 tons, 2,500 tons and 1,100 tons, respectively). Africa currently figures nowhere.