![]() ![]() Several other countries in Europe hold significant rare earths reserves as well. With the European Union focusing heavily on building its own supply chain with the European Critical Raw Materials Act, the Per Geijer deposit could develop into an important source of rare earths for the region. In early 2023, Swedish state-owned company LKAB announced it had identified the continent's largest rare earths deposit, the Per Geijer deposit, with rare earths resources of over 1 million MT of oxides. ![]() ![]() There are currently no rare earths mines in Europe, but there are multiple countries with reserves, including one with a significant new discovery. The company submitted an amended plan that did not include uranium, but the updated version was rejected as well in September 2023. While Energy Transition Minerals had previously signed a license for Kvanefjeld, it was revoked by Greenland's current government due to the company's plans to exploit uranium. The USGS only measures proven economic reserves, but in terms of total reserves for rare earths projects globally, they placed first and third respectively with 28.2 and 10.2 million metric tons of total rare earth oxides.Īfter signing an exploitation license with the government in 2020, Tanbreez is currently working on securing financing for its project's development avenues being explored include discussions with independent oil and gas executives and the creation of critical metals NFTs backed by the project. However, it does have two significant rare earths projects with large reserves, private company Tanbreez Mining's Tanbreez project and Energy Transition Minerals' (ASX: ETM,OTC Pink:GDLNF) Kvanefjeld project. Rare earths prices surged when the country cut exports in 2010, resulting in an ongoing rush to secure supply of the minerals elsewhere.Īlthough Greenland’s rare earths reserves number is close to that of the US, the island nation currently doesn't produce the metals. ![]() While China has stricter environmental regulations, the same cannot be said for Myanmar, and the mountains along its border with China have been heavily damaged by rare earths mining.Ĭhina’s dominance in both rare earth elements production and reserves has caused problems in the past. In recent years, China has begun importing more heavy rare earths from Myanmar, for which the US Geological Survey does not have rare earths reserves data. The production limits have been easing though, and last year the country raised mining quotas by 25 percent over 2021 in its fifth consecutive increase. The last decade and a half has also seen the country hone in on illicit rare earths mining, taking steps such as shutting illegal or environmentally non-compliant rare earths mines and limiting production and exports. Back in 2012, the Asian nation declared that its reserves of these materials were declining it then announced in 2016 that it would raise domestic reserves by establishing both commercial and national stockpiles. The country was also the world’s leading rare earths producer in 2022 by a long shot, putting out 210,000 MT.ĭespite its top position, China remains focused on ensuring that its rare earths reserves remain elevated. Unsurprisingly, China has the highest reserves of rare earth minerals at 44 million MT. ![]()
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