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Wednesday, June 19, 2024

Options for rare earths

By Khanh Nguyen

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The global rare earth market reached some US$9.5 billion in 2022, and is expected to hit US$20.9 billion in 2028, with a compound annual growth rate in the 2022-2028 period at 14.04%, according to Fortune Business Insights. However, given the net zero commitment by the year 2050, the demand for rare earths might fall afterwards. China takes the lion’s share Data from the U.S. Geological Survey put the world’s rare earth reserves at 120 million tons. China topped the list with a rare earth volume of 44 million tons, followed by Vietnam with 22 million tons, and Brazil and Russia each with 21 million tons. Regarding the processing output, China also led the world with 168,000 tons, followed by the U.S. with 43,000 tons, Myanmar 26,000 tons, and Australia 22,000 tons. The total volume of rare earths exploited in 2021 was 280,000 tons, rising by 16% against 2020, and given this pace, it will take more than 4,000 years for rare earth reserves to become exhausted. On the global rare earth market, China is the key player. Between 2008 and 2018, China exported 408,000 tons, accounting for 42.3% of the world’s commercial volume. In 2018, China met 80% of the […]
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