The demand for **rare earth elements** is expected to soar in...

The demand for **rare earth elements** is expected to soar in the coming years due to several critical factors:1. **Automotive and Computer Production**: As automotive and computer manufacturing ramps up, the need for rare earth minerals will skyrocket by **2030**¹. These minerals play a crucial role in various components, including electric vehicles (EVs) and electronic devices.2. **Energy Transition**: The ongoing global shift toward cleaner energy sources necessitates minerals like **lithium**, **graphite**, and rare earth elements. These are essential for EV batteries, wind turbines, and solar panels. In fact, the demand for these minerals could increase by as much as **4,000 percent**²³.3. **Australia's Role**: Australia holds the third-largest rare earth oxide resource globally, with **3.19 million tonnes**¹. While China dominates the rare earth market, Australia aims to strengthen its position. Projects like **Arafura Resources' Nolans rare earth project** in the Northern Territory are progressing, and the country seeks to become more self-sufficient in rare earth production.4. **Downstream Processing**: Australia is moving away from simply extracting and exporting raw materials. The focus is shifting toward **downstream processing**, where minerals are processed within the country. Arafura hopes to capitalize on the growing demand by starting production at the Nolans project in late **2024**¹.5. **Lynas Rare Earths**: Lynas operates the **Mt Weld mine** in Western Australia, which is one of the highest-grade rare earth deposits globally. They are also proposing a rare earth processing facility to support their operations¹.In summary, rare earth elements are vital for our transition to a sustainable future, especially as we embrace cleaner energy technologies and advanced manufacturing processes⁴⁵. .Source: Conversation with Bing, 19/2/2024(1) The future of rare earths in Australia. https://www.australianresourcesandinvestment.com.au/2021/12/21/the-future-of-rare-earths-in-australia/.(2) The Energy Transition Will Need More Rare Earth Elements. Can We Secure .... https://news.climate.columbia.edu/2023/04/05/the-energy-transition-will-need-more-rare-earth-elements-can-we-secure-them-sustainably/.(3) Five Steps for Solving the Rare-Earth Metals Shortage. https://www.bcg.com/publications/2023/five-steps-for-solving-the-rare-earth-metals-shortage.(4) Rare earths: Australia’s next big players. https://www.australianresourcesandinvestment.com.au/2022/05/03/rare-earths-australias-next-big-players/.(5) Rare earth mining may be key to our renewable energy future. But at .... https://www.sciencenews.org/article/rare-earth-mining-renewable-energy-future.(6) Getty. https://media.gettyimages.com/id/535455441/photo/view-of-sydney-harbour-australia.jpg?b=1&s=612x612&w=0&k=20&c=mK6GlTA778M_OPb88jnrQxV88NDPRz32EpyOFKdeTaw=.