Metals and mining industry article 6th of July 2023. Rare-earth...

Metals and mining industry article 6th of July 2023. Rare-earth elements are so named only because it is difficult to find them in a pure form, but there are untapped deposits all over the world. Together, rare earths comprise 17 different metals, but four—neodymium, praseodymium, dysprosium, and terbium—account for about 90% of the market value of rare earths. These are the so-called magnet rare-earth elements, which are essential to produce the high-performance permanent magnets that are used in electric vehicles and wind turbines, as well as in more everyday items, such as hard drives and smartphones. Given that orders from automotive and wind energy companies are accelerating, the global demand for magnet rare earths is expected to reach 466 kilotons by 2035, up from 170 kilotons in 2022, a threefold increase that amounts to an 8% compound annual growth rate.The rare-earth industry can be divided into three stages: upstream, or the mining of elements; midstream, the processing of elements into separate oxides; and downstream, the manufacturing of permanent magnets and other components made with rare earths.Making rare earths globally available starts in the upstream stage. To avoid a shortage of rare earths by 2030, more than 20 new rare-earth projects would need to be launched between now and then, with an additional 10 projects needed by 2035.