What is the importance of rare earth minerals?

“Rare-earth elements (REE) are necessary components of more than 200 products across a wide range of applications, especially high-tech consumer products, such as cellular telephones, computer hard drives, electric and hybrid vehicles, and flat-screen monitors and televisions.

What is the purpose of rare earth metals?

Uses. Rare earth elements (REEs) are used in a variety of industrial applications, including electronics, clean energy, aerospace, automotive and defence. The manufacturing of permanent magnets represents the single largest and most important end use for REEs, accounting for 38\% of total forecasted demand.

What are the advantages of rare earth elements?

Rare earths are used as catalysts, phosphors, and polishing compounds. These are used for air pollution control, illuminated screens on electronic devices, and the polishing of optical-quality glass. All of these products are expected to experience rising demand.

How are rare earth metals important to modern day life?

Rare earth metals, a group of 17 chemical elements in the Earth’s crust, are crucial to keeping our society running smoothly–and to transitioning to a clean-tech-driven economy. They’re used in electric car motors, lithium ion batteries, computer hard drives, solar panels, and wind turbines.

What is the environmental impact of mining rare earth metals?

Second, the process can have enormous environmental impacts. Mining for rare earth minerals generates large volumes of toxic and radioactive material, due to the co-extraction of thorium and uranium — radioactive metals which can cause problems for the environment and human health.

How are rare earths impact us and our environment?

A half century of rare earths mining and processing has “severely damaged surface vegetation, caused soil erosion, pollution, and acidification, and reduced or even eliminated food crop output,” the council reported, adding that Chinese rare earths plants typically produce wastewater with a “high concentration” of …

Why are rare-earth metals so rare?

Although originally thought to be rare, many of the minerals are actually common in the Earth’s crust. However, due to the difficulties in extracting the metal from the ore, rare is a fitting term. These elements rarely exist in pure form; they are usually found within other minerals, making them costly to mine.

What is the future of rare-earth metals?

The annual demand for rare-earth metals doubled to 125,000 tonnes in 15 years, and the demand is projected to reach 315,000 tonnes in 2030, driven by increasing uptake in green technologies and advancing electronics. This is creating enormous pressure on global production.

Are rare earth metals a good investment?

Despite their abundance, rare earth metals are valuable because they are hard to get, and they are in high demand. Investors can gain exposure to rare earth metals through exploration and processing companies, such as Neo Performance Materials (TSX: NEO) and Freeport-McMoRan (FCX).