The term rare earth is used to for a collection of 17 mineral elements in the periodic table. These elements are scandium, yttrium, and the fifteen lanthanides. These elements which were thought to be rare are actually exist in abundant, however because they are NOT available in a concentrated deposit, they are difficult and expensive to be mined and extracted.
These elements are highly sought as they are used in the manufacture of cutting-edge technologies products such as metal alloys, magnets, precision-guided weaponry, stealth technology, ceramics, turbines and batteries for mobile phones and laptops.
The main producer of rare earth is China, exporting over 90% of the world requirements.
2. news
China has announced a reduction of 11% of its export quota for rare earth minerals.The reduction will be implemented in the middle of next year. This had caused a further shrinking of the global supplies of the essential metals.
3. the effects
a. the price of the material had increased.
The price of neodymium oxide, used in magnets in BlackBerrys, has risen more than fourfold to $88.5 a kilogram from $19.12 in 2009.
b Looking for alternate sources
It was in the news that South Korea are making a deal with Burma to mine and extract the products.
c. Japan, the main importer of the metals (about 60%) is scrambling to find other sources. It is making deal with Vietnam.
4. comments
a. China had maintained that the reasons to cut the export of the rare earth are to protect the environments and conserve the supply. The conservation of the environment was used as one of the reasons to stop the mining of rare earth in USA.
5 Video
a. Reuters Video: http://www.youtube.com/watch?v=nMuKqXHZWrE&feature=fvsr
b.
The rare earth is given China the boost of power and holding the others at stake.
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