America loaded with hybrid-loving rare earth metals
By Hybrid Cars on 03/09/2010 – 9:00 am PST2 Comments
Time to start mining
Within a decade, American companies could run out of rare earth metals – essential materials for hybrid cars, wind turbines, computers, etc. – if China follows through on plans to stop rare earth exports according to experts.
Yet, one of the biggest rare earth metal deposits probably exists right here in America, but no one is mining these metals seriously because of the upfront costs needed to develop a separation plant to process these metals. According to experts, such a plant would cost about $1 billion dollars and require about 8 years to implement.
Even worse, since China is keeping the price of rare earths artificially low, competition is difficult to justify without direct government help.
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A rare earth supply crisis could very well happen within the time frame stated. China has announced that she will be the global electric vehicle and wind turbine producer putting further demand on the 97% of rare earths that currently come out of one iron mine in China.
It is wrong to suggest that China is in any way acting with bad intent on shutting down rare earth supply. China needs these vital technology metals herself and has done the lazy “Let’s build it somewhere else cheaper” North American industry a favor in letting them know that the clock is ticking to find, mine and process their own!
We are maybe now to fat that we can no longer stand up and do this?
If you like green technologies, hybrid cars,wind turbines,MRI’s, peaceful sleeps from the protection of your military, your blackberry, ect, ect , ect. Have a serious look at this very important group of metals due to their unique magnetic and optical properties.
And oh, my pick as to who will be the first rare earth company producing rare earths outside China is http://www.gwmg.ca
With value added already in place in Troy, Michigan and Birkenhead, England, this company is very advanced over others within the low number sector.
Gerald
Whilst GWG has a great mine at Hoidas and a somewhat smaller but nimbler at Steenkampskraal, the first company to produce RE outside of China will be Lynas Corporation of Australia (LYC.AX). Lynas is fully funded and already bulding a plant in Malasya for processing. It will deliver high quality RE Oxides to all of his clients in the second half of 2011. GWG by then, will still be drilling and looking for finances.