The recent manipulation in China has given life to some of the notable trends in the rare earth industry during the past few years. It can clearly be seen from the Global and Chinese Rare Earth Permanent Magnet Industry Report 2013. It is basically an in-depth study conducted by a group of professionals to figure out where the rare earth industry is heading. From this article, we will let you know about some of the most notable world trends that are mentioned in this report.
United States, which is the world’s largest end user of the rare earth metals, is the country which has experienced the biggest impact out of the new Chinese policies. However, the Mount Weld challenges in Australia have provided a great relief for America. Lynas Corporation, which owns the Mount Weld mine says that they are equipped with some of the greatest rare earth deposits in the world. They started their operations during 2013 and they are catering the rare earth element needs of the world market with full capacity at the moment. From the statistical reports, it has been identified that this mine delivers about 12,000 metric tons of rare earth oxides to the world market per year. This mine has helped the Australian government to capture a prominent place in the world industry. The significant rise of rare earth metals such as Neodymium has given some promising dreams to them.
Molycorp’s Rare Earth Mine, which is also known as the biggest producer of rare earth metals outside China is expecting to reach their full production capacity at the end of this year. Their main intention is to cater the demand of Japan, which produce hybrid cars, electrical windmill turbines and missile guidance systems in large scale. They have also signed contracts with large corporations like Hitachi to supply their rare earth metal needs for the next few years.
According to the information mentioned in this report, everybody wins except China. Even though China was the largest producer of rare earth elements, their new policies have cut down their production and it has led many countries to sign partnerships with the rare earth material producing countries. These relationships are expected to strengthen within the next few years as a result of increasing demand and supply.