Rare earth metals are highly sought due to their unique properties, which enhance their usability, particularly in the fast-evolving modern technology.
Rare earth metals have hogged the limelight in recent times after China decided to suspend supplies of them in the wake of US President Donald Trumpโs disruptive tariff war. The suspension has resulted in a serious threat to the manufacturing plants, particularly in Europe and the United States. The rare earth metals are crucial for producing electronics (such as smartphones and laptops), electric vehicles (including batteries, magnets, and LED lights), defence equipment (radar & sonar, jet engines), and other applications.
What Are Rare Earth Elements
There are 17 metals, found in the Earthโs crust, known as Rare Earth Elements. The group of 17 rare earth metals include 15 metals referred to as lanthanides, along with two more, which are scandium and yttrium. The rare earth metals that China stopped exporting included dysprosium, gadolinium, lutetium, samarium, scandium, terbium, and yttrium.
Complete List Of Rare Earth Elementsย
The list of 17 elements is as follows: scandium, yttrium, lanthanum, cerium, praseodymium, neodymium, promethium, samarium, europium, gadolinium, terbium, dysprosium, holmium, erbium, thulium, ytterbium, and lutetium.
Why Rare Earth Elements Are So Valuable
They are valuable because of their demand, and industrial importance. These are called โrareโ because they are spread in very small amounts across the planet, making it challenging for countries to segregate them from other elements. Thus, mining becomes tricky, difficult and expensive.ย
Are Rare Earth Elements Rare?
While some of these elements are rarer than gold, others are more common than lead and are commonly found in the ground. However, the real challenge lies in extraction. As they are available in small quantities and are often mixed with other minerals, extraction becomes challenging.
What Are They Used Forย
Rare earth metals are highly sought due to their unique properties, which enhance their usability, particularly in fast-evolving modern technology. These are used in a wide range of activities, including in the making of strong magnets, which are used in the automobile sector and wind turbines.ย
Additionally, rare earth metals find their usage in the manufacturing of computer screens, smartphones, as well as e-vehicles. They are also extremely essential in the defence industry, spanning the manufacturing of crucial equipment like radar and guidance systems. In the medical field, MRI machines need rare earth metals.ย
China Is The Biggest Producer
China controls the supply chain of the rare earth metals as it leads in both extraction and processing. It is responsible for producing roughly 70 per cent of the world’s rare earth metals. While countries such as Myanmar, Australia, and the United States also contribute to global supply, China’s output far exceeds that of the others.ย
Moreover, Chinaโs influence gets bolstered due to its control over nearly 90 per cent of the worldโs rare earth processing capacity, creating a strong reliance on China for these critical resources.