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When Elon Musk’s Tesla said last month that it will not need rare earth ores for its next-generation electric vehicles it marked the latest string of bad news for $6 billion Australian miner Lynas.
The demand for rare-earth elements employed to produce a growing variety of manufactured products is intensifying in every region of the world. But the supply of these elements is concentrated in China. With geopolitical tensions rising, Western countries are examining options for diversifying away from dependence on the Asian superpower.
Sweden, South Africa and Australia are at the forefront of a push to transform piles of mine waste and by-products into rare earths vital for the green energy revolution, hoping to substantially cut dependence on Chinese supply. Prices of the minerals used in products from electric cars to wind turbines have been strong,
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Six projects outside China, which dominates global rare earth production, plan to extract the critical minerals from waste or byproducts.
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Sweden, South Africa and Australia are at the forefront of a push to transform piles of mine waste and by-products into rare earths vital for the green energy revolution, hoping to substantially cut dependence on Chinese supply.