Rare earth elements are a group of metals that are useful in the manufacturing of high-tech gadgets and green technology. 95% of the world’s supply of these elements comes from China. The new restrictions that the nation has placed on the exports of these elements has adversely affected the global electronics industry.
With the price of these rare earth elements sky rocketing nations are looking at securing alternative sources of rare earth elements. The mining industry has responded to the demand by stepping up exploration for these ores and has been amply rewarded with many possibilities. A few economically sound ones have been announced this week.
Montero Mining and Exploration said that their Wigu Hill rare earth project in Tanzania is likely to have an inferred resource of 3.3 million tons on the Tembo and Twiga deposits. President and CEO of the company, Dr. Tony Harwood, said that the results of our initial resource combined with the potential of the Tumbili and Nyati targets, indicate the potential for a sizeable Light Rare Earth deposit.
Canada Rare Earths Inc is also currently drilling at the Goeland rare earth exploration project in Montviel in Quebec. Chad McMillan, President & CEO said that given the prominence of rare earth elements in carbonatite related deposits worldwide, and the recent local carbonatite hosted REE discovery by Geomega Resources within the same intrusive complex, they were thrilled to confirm the presence of this large carbonatite body within their claims.
Pele Mountain Resources Inc have also announced the results of their drilling program at the Eco Ridge Mine Rare Earths and Uranium Project located in Elliot Lake in Ontario. President and CEO Al Shefsky said that the results from their recent drill program suggest that there was excellent potential to demonstrate additional Rare Earth Oxides content in areas they had already drilled, possibly improving upon the already promising economic forecast presented in their Prelimary Economic Assessment.