Critical Elements has discovered a new in-situ mineralization of allanite or colombite, molybdenite and phosphate at its BC Niobium, Tantalum & Rare Earths Elements property.
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.
China is temporarily halting the production of a rare earth metals in three mining districts in Jiangxi Province city. The Xinhua News Agency said that Gangzhou which is the largest producer of the rare earth metal called dysprosium has been ordered to comply strictly with the annual production quota.
There is a considerable dependence at present for Rare Earth Elements (REEs) on China at present. Given that it supplies more than 95% of the world’s needs that is hardly surprising. However the dependence on China may be on the decline as many nations struggle to develop their own resources to diminish the hold of the Chinese monopoly on these rare elements.
Quantum Rare Earth Developments declared on Tuesday that it has found encouraging assay results at 2 holes from the spring / summer 2011 exploration program at its Elk Creek property. The Elk Creek project is located in south-eastern Nebraska.
UQM Technologies has been selected to develop a unique motor that does not make use of rare-earth magnets. It will receive an advance of $3 million from the Department of Energy as part of the $175 million that it gives out for advanced vehicle research.
Molycorp, Inc. announced its second quarter results with a record net sales of $99.6 million in the quarter. This was contributed to by a 58% increase in sales of rare earth oxides as compared to the previous quarter. The company saw a 314% increase in year over year rare earth alloy sales.
Dragon Mining has good news from the Hangaslampi gold deposit in Finland. The exploratory drilling program at the gold deposit situated in the Kuusamo Gold project in the north of the country has found high levels of cobalt and rare earth elements in addition to the gold that it expected to find.
Rare earth miner Lynas Corporation officially opened its Mt Weld mine in Western Australia last week with the Premier of Western Australia Colin Barnett performing the honors. The mine is located 35 km south of Laverton and is a $100 million project.
Critical Elements has started exploration activities at the Rocky Mountain Rare Earth and Rare Metals properties, located in southeastern British Columbia.
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