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.
Despite a World Trade Organization (WTO) decision that China’s restriction of rare earths export quotas is a violation of trade rules that nation has announced that it will further reduce the quotas for export. EU Trade Spokesperson John Clancy said that the decision was highly disappointing.
China supplies more than 95% of the rare earth minerals needed in the global market. Last year it cut its export quotas for rare earth minerals citing environmental concerns and a crackdown on illegal mining activities. This has caused a shortage of the vital minerals in the world markets.
Montero Mining and Exploration has commenced drilling at the Tumbili Target at Wigu Hill. Tumbili Target is situated on the south east central side of the Wigu Hill in Tanzania. It is a rare earth property which covers an area of 142 square kilometers. It is located 170 kilometers to the south west of the capital city of Dar es Salaam.
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