Nearly two years ago I wrote an article titled From Dependence On Foreign Oil to Chinese Neodymium? Never did I imagine when I posted that article that a mad scramble for rare earth metals would take place so soon and that companies would begin looking for ways to avoid the use of neodymium so soon.
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This morning the WSJ reports that Toyota has been working … Read the rest
Much has been made of China’s monopoly on rare earth metals, supplying more than 90% of the world’s supply. With the metals such an important component to all things technology as well as a key component in electric cars and defense systems, it’s no wonder that the rest of the world is concerned about future supply. China has long used the dominance as leverage in trade agreements not to mention to control prices.
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As owner of the largest US based deposit of rare earth metals, Molycorp (MCP) has benefited big from China’s control of these important metals as prices skyrocket due to limited supply and increasing demand. CEO of Molycorp Mark Smith doesn’t see the recent surge as a bubble due to China’s restriction on exporting according to Bloomberg. In July China announced plans to reduce its 2nd half export quota of rare earth metals by 72% … Read the rest