Monday, October 12, 2009
USGS: rare earths reserves are adequate
A story on the advance copy of the forthcoming USGS mineral commodities report on rare earth metals was posted by reporter Dorothy Cosich on Mineweb.com.
They report that the USGS found that global rare earth metals reserves are currently sufficient to meet needs well into this century and there is a growing competitive and diverse group of worldwide suppliers.
In recent weeks, publications as diverse as the New York Times, US News & World Report, Science magazine, and Defense News have raised concerns about China's near monopoly on rare earth production while global demands for electronics and national defense are soaring. The USGS report shows that more than 90% of US imports of rare earth elements are from China.
Mineweb quotes Defense News as writing, "Now armed with its monopoly, China is jacking up prices by cutting production and exports and pressuring high-tech manufacturers to set up shop in China, where supplies are more plentiful."
But the conclusion of the USGS: "World reserves are sufficient to meet forecast world consumption well into the 21st Century."
at 8:07 PM