FILE PHOTO: Jars containing
rare earth minerals produced by Australia's Lynas Corp from its Mount Weld operations are seen near Laverton, northeast of Perth, Australia, August 23, 2019.
READ: Greenland Minerals' shares rise as China escalates trade war using
rare earthsThis report researches the worldwide
Rare Earth Magnets market size (value, capacity, production, and consumption) in key regions like the United States, Europe, Asia Pacific (China, Japan) and other regions.
"In 2014, Japan started in earnest to access at least 60 percent of its
rare earth needs from other parts of the world outside of China as a strategy to free herself from dependence on the World's largest producer of elements necessary to keep their electronic industry going.The next alternative source of
rare earth is North Korea, which signed a joint venture deal with a British Virgin Islands Company, Pacific Century
Rare Earth Mineral Limited, in 2013 to exploit more than 216 million tons of rare-earth-oxides.
In return, Beijing raised tariffs on $60 billion of American goods and hinted at banning
rare earths exports to the US.
The weekly said Taiwan's
rare earth reserve only accounts for 0.02 percent of the global reserve.
The first
rare earth mineral to be discovered was 'ytterbite' (later renamed to gadolinite) in 1787, a mineral composed of iron, silicon, yttrium and cerium, among other elements.
rare earth supply chain was first compromised in 1980.
Rare earth magnets are used as materials necessary for downsizing and energy efficiency improvement of home appliances and motors installed in HDDs, wind turbines and factory automation devices.
The reason: China has more than 40 percent of the world's reserves of the
rare earths and currently produces more than 80 percent of the global supply.