Rare Earth
December 3, 2024
1 min
Rare Earth
Global rare earth element (REE) production reached approximately 350,000 metric tons in 2023. China maintained its dominance as the largest producer of rare earths, accounting for 240,000 metric tons, a significant rise from 210,000 tons in 2022. This output represents nearly 70% of the global total. China is home to some of the world's largest rare earth mines, with significant operations in key regions:
- Bayan Obo Mine (Inner Mongolia): This is the world's largest rare earth mine, accounting for a significant portion of global production. It primarily produces light rare earth elements such as neodymium and praseodymium.
- Maoniuping Mine (Sichuan Province): Known for its deposits of bastnaesite, this mine is one of the major producers of light rare earth elements in China.
- Weishan Rare Earth Mine (Shandong Province): This mine specializes in the extraction of monazite, a mineral source of rare earths.
The United States ranked second, producing 43,000 metric tons, primarily from the Mountain Pass mine in California. Other notable contributors included Australia (18,000 metric tons) and Myanmar (35,000 metric tons), while smaller outputs were recorded from India and Russia.
The critical role of rare earths in clean energy systems, such as permanent magnets used in EV motors and wind turbines, has made these elements increasingly valuable. However, global production remains highly concentrated, raising concerns about supply chain security amid geopolitical tensions, particularly between the U.S. and China.
As demand for these strategic materials grows, attention is shifting toward diversifying production sources and developing more sustainable extraction technologies to reduce environmental impact while meeting future needs
Source: U.S. Geological Survey, Mineral Commodity Summaries, January 2024
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