Rare Earth
December 9, 2024
1 min
Rare Earth
As of 2023, global reserves were estimated at 115.4 million metric tons (MT), with China, Vietnam and Brazil holding most significant part of these reserves.
China leads the world with 44 million MT of rare earth reserves, including major deposits like Bayan Obo in Inner Mongolia and ion-adsorption clays in southern provinces, rich in heavy rare earths like dysprosium. These elements are crucial for technologies requiring high-performance magnets, such as EVs, wind turbines, and military systems. Beyond its vast reserves, China dominates over 80% of rare earth refining capacity, controlling global supply chains and reinforcing its strategic importance.
Vietnam follows with 22 million MT, emerging as a strategic player. Despite low current production, the country is scaling up efforts to build an integrated rare earth industry. The largest rare earth deposit in Vietnam is the Dong Pao mine, located in Lai Chau Province. This deposit, which spans 132 hectares, is the country’s most significant source of rare earth elements. Other notable deposits in Vietnam are found in provinces like Lao Cai and Yen Bai. The mining sector in Vietnam is set to grow significantly as the country develops its rare earth reserves, especially in light of the rising global demand for these materials
Brazil, with 21 million MT, is also ramping up commercial efforts, focusing on magnet-related REEs through projects like Serra Verde. The Serra Verde rare earth deposit in Goiás, Brazil, is significant for its ion-adsorption clays, found on weathered granite. It contains valuable rare earth elements like neodymium and dysprosium, essential for technologies like EVs and wind turbines. Serra Verde is expected to become a major producer by 2030, with environmentally friendly mining methods.
Russia, with 10 million MT, faces challenges from geopolitical tensions. The Tomtor deposit in Russia is considered one of the most significant rare earth deposits in the world. Located in the Far East, it holds vast reserves of rare earth oxides and niobium, making it a critical project for Russia's rare earth ambitions. It is strategically important as Russia seeks to reduce reliance on imports from China, especially for materials used in defense, electronics, and electric vehicles. However, the project's development has faced delays due to challenges like permit issues and engineering setbacks
Australia, India, Greenland, and the United States each have important rare earth deposits. Australia's Mount Weld is a high-grade source of key elements like neodymium, used in clean energy technologies. India’s coastal Monazite sands contain lighter rare earths and the country aims to boost production. Greenland's Kvanefjeld deposit holds valuable heavy rare earths, but development is delayed due to political and environmental issues. The U.S. has the Mountain Pass mine but faces challenges with refining, as most processing is done in China
Smaller but significant reserves are found in the U.S., Greenland, and Southeast Asia. The Mountain Pass mine in California is the U.S.’s primary site, while Greenland and countries like Thailand and Myanmar add to global capacity.
Source: U.S. Geological Survey, Mineral Commodity Summaries, January 2024
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