Rare earth elements (REEs) are a group of 17 elements vital for modern technology, particularly in producing permanent magnets. These magnets, made from neodymium and praseodymium, are smaller and stronger than alternatives, essential for products like electric vehicles and wind turbines. Despite their name, REEs are not rare but are found in trace amounts worldwide, with 70% sourced from China, primarily the Bayan Obo mine. This mine's significant reserves make it a key player in global supply, with prices reflecting their critical strategic value for commerce and defense technologies.
Rare earth elements, particularly neodymium and praseodymium, are essential in creating powerful, lightweight permanent magnets used in electric vehicles, wind turbines, and defense technologies.
While commonly referred to as 'rare', rare earth elements are widespread but economically challenging to extract, with 70% currently sourced from China.
The strategic importance of rare earth elements in technology and defense drives their high market value, with prices for some exceeding $800 per kilogram.
China's Bayan Obo mine is the largest supplier of rare earth elements, dwarfing other deposits like those in Australia and Greenland, critical for global supply.
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