Price surges in rare earth metals are causing industrial manufacturers to look for new designs that use less of the elements.
Although rare earth minerals are quite common, they are expensive to produce in a form that industry can use.
China, which currently produces about 97 percent of the world’s supply, began cornering that market a decade ago, when low prices made mining for these minerals unappealing financially for Western companies.
That was the reason behind the 2002 closure of the Mountain Pass, California-based mine that Molycorp is spending a half-billion dollars to restart, for example.
The situation has changed dramatically since China’s crackdown on exports. Molycorp, which went public in the summer, said earlier this week that its average selling prices had tripled in the past year.
“Global supply and demand will remain out of balance for the foreseeable future,” said Chief Executive Officer Mark Smith.
Metals experts say there’s little reason to expect that China will ease its restrictions on rare earths.
China’s strategy is not to deprive the world of rare earths but ensure that all the wonderful gadgets, smart phones, computers and even weapons guidance systems are all purchased from Chinese manufacturers.
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