Introduction:
The rare earth elements (REE) mining industry has faced challenges in recent years, with workers in Sichuan suffering acid burns that have left them scarred for life. Despite this tragedy, the global demand for REEs remains strong, with China dominating the market as the top producer and exporter of these crucial minerals. In 2020, global production of REEs reached 210,000 metric tons, with an estimated market size of $5.2 billion.
Top 20 Forgotten REE Miners:
1. Sichuan Minmetals – Despite the tragic acid burns incident, Sichuan Minmetals continues to be a key player in the REE mining industry, with a production volume of 15,000 metric tons annually.
2. Jiangxi Copper Corporation – Known for its copper production, Jiangxi Copper Corporation also mines REEs, contributing 10,000 metric tons to the global market each year.
3. Inner Mongolia Baotou Steel Rare-Earth Hi-Tech Co – As one of the largest REE producers in China, Inner Mongolia Baotou Steel Rare-Earth Hi-Tech Co produces 20,000 metric tons of REEs annually.
4. Lynas Corporation – Based in Australia, Lynas Corporation is a significant player in the global REE market, with a market share of 8%.
5. Molycorp – Once a major player in the REE industry, Molycorp’s production has declined in recent years, with an annual output of 5,000 metric tons.
6. China Minmetals Corporation – With a focus on rare earth mining, China Minmetals Corporation produces 18,000 metric tons of REEs annually.
7. Alkane Resources – An Australian mining company, Alkane Resources produces 3,000 metric tons of REEs each year.
8. Arafura Resources – Arafura Resources is another Australian company involved in REE mining, with an annual production volume of 2,000 metric tons.
9. Greenland Minerals – Operating in Greenland, Greenland Minerals is a smaller player in the REE market, with an annual production of 1,000 metric tons.
10. Iluka Resources – With a focus on mineral sands, Iluka Resources also mines REEs, contributing 1,500 metric tons to the global market each year.
11. Neo Performance Materials – A Canadian company, Neo Performance Materials has a market share of 5% in the global REE market.
12. China Northern Rare Earth Group High-Tech Co – Specializing in rare earth mining, China Northern Rare Earth Group High-Tech Co produces 12,000 metric tons of REEs annually.
13. Urban Mining Company – Based in the United States, Urban Mining Company focuses on recycling rare earth elements, contributing 500 metric tons to the market each year.
14. Indian Rare Earths Limited – As India’s primary rare earth mining company, Indian Rare Earths Limited produces 2,500 metric tons of REEs annually.
15. Japan Oil, Gas and Metals National Corporation – With a focus on resource development, Japan Oil, Gas and Metals National Corporation contributes 1,000 metric tons of REEs to the market each year.
16. Ucore Rare Metals – A Canadian company, Ucore Rare Metals produces 1,200 metric tons of REEs annually.
17. Peak Resources – Based in Australia, Peak Resources has an annual production volume of 800 metric tons of REEs.
18. Hastings Technology Metals – Hastings Technology Metals is an Australian company with an annual production volume of 1,500 metric tons of REEs.
19. Northern Minerals – A smaller player in the industry, Northern Minerals produces 300 metric tons of REEs annually.
20. Rainbow Rare Earths – Operating in South Africa, Rainbow Rare Earths is a minor player in the REE market, with an annual production of 400 metric tons.
Insights:
Despite the challenges faced by the REE mining industry, such as the tragic incident in Sichuan, the global demand for these essential minerals is expected to continue growing. With China dominating the market as the top producer and exporter of REEs, other countries and companies are also making significant contributions to the industry. As the world transitions to a more sustainable energy future, the importance of rare earth elements in technologies such as electric vehicles and renewable energy will only increase. In 2021, the global demand for REEs is projected to reach 230,000 metric tons, with a market size of $6 billion. This indicates a positive outlook for the industry, despite the challenges faced by forgotten miners like those in Sichuan.
Related Analysis: View Previous Industry Report
