The Mexican Ministry of Economy will begin funding explorations projects to locate deposits of rare earth metals, a group of elements of increasing importance in variety of industries including green technology, defense systems, consumer electronics, and high-tech applications. According to the country Geological Survey - SGM, global demand for rare earths in 2016 will hit 160,000 tons, with China expected to produce up to 80 per cent of that demand, which leaves room for other suppliers, The Economista reports (in Spanish). The prediction coincides with the latest studies by the U.S. National Academy of Science and the European Union, which have warned the world could soon face a serious shortage of the critical elements. At the moment about 95 per cent of the world rare earths come from the Asian giant, which also imposes export quotas. Only two rare-earth mines currently exist in other countries. One of them is Lynas Corp Mount Weld mine in Australia, and the other one in California, owned by Molycorp.
Original working URL: http://www.mining.com/mexicos-government-to-fund-rare-earth-exploration-95877/
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