Henry Lazenby reports that lower rare earths prices and the increased availability of rare-earth compounds had led to increased US consumption in 2014, the U.S. Geological Survey had found. However, in its latest mineral commodity summary for the abundant group of 17 elements composed of scandium, yttrium, and the lanthanides, the USGS noted that increased domestic output of separated rare-earth products was hampered by technical difficulties in the ramp up of new production capacity.
Despite increased global demand for rare earths in the permanent magnet and catalyst industries, prices for most rare-earth compounds declined in 2014 owing to an excess of inventory in the market, the organisation said. A Chinese export clampdown prompted a rapid spike in prices in 2010 and 2011. However, the global economic crisis and a flood of new supplies resulted in the subsequent collapse of prices in 2013. Prices had now stabilized and were expected to remain so in the long term.
The USGS said that global rare earths consumption was expected to grow at a compound yearly rate of more than 5 per cent from 2014 until 2020. During the year, the U.S. continued to be a net importer of rare-earth products, with imports totaling 210-million dollars, down year-on-year from 256-million dollars imported in 2013.
In light of uncertainty regarding the Chinese continued dominance in rare earths supply, there were several rare earths projects under development outside of the country, which accounted for about 75 per cent of the U.S. imports.
Exploration and development assessments in the U.S. included Bear Lodge, Wyoming; Bokan Mountain, Alaska, Diamond Creek, Idaho, Elk Creek, Nebraska, La Paz, Arizona, Lemhi Pass, Idaho/Montana, Pea Ridge, Missouri, Round Top, Texas, and Thor, Nevada.
Other projects were underway in Australia, Brazil, Canada, China, Finland, Greenland, India, Kyrgyzstan, Madagascar, Malawi, Mozambique, Namibia, South Africa, Sweden, Tanzania, Turkey, and Vietnam.
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