The global demand for rare earth elements is growing. Australia is the 4th largest producer of rare earth in the world, and it holds 3.4% of the world's rare earth resources. As critical minerals, rare earth elements processing is a new industry, which makes rare earth projects riskier compared to lithium projects which have a well-documented history. In this article, Global Road Technology discusses rare earth elements expected growth trends in Australia, types, mining companies, locations, investments in Australia, and their uses.
What investments have been made in rare-earth mining in Australia?
Mid-stage critical minerals projects can access the government’s $1.3 billion Modern Manufacturing Initiative (MMI). MMI funding helps firms pilot, demonstrate or scale up the techniques and processes they need to achieve commercial close. The first round of MMI funding under the Collaboration stream saw 4 critical minerals projects receive grants totalling $243.6 million. The rare earth metals recipient was Arafura Resources Limited, which received $30 million to construct the Nolan’s Project Rare Earth Separation Plant in the Northern Territory. In July 2021 the first round of MMI funding under the Translation and Integration streams saw 5 critical minerals projects receive grants totalling $30.8 million. The rare earth metals recipient was Lynas Rare Earths, which received $14.8 million in funding to commercialize an improved process for producing rare-earth carbonate.
What are the different uses of rare earth minerals?
There are different uses for all the three different types of rare earth minerals and some overlap with each other. Here are the several uses of rare earth minerals:
- rechargeable batteries
- automotive catalysts
- television and computer screens
- glass
- polishing powders
- permanent magnets for EVs and wind turbines
- computers
- consumer electronic screens
- thickness gauges and atomic batteries for spacecraft and guided missiles
- magnets for small motors
- cancer treatment and nuclear reactors
- steel production to improve resistance to high temperatures
- nuclear control rods
- sonar systems
- data storage and laser materials
- radiation source in x-ray machines
- anti-forgery marks on banknotes
- earthquake monitors
- Positron Emission Tomography (PET) scanners for 3D images of cellular activity
- energy-efficient lighting, satellites and superconductors
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