| ArticleName |
Current issues of rare earth element market development |
| Abstract |
Having fixed the critical role of rare earth metals (REM) in the progression of modern high-tech (know-how) production of instrumentation and other products, the authors give a review of REM reserves in the world, status and volume of REM extraction and production in different countries and the world’s REM turn-out market, with emphasizing near monopoly of China in this sphere of the global economics. It is shown the world’s top position in terms of REM reserves belongs to China (close to 50%) followed by Russia (16%) and USA (11%). However, commercialization of the reserves is brought into effect by China alone. In view of the rapid growth of domestic high-tech production, China puts restrictions on REM export in favor of the domestic needs, which results in REM deficiency and pricing problems on the world market, and makes China’s position as WTO member country debatable. The article describes current attempts made by some countries to demonopolize and steady world’s REM market, the critical areas of which are diversification in REM extraction methods and looking for REM alternative sources, including re-development and processing of mine waste with comparatively high content of rare earth metals. |
| keywords |
Rare earth metals, high-tech production, reserves, mining, products, world’s market, China monopoly, deficiency, WTO regulations, resolution of disputes, alternative sources, diversification in mining |
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