Rare earths and RETS
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Department of Mineral & Energy Economics
Rare Earth Markets and Their Affects on
Solar and Wind Power
Professor Daniel J. Packey, Ph.D.
Head of the Department of Mineral and Energy Economics
Curtin Graduate School of Business
Curtin University
Department of Mineral & Energy Economics
Department of Mineral & Energy Economics
Department of Mineral & Energy Economics
Few (if any) Known Substitutes
Department of Mineral & Energy Economics
Department of Mineral & Energy Economics
Department of Mineral & Energy Economics
Source: USGS
Department of Mineral & Energy Economics
2009 Mine Production
World Mine Production and Reserves (2009 Data)
Country
Production (Metric Ton)
Reserves (Metric Ton)
United States
insignificant
13,000,000
Australia
insignificant
5,400,000
Brazil
650
48,000
China
120,000
36,000,000
not available
19,000,000
2,700
3,100,000
380
30,000
not available
22,000,000
124,000
99,000,000
Commonwealth of Independent States
India
Malaysia
Other countries
World total (rounded)
Source: USGS
Department of Mineral & Energy Economics
Source: USGS
Department of Mineral & Energy Economics
Department of Mineral & Energy Economics
Source: USGS
Department of Mineral & Energy Economics
Rare Earths Price Index 2002-2010
Department of Mineral & Energy Economics
REO Price Increases in 2010
Department of Mineral & Energy Economics
Market Domination
China has significant influence of rare
earth pricing and has, in the past, used it
to the disadvantage of competitors.
The financial markets may not be willing
to bear this risk.
Source: USGS
Department of Mineral & Energy Economics
Leveraging Resource Advantages
China’s export and tax regimes on Rare Earth
Oxides, element and metals restricts supply
outside of China and
“could be seen as a lure to bring Rare Earth
Technology manufacturing facilities into
China where the export quotas do not apply.”
Source: USGS
Department of Mineral & Energy Economics
"There is oil in the Middle East. There is Rare
Earth in China". Deng Xiaoping (1992)
China’s strategic resource monopoly
can be viewed as sovereign dominion
over critical resources, related
technology and intellectual property
Source: USGS
Department of Mineral & Energy Economics
Rare Earth Processing
Salt or Caustic Fusion
Acid leaching
Multistage solvent extraction
Resulting in:
A dark grey slightly radioactive (Thorium and/or
Uranium) sludge laced with toxic compounds
Department of Mineral & Energy Economics
Department of Mineral & Energy Economics
Department of Mineral & Energy Economics
Department of Mineral & Energy Economics
Source: IEA
Department of Mineral & Energy Economics
Source: IEA
Department of Mineral & Energy Economics
Department of Mineral & Energy Economics
Chinese Market Participation
The total market share for Chinese wind
turbine manufacturers is 30.5%
Mostly permanent magnet machines
Source: USGS
Department of Mineral & Energy Economics
