Three decades or so ago, the rare earth minerals were exploited by relatively few companies for traditional uses such as lighter flints, using the mixed rare earth alloy mischmetal; fluid-cracking catalysts for oil refining, using rare earth chlorides; and polishing powders, using mainly cerium oxide. But, the writing was on the wall for an increasingly high-tech market future. Sophisticated individual rare earth element (REE) applications were just starting to be recognised, although China was not then a factor in the market (see Rare Earths: Industry Profile and Market Review, Industrial Minerals, March 1979 by Gerry Clarke).
Today, and as has been the case for some time, China is the factor in the market. REE are on critical lists for future supply risk and for their so-called clean energy credentials, along with certain other industrial minerals such as antimony, fluorspar and lithium. For five of the so-called heavy rare earth elements...