Shortage of rare earth minerals alarms high-tech companies worldwide
Rare earth minerals in powder form. Just as big demands for rare earth elements (REES) soared by leaps and bounds over the years, the People’s Republic of China (PROC), which controls about 90 percent of the world’s supply, has slowly tightened its grip on the flow of supply into the open markets. Consequently, this put many high-tech companies worldwide wondering as to whether they could still meet their current production quotas or not? What was the motive behind China’s move? Based on reports, China has stopped further explorations of these metals when it found out that some of its local miners were engaged in illegal mining activities. Consequently, the flow of raw materials to the open markets was affected, thus hindering many hi-tech companies to meet their production targets. And no matter how optimistic they may seem, they felt that import demands may be hampered. Blame it on China’s self-imposed totalitarian rule to restrict the flow of rare earth metals to the in...