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Rare Earth Scare Could Be Canada’s Gain

Producers of high-tech electronics in the US and Europe issued a warning that a lack of availability of rare earth metals could force several manufacturers to cut back on the production of high-tech products and even the latest generation of weapons. China, which mines about 97 percent of the world’s rare earth metals, says it will cut back on the mining of these metals to protect the environment and stockpile its reserves for its own manufacturers. This has resulted in charges that China is using its monopoly over these resources to cripple the high-tech industry in other countries.

Canadian mining officials said yesterday that rare earth mines in northeastern Quebec could be in production within four or five years and have the potential to provide 65 to 100 years of production.

“That speaks very well to the security of the supply that’s got the United States and other western governments concerned about their ability to obtain those important rare earths,” noted Peter Cashin, president and CEO of Quest Rare Minerals Ltd.

Source: BBC News [1]

Source: CTV News [2]

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Scott Boyd

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