Until the spike in COVID cases slows down, production and mining of rare earths could continue to struggle
jumped slightly more than in the past six months, rising 4.45%. All month, geopolitical factors, mostly involving China, significantly impacted the index. For instance, production still proved low in the wake of zero-COVID. Then, once zero-COVID restrictions were lifted, the spike in cases across China kept the drag on rare earth supplies.
Alternatively, the price increase could signify increasing fears of further slowed production in China. The surge means that until the spike in COVID cases slows down, production and mining of rare earths could continue to struggle. Therefore, we advise buyers and investors to continue searching outside China for rare earth sources.In the past 3-6 months, MetalMiner covered the world’s dependence on Chinese rare earth supplies rather extensively.
that China is unlikely to restrict the flow of rare earth trading for political reasons. Even so, that doesn’t erase the need for increased trading diversity.Japan is taking rare earth supply pinches head on. In fact, Japanese excavation teams plan to start digging for rare earth elements in the seabed surrounding Minamitorishima Island by 2024. This would go a long way towards breaking Japan’s dependence on other countries for rare earths like yttrium.
That said, Minamitorishima Island is a fairly small area, about 0.58 square miles. If Japan were only to scout the seabeds around the island for elements like yttrium, it would quickly run out of supply. Furthermore, the country’s estimated start date is still a year away at least. Since mining excursions like this require a lot of time and resources, results will be far from instantaneous.
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