In our lessons about related concerns about global Enterpreneurship and why everyone venturing into business should know something about everything- today’s discussion is about:.
Rare earth, it’s uses and where they can be found and exploited in abundance.
Rare earth elements are a group of 17 metals that have unique magnetic, chemical, and optical properties.
These properties make them important for a wide range of applications, including electronics, renewable energy technologies, and medical equipment.
Some of the uses of rare earth elements include:
– Producing permanent magnets for motors and generators
– Making catalysts for a range of industrial processes, such as refining crude oil and manufacturing plastics.
– Producing phosphors for lighting and displays, including fluorescent lamps, LEDs, and plasma screens.
– Manufacturing batteries for electric vehicles and energy storage systems.
– Developing high-performance alloys for aerospace and defense applications
Rare earth elements can be found in a variety of minerals, including bastnasite, monazite, and xenotime.
These minerals are typically found in deposits that also contain uranium and thorium, which can create environmental and health hazards if not handled properly.
Some countries that have significant reserves of rare earth elements include: China, Australia, Russia, and the United States. However, China currently dominates the global rare earth market, accounting for around 80% of global production.
Despite the name, rare earth elements are not actually rare in the earth’s crust. However, they are often found in low concentrations and can be difficult and costly to extract and process, which has led to concerns about supply security and environmental impacts associated with mining and refining them.
There’s currently a struggle for advanced countries to delve into Africa to exploit rare from African countries known to have large deposits of these – Zimbabwe, Rwanda, Congo, Namibia to name a few.
A little info about rare earth, it’s uses and where they can be found and exploited in abundance…
Later business enthusiasts
About Author
