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[Ferro-Alloys.com] China is now the source of 90 percent of the rare earths used in the world. China's preeminent position in rare earths exports is likely to change after a couple of mining operations in the United States and Australia begin to produce the materials next year.
Sun Dekuan, chief representative of Molycorp Inc Beijing office, said the company has the ability to produce 40,000 tons of rare earths a year in the first half of 2013, although the amount it actually produces will depend on the demand for the materials. Rare earths will also be consumed in greater amounts in China.
About 120,000 tons of rare earths are now used in the world a year. From 2011 to 2016, China is expected to go from using 70,000 tons of rare earths a year to 105,000 tons. In the rest of the world, the amount is expected to go from 35,000 tons a year to 55,000 tons during that period.
"The change will inevitably affect the global price of rare earths," Liu said.
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