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[ferro-alloys.com]A total of $829 million has been raised to explore Africa for metals and minerals over the last two years.
While some 65% of drilling on the continent targets gold,rare earths are the fifth most popular prospect after iron ore, copper and coal attracting five companies spending $42 million during the two years to end-May 2013.
The renewed interest in Africa's rare earths come despite dramatic falls in the value of the 17 elements used in a variety of high-tech, green and consumer electronics industries.
Most rare earths are down 80% or more from their 2011 peak, when prices were pushed to stratospheric levels by fears over China's monopoly of global production and the country's implementation of export controls.
South Africa is poised to become the third country outside China after the US and Australia to start REE production when Great Western Minerals recommissions the Steenkampskraal mine within the next couple of years.
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