The supply of rare earth metals turns to green land in a bid to cut reliance on Russia

 Recently an article has been published in New York Times that one of the last worlds last processors of rare earth metals outside china is buying mining rights in Greenland to reduce the dependency on Russia and stabilize the prices. The world faces a disruption in the supply chain after Russia invades Ukraine.

Rare earth metals are very significant for the manufacture of a broad range of modern products, it includes electric cars, smart bombs, offshore wind turbines, etc. demand has increased for automakers this switch more of their production to electric vehicles. Many small companies work for mining rare earth ore around the world and do an initial process like removing the dirt. However, the two commercial-scale factories outside china perform the difficult task of chemically separating semi-processes work and covert the usable material for magnets in the electric car and other applications. There are several nations are taking part in the processing of rare earth metals. Let us discuss it. 

Toronto-based Neo companies by semi-processed ore from Russia, the United States, and Australia do the further chemical process at factories in Estonia and china. Other companies also mine rare earth metals ore in Australia and do the chemical process in Malaysia and convert the metal into fuel for advanced technology.  

Opinions of the Neo company on the acquiring the green land metal 

Several companies give their opinion in the past and present also. let us discuss it one by one. 

  • Neo said last Monday that it acquired rare earth mining rights in Greenland from Hudson resources, a tiny mining company that is based in Vancouver, British Columbia. The acquisition is the first move for mining rare earth metals by the Neo, this step aims to convert rare earth metals into magnetic applications for advanced technology. 
  • Neo Company saw little potential in general motors than in electric cars and disposed of the operation in 1996. 
  • The CEO of Neo company said, that his company planned to start mining and processing ore in Greenland in two to three years and full production will be started in about five years. 
  • The aim of the Neo Company is free from the dependency on the world for metals. The prices is fluctuating wider the commodity. If the little tension in geopolitics then it affects the economy also. the aim is, it want to 100 percent produce its own and 50 percent depend on reliable sources. Having reliable sources of raw material will make it possible to sell the green metal at a fixed rate, and it can adopt several policies for maintaining long-term business such as sing contracts with different nations, agreeing of working together on the same project, making developing electronic vehicles, and many others.
  • The next step for the new company that is preparing to start building a factory in Estonia this winter. That work in this company is to process rare earth into magnets for the electric vehicle. While European automakers also shift production quickly towards electric cars, they offer financial assistance for the creation of the mines to manage to supply chain with Europe for rare piles of earth metal. Although green land is geographically part of North America, it is a district of Denmark that is a member of the EU. 
  • Currently, the Estonia company is purchasing three a fifth of its rare metals from the Russia and rest from Utah. After Russia invades Ukraine the Western nation impose several sensations and other restrictions on companies and export from Russia, but not yet on rare earth metals. 
  • Neo is not the first company that wants to mine green land metals. A few Chinese companies are trying open mines at the southern tips of Greenland several years ago for rare earth metals including uranium. But the project was blocked by local opponents and regulators worried about the risk of radioactive contamination of the environment. Against the neo, the company had 97 percent less radioactive material per ton than the deposit at the southern tip of Greenland. The radiation level is very less than what you would find sitting on granite boundaries besides the oceans in the mine. 
  • The sarfartoq deposit, which is part western coast, is also considerably smaller than one of the southern tips of Greenland. But it had enough rare earth to meet Neos entire world-wise processing needs for at least 30 years and possibly for a century if further drilling at the edge of the deposit confirms further rare earth metals.   
  • Rare earth metals are a group of 17 elements near the bottom of the periodic table, but they all are not radioactive such as uranium and thorium occur naturally in rare earth deposits. 

Several nations are working and some are leaving this business. The chain and Russia are the main separators of rare earth metals in the world. Russia is fourth the largest miner of rare earth metals. The United States and Australia are roughly tied for a second distant second in mining. The further process does in china for different applications. 

Bottom

I hope this article would help you understand the Greenland metals and their importance for the technology. There are several companies are how they are depending on the Russia, but all the world wants free from the dependency.