Global Status of rare earth resources, market analysis

Rare is an important non-renewable natural resources , was listed as China 's strategic metals. Rare deep-processing products, including catalytic materials, magnetic materials , luminescent materials, hydrogen storage materials and polishing materials, new materials, have important applications in environmental protection, aerospace , new energy and national defense industries. While the traditional metallurgical machinery , petrochemical and glass ceramics are also widely used.

According to Chinese Rare Earth Society statistics , in 2009 the world's rare earth resources as of ( rare earth oxide equivalent REO) is 8,109 tons, of which China is 1,859 tons, accounting for 23 % of the world 's rare earth resources . Other rare earth resource-rich countries or organizations, including the Commonwealth of Independent States ( 23% ) , the U.S. ( 16% ) , Australia ( 7% ) and India ( 4% ) . From the rare earth production , China Rare Earth ( equivalent REO) production in 2011 was 9.69 million tons, accounting for more than 90 % of world production .

Rare mainly occur in monazite , bastnaesite , xenotime and saprolite ore type ( ie type rare earth ion adsorption ore ) . Weld Hill mine in Australia is a typical monazite ; California Mountain Pass mine is the world's leading Bastnasite . Chinese REE "North Light south heavy" , mainly in the light rare earth mine in Baotou , Inner Mongolia ( Bayan Obo mine ) , Weishan , Shandong and Sichuan Liangshan , ionic heavy mineral distribution in Jiangxi, Guangdong , Guangxi, Fujian and other southern seven provinces. Ion adsorption type is unique to China 's rare earth mine new rare-earth minerals - in the form of compounds of rare earth elements do not exist , but the ions adsorbed on the clay minerals , the main features of such mine is a high content of heavy rare earth elements , mainly in China Southern foothills .

Rare earth industry supply -side phenomenon is currently the most prominent : Chinese "black chain" repeated, rare earth minerals can be gradually released overseas , so basically you can say is "internal and external ." "troubles " - we think the Chinese government 's crackdown will continue to increase , there is still more difficult to contain completely , but the heavy rare earth supply will slow down ; " foreign aggression" - rare earth prices fall will make major overseas rare manufacturers slowed production release schedule , but in construction projects in order to reduce production costs and increase capacity utilization will enable the continued excess capacity in the medium term light rare earths . Overall, the supply of light rare earth trends and heavy rare earth will be somewhat divided.

Root causes of rare "black chain" that profits generated by the temptation , as well as informal channels threshold setting. Chinese government efforts to increase regulation of rare earth industry management , industry entry barriers and other measures to promote the improvement of the rare earth prices rose sharply, so that the existence of the illegal exploitation of rare earth profiteering space , resulting in rampant illegal mining in southern China .

Rare policies to promote sustained overweight rising prices of rare earth oxide, praseodymium , neodymium price from 57,000 yuan at the beginning of the 2009 / ton up to July 2011 of 1.249 million yuan / ton, dysprosium oxide in the same period rose from 455,000 yuan / ton to 1,379.3 yuan / ton. The sharp rise in the price of rare earth production capacity also makes illegal breed quickly , especially in the southern ionic rare earth ore scattered distribution , the higher the value , the main source of illegal production . Due to sluggish demand oxide, praseodymium , neodymium end of 2013 fell to 312,500 yuan / ton, down to 1.805 million yuan dysprosium oxide / ton , compared with the price at the beginning of 2009 , there are still large rare earth minerals profit margins .

With the sharp rise in the price of rare earths and China to limit exports of rare earths , rare earth ore overseas began to gradually resume production / production. The main projects include the U.S. Molybdenum Company 's Mountain Pass mine a 19,050 ton, two planning to reach 40,000 tons ; Lynas 's Mt.Weld a 10,500 tons , 21,000 tons two planning . American Molybdenum Company and Lynas 's a project has been put into ( capacity planning capacity has not been reached ), because rare earth prices fell sharply , the two companies for the construction of two projects are more cautious. In addition, other rare earth projects include both in Australia ArafuraResources subordinates Nolans Project 20,000 tons of production capacity ( the original plan a 2013 production, but plans have been postponed to 2014 ), Alkane 's DubboZirconia project 4,900 tons of production capacity and Avalon 's Nechalacho9286 t rare earth oxides projects.

Rare overseas construction projects are mainly based on commercial considerations , the construction of a large mine capital expenditures (generally greater than $ 40,000 / ton ) . After taking into account the production of rare earth ore pressure on earnings , generally want to maximize capacity utilization by reducing production costs. Therefore, production capacity is expected to release the first phase of Molycorp and Lynas will further increase the light rare earth supply . With the construction of the mine ( mainly light rare earth ) to come on stream in the medium term , the light rare earths will face further pressure.

Overall, the expected mine production control and smelting of rare earth products mandatory production plans will remain basically stable. South " black chain" in the short term is difficult to completely curb , but increasing Chinese government crackdown and policies gradually implemented , would make it illegal production decline , slowing growth in the supply of heavy rare earths . China is expected to remain light rare earth supplies basically stable, capacity pressures , mostly from overseas release energy light rare earth minerals . China's rare earth oxide production in 2014-15 is forecast to be 95,000 tons and 98,000 tons , down 2 %, and an increase of 3 %, respectively.


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