Critical Minerals 2014;Rare Earths and More Discussed at Conference

The evolution of technology has made the world a more connected place. It continues to change the way we power our homes and vehicles and is leading to a future that seems to be limitless. Limitless as long as we can continue to supply the minerals necessary for technology to produce better iPhones, more efficient electric cars, better wind turbines and sophisticated national defense systems. These minerals, dubbed critical minerals, have surged in importance in every corner of the world and, on Aug. 3-4, they were topic of conversation at the Critical Minerals 2014 conference in Denver, CO. The conference, hosted by SME and the Australasian Institute of Mining and Metallurgy (AusIMM), looked at critical minerals from every angle, from where they are found to what the future might be. Among the minerals that have been called critical are rare earths, a collection of 17 minerals that have become increasingly important as technology continues to advance in everything from communications to energy to national defense. Leading off the conference, David Abraham, senior fellow at the Institute for Analysis of Global Security, explained that, like many people, he is relatively new to rare earths. Unlike most people, though, Abraham developed more than a passing interest in the minerals and has since travelled the world to understand the role of rare earths ? where they are found, how they are mined, how they get to market and, eventually, what applications they are used in. Following his travels, he said he returned concerned about the sector and how the industry will keep up with the demand that only seems to be growing in the modern world. And, Abraham noted, that it is not just the developed world that is driving demand. It stretches even to places like Indonesia, where the average annual income is about $3,000/year. Yet, the nation is one of the most active places in the world for social media with a population that is wired in with all kinds of electronics. The problem facing the sector is, and has been for a long time, and especially since 2010, supply of the minerals. At one time, China produced about 98 percent of the world?s supply and controlled the sector completely. In 2010, as the world began to demand more rare earths and develop other sources, China announced an export ban on rare earths. This changed the game completely, from the production lines all the way to the floor of the U.S. Congress.