Evolution in Rare Earthmaterial Science, Production, and Resource Development: Themountain Pass Paradigm

Today's rare earth industry is undergoing significant and rapid evolutionary change toward greater reliability and diversity of supply, increased security of supply chains, and better price forecasting. Technology innovation is reducing rare earth production costs while decreasing the impact of producers on the environment. Advances in rare earth material science are reducing the need for relatively scarce heavy rare earths (HREEs) in high-performance neodymium-iron-boron (NdFeB) permanent rare earth magnets and opening the NdFeB magnetic market space for a broader range of downstream applications. Rare earth producers such as Molycorp are increasingly able to offer long-term supply agreements with forward price predictability, something that has not been the case for many years. All of these trends are helping to restore the confidence of customers and other stakeholders in the rare earth space. That increased confidence is likely to bolster global demand for rare earth materials and expand innovative utilization of these remarkable materials.