London Commodity Markets - The need to rapidly increase production

Rare earths light homes and superdomes, freeway signs and cigarettes. They play multiple roles in phones, computers, windmills and cars. They ease the pain of cancers in the bone, and they're sometimes the treatment itself. They can betray infinitesimal clots in the smallest arteries, and, as independent of morality as Prometheus' flame, guide Hellfire missiles to their ultimate, deadly end.

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Their value isn't in their beauty (though they can be pretty enough as faux gemstones) or in their scarcity (they're anything but rare). Their value is in their cultural necessity. Could we live an hour without them? If you ignore their magic for a moment, they become mere commodities - mined, refined, sold and shipped. That's the first problem with rare earths. The second? China supplies more than 97 percent of the global market.

There are 17 metals as critical to the Age of Technology as cement and steel were to the Age of Industry. These rare earths can be found on every continent, yet over the past few decades, China has become the world's nearly sole producer and supplier. In 2010, the world finally realized how much rare earths had invaded everyday living, how important they had become to national defense - and just how political the tenuous supply line from China had become.


Source and to read more: sfgate.com

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