MINING.com reported that according to El Economista, Mexico’s Ministry of Economy plans to start funding exploration projects aimed at locating deposits of rare earth elements (REEs).
As quoted in the market news:
Mexico, the world’s 10th-biggest crude producer, is in the midst of an ambitious programme of reforms proposed by the government last year. These aim to throw open the country’s energy sector for the first time in more than seven decades. They also seek generating cheap energy to fuel local industries.
While the amount of rare earth deposits Mexico may have it is not yet known, the country holds vast underwater reserves of these elements off its west coast. Deep-sea mining, however, is unlikely to replace land-based mining, believe experts, but they add it could alleviate the fear of shortages and challenge China’s virtual monopoly on REE production.