Need for Support in Rare Earth Element Sector is Crucial to Combat Chinese Monopoly: RETA

Science Omega Review Europe reported that given the Chinese dominance of the market, and the essential nature of rare earth elements, there is an expressed need for other players in the market to receive support, according the Rare Earth Technology Alliance.

As quoted in the market report:

International cooperation is essential to solving these issues, not only at governmental level but through non-governmental organisations (NGOs), research institutions and other associations. Given the importance of these elements to modern technologies, we all have an interest in their continued availability across the globe. Clearly, therefore, free trade is critical to manufacturing in Western Europe as well as to North America and Japan (the other major importers of REEs). Cooperation in research and development would help further our understanding of these elements, their properties and potential future uses, as well as possibly helping to solve supply issues. The US Department of Energy has recently designated Ames Laboratory at Iowa State University as a Critical Materials Institute, with responsibility for coordinating research on rare earths. The US government has committed $120m over the next five years for these activities. Hopefully, this will dovetail with research activities going on in Western Europe and elsewhere.

To view the whole Science Omega Review Europe report, click here.