China has the largest reserves of rare earth metals

The Bayan Obo region in Inner Mongolia is an important area for science and technology. It has quarries surrounded by grass and rocks. The region has the largest rare earth metal deposits on Earth.

Rare earth metals include yttrium, dysprosium, and neodymium, which are essential for modern technology. In 2021, China produced about 60% of rare earth metals. A recent report by the International Energy Agency says this will rise to 77% by 2030.

Neodymium magnets are used in many energy technologies. China controls the market for these materials. In 2010, China restricted exports, causing the price to rise from $42 to $283 per kilogram.

• Previous Post

  Automotive

• Next Post

  Motors