Rare Earths Processor Buys Rights to Mine In Greenlandhttps://techxplore.com/news/2022-08-rare-earths-processor-rights-greenland.htmlOne of the world's few rare earths processors outside China has bought exploration rights to mine in Greenland, opening an avenue for diversifying supplies of the minerals critical for advanced and green technologies
Toronto-based Neo Performance Materials, the rare earths processor, said Monday it plans to develop the Sarfartoq deposit in southwest Greenland and will send the ore to its facility in Estonia in Eastern Europe. It's one of only two plants outside China that processes rare earths to a high degree.
Neo aims to have the mine running in two to three years. It will be the company's first major mining project. CEO Constantine Karayannopoulos said that by opening the mine, he hopes to shield the company from volatile rare earth prices, which have shot up in recent years due to supply disruptions and strong demand.
Karayannopoulos called it "business, not geopolitics." But in recent years, rare earths have attracted the attention of policymakers in Washington, Beijing and other capitals given their importance to the global high-tech supply chain. The U.S., Europe and Japan call their dependence on China's rare earths a "national security risk" and have sought to diversify their supply.
Meanwhile, supplies of rare earths have shrunk, and some mines are raising ethical and environmental concerns. Mining rare earths is a dirty business when done cheaply, and China, the world's largest miner, has shuttered many mines in recent years to curb environmental damage.
... Some of that mining has been outsourced to Myanmar, where a lack of oversight is masking a dirty secret. An Associated Press investigation this month found the Myanmar mines are linked to environmental destruction, the theft of land from villagers and the funneling of money to brutal militias, including at least one linked to Myanmar's secretive military government.
The AP traced rare earths from Myanmar to the supply chains of 78 companies, including major auto makers and electronics giants.... Plans for another rare earths mine in Greenland failed after voters put in power a left-leaning government that blocked development. The site had high concentrations of uranium, raising concerns over how radioactive waste would be disposed.