Geopolitical risk assessment of countries with deposits of rare earth elements

Rare earth elements (REEs) are considered critical minerals for the industrial and defense sectors. In 2018, the U.S. Department of the Interior presented the final list of critical minerals that are vital to the U.S. economy and defense [1], which included REEs among other mineral commodities. REEs are not rare, despite their name, but economically viable deposits of REEs can be found only in certain geographical areas, and the political and social conditions characterizing these areas may not always be in favor of mining operations. Mining operations may be placed in great operational and financial risk if operations are planned in such areas. Erroneous decisions by decision makers may lead to a chain of events that can completely shut down a mining project.