The economics of the rare earth elements

"The important volume end use sectors for the rare earth elements and yttrium continue to be in steelmaking, petroleum cracking catalysts and glass polishing. The market sectors which may provide future high volume demand, to replace the older sectors where demand has declined over the past decade, include magnets, automobile catalysts, ceramics and superconductors. Increases in production capacity in all major rare earth producing countries are expected to restrain large price increases for high purity rare earth oxides over the short term. A sharp increase in demand for yttrium in advanced ceramics and superconductors would lead to a shortage in separation capacity, however, and to a corresponding rise in prices for separated rare earths.IntroductionWhile visiting the Geology Department of the University of Toronto in 1981, Professor Lu from the Institute of Geochemistry of Academia Sinica at Gweiyang in China introduced one of his seminars with the observation that in China, rare earths are not rare at all.Indeed, while being rare in terms of abundance as measured by, say, the Clarke scale, the rare earth elements, like many other low abundance elements, are subject to geological, geochemical and mineralogical concentration.The rare earth elements comprise the fifteen inner transition elements of Group IIIB, Period 6, of the periodic table, from lanthanum to lutetium (the lanthanides), as set out in Table 1. The rare earths constitute a distinct group as they have extremely similar chemical characteristics due to the uniformity of their outer electron shells. The element yttrium is usually, by convention, included in the rare earth group as it occurs with the rare earths in nature and has properties very similar to them.The rare earths are divided into two subgroups, the ""light"" rare earths, made up of the first seven elements of the series, lanthanum to europium, and the ""heavy"" rare earths, comprising the remaining eight elements, gadolinium to lutetium, plus yttrium. These two subgroups are also referred to as the cerium subgroup and the yttrium subgroup, respectively. The subdivision is based on differences in the atomic radii resulting in somewhat different properties for the two subgroups."