The "Lab Ready" Factor
"Cheaper, greener magnets hint at other advanced technologies, such as improved batteries and magnetic refrigeration, that could result from increased research into rare-earth materials."
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Some 35 years back, there was a global shortage of cobalt.
Then, starting from the late 1970s, some large new mines started to come on production in Africa that essentially guaranteed cobalt supplies.
Almost overnight, a number of new applications that required cobalt as a key ingredient, hit the market. This, in turn, created new demand for cobalt increasing its importance.
Moral: Products that need a crucial component aren't brought to market unless companies have a reliable and economic access to that element.
What we don't know with REEs, is to what degree various stages of "lab ready" new applications have been developed and/or conceptualized, but not brought out for commercialization due to current questions of guaranteed access to these critical elements.
As new supplies are increasingly guaranteed in the second half of this decade -- from new mines outside the Middle Kingdom -- will we see a second wind for REE demand as a lot of new applications which require their use come to market?