Norway’s Intex Resources ASA, which operates a nickel mine on Mindoro island, said Tuesday it can produce rare earth elements to the country for free.
Intex Resources issued the statement on the heels of reports the Philippines was dead set on exploring REEs to take advantage of China’s move to cut on production for the global market.
REEs are a group of elements that are used in a wide range of products, including hard drives, IPods, wind turbines, hybrid cars, fiber optics and energy efficient fluorescent bulbs. Their properties, notably as lightweight magnets, make them key to miniaturization of electronics and the growth of green technologies.
China recognized the importance of the elements decades ago and used to supply 97 percent of REEs globally. Producing rare earth elements became a serious consideration for many countries last year when China decided to cap exports, reportedly as part of a crackdown on illegal mining of rare earth oxides and to secure greater control over pricing, thus leading to a surge in prices over the past two years, according to observers.
Further limits on Chinese exports of rare earth elements also threaten to raise costs for companies in an array of industries, including cell phone makers, oil refiners and high-technology batteries.
Source: Manila Standard Today