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[DT] China Cuts Off World's Rare Earth Metal Supply - Page 4

post #31 of 102
Quote:
Originally Posted by 45nm View Post
Yes but China provides over 95% of the world's rare earth elements. The rest of the deposits are scattered geographically over various locations throughout the world.
They only supply that much because of the price that they can do it at, the U.S. has enough to supply itself, but it won't be cheap.
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post #32 of 102
Yeah, we're kind of hoping that it will stimulate the local economy a little bit. Like what was said earlier, it's not like there's short supply, just no one mining right now. Let's get to mining, then!
http://www.washingtontimes.com/news/...town/?page=all
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post #33 of 102
Great!! Let's plan a future of borrowing more money from the Chinese the next time we destroy our economies on default credit swaps. I for one welcome our new Asian overlords.
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post #34 of 102
Quote:
Originally Posted by lordikon View Post
They only supply that much because of the price that they can do it at, the U.S. has enough to supply itself, but it won't be cheap.
This man is correct

China only supplies 95% because they are pretty much the only nation mining for rare metals.

I know for fact that in Australia we are sitting on quite a sizeable quantity of rare metals. They just aren't mining them yet because 1) It's cheaper from China, 2) Prices are too low to justify the cost of mining and 3) We were, up until this point, getting enough supply from China not to warrant mining which would reduce the prices due to more supply than demand.

Not to mention Australia has the worlds largest Uranium deposits which we are now mining and along with Coal, Iron, Copper and Diamonds there is no need to start exploiting the rare metal supply when China is fulfilling the markets requirements almost single handedly.

This will, in the long term, leave Australia and similarly, the USA, in a great position once China starts to exhaust their resources and their contribution starts to diminish. Then mining within those other countries will start to ramp up as the prices increase and will leave Australia, USA, Canada etc. much better off.

Sure, it will suck for us consumers since prices will be higher. But hopefully by then, the rising cost of materials will be offset by better, more efficient production methods which should help keep prices in line.
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post #35 of 102
Quote:
Originally Posted by Vengeance47 View Post
This man is correct

China only supplies 95% because they are pretty much the only nation mining for rare metals.

I know for fact that in Australia we are sitting on quite a sizeable quantity of rare metals. They just aren't mining them yet because 1) It's cheaper from China, 2) Prices are too low to justify the cost of mining and 3) We were, up until this point, getting enough supply from China not to warrant mining which would reduce the prices due to more supply than demand.

Not to mention Australia has the worlds largest Uranium deposits which we are now mining and along with Coal, Iron, Copper and Diamonds there is no need to start exploiting the rare metal supply when China is fulfilling the markets requirements almost single handedly.

This will, in the long term, leave Australia and similarly, the USA, in a great position once China starts to exhaust their resources and their contribution starts to diminish. Then mining within those other countries will start to ramp up as the prices increase and will leave Australia, USA, Canada etc. much better off.

Sure, it will suck for us consumers since prices will be higher. But hopefully by then, the rising cost of materials will be offset by better, more efficient production methods which should help keep prices in line.
It also creates a lot of pollution and ruins the landscapes. The fact that it will cost more mining elsewhere means prices for electronics would go up too.
post #36 of 102
Great. Everything is going to go up. Just what we need in our economy. I think America should just threaten to not pay off it's debt to China, especially if they are going to artificially create a shortage of something we depend on.
post #37 of 102
Quote:
Originally Posted by JMCB View Post
Great. Everything is going to go up. Just what we need in our economy. I think America should just threaten to not pay off it's debt to China, especially if they are going to artificially create a shortage of something we depend on.
By that logic we should we also engage in currency and trade wars. America threatening to not pay off it's outstanding debt to China would cause serious deterioration in relations. Considering the heightened tensions and issues particular in regards to South China Sea 'key/core interest' and 'Taiwan' serious escalations into military conflict can occur. Refer to the Pakistan-Chinese ultimatum issued in May (directed against USA).
post #38 of 102
We should just stop buying from China, problem solved...
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post #39 of 102
Well played China. Granted this is our fault. We used to produce quite a bit of rare-earth metals and minerals, but we let China take over the market. Materials that are this critical to the production of high-tech and critical goods need a reliable source so hopefully this will get us off our asses and back into domestic production.
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post #40 of 102
Quote:
Originally Posted by PakJai View Post
It also creates a lot of pollution and ruins the landscapes. The fact that it will cost more mining elsewhere means prices for electronics would go up too.
And if you read the last bit of my comment you would realise that I mentioned prices would go up. But they will go up regardless. They are finite, so they will at some point be exhausted. Only an idiot would not expect prices to rise.

Its the way things work. When you have a highly sort after, finite resource, prices will dramatically increase as the deposits diminish. It is happening with almost all resources atm. Raw material costs continue to increase (Oil, Copper, Gold just to name a few).

To your point about pollution, very true. It does pollute and requires huge amounts of water and electricity. However, ultimately, we NEED to mine. The world relies on it. In Australia we are lucky that our country has huge quantities of raw materials and because the country is so big and not highly populated (one of the least densley populated countries in the world) mining doesn't have as big an impact as it would elsewhere.

We are also lucky in that at the current point, we have one of the best economies in the world, highly advanced technology and a population that is concious about the environment. Which has caused mining companies in Australia to adopt the strictest and safest procedures in the world. I work for Conocophillips and trust me, compared to the US, Australia is light years ahead of the US when it comes to work safety and environmental safeguards.

So yes, the prices will increase and it does pollute but Australia is probably in a better position than any other country in the world to deal with those issues. As our technology, safety procedures and environmental awareness is far greater than what is currently in operation in the USA (or anywhere else for that matter) at this point in time.

However, due to those stricter regulations, it also costs more to mine in Australia than say, China. So that is why companies like Rio Tinto and BHP Billiton are holding back. In the end, for me as an Australian citizen (and living in the state which is soon to be home to the worlds largest open-cut mine) I will reap the benefits as the economy will continue to get stronger and stronger. Also being an Environmental Scientist it means that I have more job opportunities opened up to me.

Yes, it sucks for everyone else who won't be able to take advantage of the situation, but for us Aussie's, life is good at the moment.

I just hope we start building refineries in Australia and stop outsourcing it to China and then buying the end product back off them. If we do that, well Australia's economy will continue to go from strength to strength for the foreseeable future
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