RARE EARTHS 101 - Avalon Rare Metals

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RARE EARTH BASicS Rare Earth Elements (‘REE’) are non-toxic elements essential to a cleaner environment and reduced reliance on fossil fuels. Also, REE are an enormous potential benefit to human health. 3 Li 4 Be 40 Zr 41 Nb 31 Ga 32 Ge 37 Rb 57 La 55 Cs 39 Y 72 Hf 73 Ta 49 In 50 Sn 58 Ce 59 Pr 60 Nd 61 Pm 62 Sm 63 Eu 64 Gd 65 Tb 66 Dy 67 Ho 68 Er 69 Tm 70 Yb 71 Lu Other Rare Metals Light Rare Earths Heavy Rare Earths There are 16 REE in total, 15 lanthanide elements appearing at the bottom on the Periodic Table, with atomic numbers ranging from lanthanum (57) to lutetium (71), plus the metal yttrium (39); all of which display similar physical and chemical properties. REE deposits tend to occur in two sub-groups: Light rare earth elements (‘LREE’), which include lanthanum (La), cerium (Ce), praseodymium (Pr), neodymium (Nd), and samarium (Sm) Heavy rare earth elements (‘HREE’), which are less common and more valuable, include europium (Eu), gadolinium (Gd), terbium (Tb), dysprosium (Dy), holmium (Ho), erbium (Er), thulium (Tm), ytterbium (Yb) and lutetium (Lu) Yttrium (Y) most commonly occur in association with HREE sub-group REE are not particularly rare in the earth’s crust, similar in abundance to nickel or tin, but generally not concentrated in commercially viable ore deposits. common pRopERTiES oF RARE EARTHS Silvery-white metals that tarnish when exposed to air, thereby forming oxides Relatively soft metals; hardness increases with higher atomic numbers Reacts with water to liberate hydrogen gas, slowly in cold/quickly upon heating Most REE compounds are strongly paramagnetic Catalytic, chemical, electrical, metallurgical, nuclear, magnetic and optical properties Many REE compounds fluoresce strongly under ultraviolet light Reacts with dilute acid to release hydrogen gas rapidly at room temperature High melting and boiling points
RARE EARTH EconomicS GloBAl Supply & dEmAnd HiSToRy 1794 Rare Earths discovered by Johan Gaddin in Ytterby, Sweden 1903 First commercial production of rare earth flints at Treibach in Austria 1953 Demand approximately 1,000 tons (US$25 million) 1965 First stand-alone rare earths mine opened at Mountain Pass, US 1985 Development of the NdFeB permanent magnet; China initiates low cost production 2003 Demand approximately 85,000 tons (US$500 million) 2008 Demand approximately 124,000 tons (US$1.25 billion) 2016 Demand approximately 160,000 tonnes and valued at US$8.25 billion, as of April 2012, according to IMCOA’s demand forecast and Avalon’s price forecast Demand tpa - REO 250,000 200,000 150,000 100,000 50,000 Rare Earths Supply & demand Source: IMCOA, April 2012 0 2005 2006 2007 2008 2009 2010 2011f 2012f 2013f 2014f 2015f 2016f China Supply ROW Supply China Demand Total Demand Today, China produces over 95% of the world’s rare earth elements (“REE”). New sources are being developed in Canada, USA and Australia. In aggregate, demand and supply will be balanced; however, light rare earth elements (“LREE”) are expected to be in surplus while heavy rare earth elements (“HREE”) in deficit. year RE Export Quota (tonnes) % change demand outside china (tonnes) Surplus (Shortfall) (tonnes) 2005 65,609 0.0% 48,000 17,609 2006 61,821 -5.8% 53,000 8,821 2007 60,074 -3.5% 55,000 5,074 2008 56,939 -5.5% 54,000 2,939 2009 50,145 -11.9% 25,000 25,145 2010 30,258 -39.7% 47,500 (17,242) 2011 30,148 0.0% 37,500 (7,352) 2012 31,100 0.0% 42,500 (11,400) Source: IMCOA, April 2012 The china Factor-Reduced Exports China's government has been implementing a range of policies putting the government in control of private and unauthorized mines that produce rare earth minerals (especially from the HREE-rich South China ionic clays), implementing stricter regulations towards improving environmental performance of its mining sector, and requiring foreign companies to move factories to China to complete production of items using rare earths. The outcome of these policies is reduced availability of rare earths outside China, higher prices, and the threat of further export restrictions. The market is encouraging companies to produce a secure source of rare earths outside China.
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RARE EARTHS 101 - Avalon Rare Metals

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