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Rare earths become rare (2) |
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09:52, September 11, 2009 |
<b>Powers' metals strategic</b>
Fifty years ago, the world economy was established on steel, aluminum and iron. Today, rare-earth metals are reshaping the world economy.
Rare-earth metals are the key to 21st century technology. "Without them, we wouldn't have smartphones, hybrid cars or precision weapons," according to Wired.
China's decision could cause a crisis for high-tech development, according to Britain's Daily Telegraph newspaper.
The newspaper report says global energy competition has entered a new stage, because nations are already experiencing difficulties in acquiring rare raw materials.
Strategic metals are also closely related to sensational techniques.
In July, Chinese border police seized a quantity of the strategic metal vanadium bound for North Korea, foiling an attempt to smuggle a material used to make missile parts.
Vanadium is a metal that strengthens steel and protects against rust. It is alloyed with steel to make missile casings, as well as high-speed tools, superconducting magnets and jet engines.
China restricts the export of vanadium and other minor metals as part of a domestic policy meant to preserve strategic metals, encourage investment in processing industries and control international price fluctuations.
<b>West preserved for years</b>
While China is just starting to acknowledge the strategic value of rare-earth metals, developed nations have long been storing up their own strategic reserves.
As the world's second-largest rare-earth metals holder, the US accounts for nearly 12 percent of worldwide stocks. Early in 1981, the US categorized the metals that are of great importance to the economy and warfare and categorized them as strategic metals.
The administration of former US president Ronald Reagan spent $100 million buying strategic resources, including 62 kinds of minerals, metals and other raw materials.
Since 1999, the US began halting production for strategic and environmental concerns. By importing, the US protects its mineral reserves, according to CCTV.com.
Japan imports nearly all its rare-earth elements from China, with two thirds of its annual imports in reserve for strategic purposes. Since 1983, Japan put seven rare-earth metals into reserve, including nickel, chromium, tungsten, molybdenum, cobalt, manganese and vanadium.
Australia and Canada are also tightening the mining of rare-earth metals, and importing from China for their reserves.
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