Unearthing the Rare Earth Reserves: Analysis of Top 8 Nations (Updated 2024)
Rare earth elements – chemically identical, challenging to mine, and and crucial to modern technology – are vital components in many everyday devices including smartphones, electric vehicles, defense systems, and wind turbines. Despite their name, these elements are not exactly ‘rare’, but their estimated reserves globally are indeed limited. From the latest updated data till 2024, the top eight countries holding the largest amounts of rare earth reserves include China, Vietnam, Brazil, Russia, India, Australia, Greenland (Denmark), and the United States.
In the realm of rare earths, China is indisputably king, boasting the world’s largest reserves. With an estimated 44 million metric tons of rare earth reserves, China alone commands approximately 36.7% of the global share. From the production angle, the Asian giant is responsible for a staggering 90% of the world’s rare earth elements. Such dominance enables China to play a decisive role in the global supply chain, its tight control over export potentially significantly impacting global prices and availability.
Behind China, Vietnam emerges in the second spot, with an impressive estimate of 22 million metric tons of rare earth reserves. Although this Southeast Asian country doesn’t have a significant share in the global rare earth production, its sizable reserves present enormous potential for future growth in this sector.
Brazil claims the third spot, with 18 million metric tons of rare earth reserves. As a mining powerhouse, Brazil has shown remarkable growth in exploring and processing these elements over the years. The development of their large-scale mining projects poses a promising outlook for the future of Brazil’s rare earth industry.
Meanwhile, Russia, India, and Australia each hold an estimated 12 million metric tons of rare earth elements. Russia and Australia are steadily expanding their mining efforts, while India, despite holding vast reserves, faces growing challenges in exploiting and managing their resources effectively due to environmental and infrastructural disruptions.
In the seventh position, we have Greenland (Denmark) which holds an estimate of 10.3 million metric tons of reserves. Though it’s a newcomer in the arena of rare earth production, the extensive reserves in Greenland open a promising frontier in the rare earth industry. The country is increasingly attracting investors and corporations keen on tapping into this promising minefield.
Lastly, the United States occupies the eighth spot, with approximately 1.4 million metric tons of reserves. While it does not compare in quantity with the others, it was once the world’s leader in rare earth production. Today, it is taking concrete steps towards reclaiming its past proactive role in this particular industry.
Overall, the global distribution of rare earth reserves clearly consists of a diverse mix of established heavyweights and emerging players, each with its challenges and opportunities. The exploration, production, and management of these rare earth elements are critical realms that are central to most modern technologies.