Rare Earth Metals: The Next Resource Shortage?
Specialty metals are rarely mined for themselves. They are byproducts of more lucratively mined metals like copper. This means that even if prices of a rare metal were to skyrocket, companies often have little economic incentive to produce them if it means sacrificing some base metal production or investing in new processing equipment. If supplies cannot be produced in a timely way, these specialty metals will become more expensive, limiting their use.
.. Rather than predicting which metal we need, we must turn rare metals into commodities, by making them cheaper, more abundant and produced with minimal environmental impact. A good first step is government investments in science to develop a cadre of mineralogy and material researchers who can help unlock the powers of rare metals and produce them with greater ease. Governments can also foster investment in rare metals by establishing faster permitting systems for their extraction with clear, stringent environmental standards.