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Palisades Gold Radio
Jan 21, 2022
Tom welcomes back Christopher Grove, President of Commerce Resources. Chris explains how four of seventeen rare earth metals are essential for electric motors and generators. Ultimately, most electric cars make use of these magnets in their motors.
China had managed to corner the market on rare earth metals with the help of government subsidies. Countries have been looking to find alternative sources as China has demonstrated its willingness to use rare earths for political leverage.
Demand has doubled in the past decade for rare earths. There are few new producers but several companies in the west are trying to bring new supplies to the market. Rare earths are challenging to both find and extract.
The demand for new electric vehicles remains particularly strong in Europe where bans on older ICE vehicles are coming. Therefore, demand is not going away and could become a serious challenge. Prices have fluctuated mostly upwards in the last decade and who knows what the next decade may bring.
Many concerned companies are seeking to reduce their reliance on these metals from China.
Lastly, Chris discusses the types of geology that tend to host these minerals and why few types of host rocks are economically viable.
https://www.youtube.com/watch?v=1xPHcCKYK0Y
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