The name “rare” explains the scarcity and valuable nature of rare earth metals, such as scandium, yttrium and holmium. The problem is that few nations have these deposits, which has created a near-monopoly situation for the
nation of China. “China is the largest producer of rare earths, but it is also the largest consumer; less than a quarter of rare earths produced in China are exported.”
The inelastic supply has led to firms hoarding supplies or trading them illegally. Australia has some rare earths in its Mount Weld deposit. Can businesses that depend on rare earth metals truly be sustainable?
Sustainability Professional Marlon Kobacker helps organizations and businesses develop green building strategies. Mother Earth has only placed certain mineral deposits in certain areas. Firms might need to relocate to Australia or China in order to guarantee supply of rare earth metals. Developing sustainability plans today, saves you from headaches down the road.