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  "documentTitle": "Challenges in Mining Scarcity Opportunity",
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      "text": "Based on this, a mine that is “heavy on heavies” would find itself in a privileged position",
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      "text": "Rare earths are a group of 17 elements, which are divided into light and heavy rare earths. They are used in a wide range of applications, such as permanent magnets, metal alloys, catalysts and polishing powders\nThe market is large and growing ($8B and ~113 ktons of demand after separation of individual oxides, growing at a 7% CAGR), with heavy rare earths representing <15% of the volume, but ~50% of revenues\nChina holds most of the production along the value chain (~80-100%), as well as most of the known reserves, letting it control prices through management of export quotas\nOutside of China, most projects are focused on light rare earths\nRare earths expected to be critical are mainly heavies (Dysprosium, Yttrium, Terbium and Europium), together with the light element neodymium\nThe pipeline of heavy rare earth projects is limited to less than 10k tons and they are at very early stages of development\nIf China continues to act rationally (and from expert interviews it seems that it will maintain quotas for heavy rare earths at present levels) prices should continue at greenfield incentive levels, allowing some penetration from the rest of the world\nBased on this, a mine that is “heavy on heavies” would find itself in a privileged position",
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