Researchers at the University of Cambridge, in collaboration with colleagues in Austria, report that tetrataenite, a “cosmic magnet” that takes millions of years to develop naturally in meteorites, can potentially be used instead of rare earth materials in magnets.
One of the most promising alternatives for permanent magnets is tetrataenite, an iron-nickel alloy with an ordered atomic structure. The material forms over millions of years as a meteorite slowly cools.
Australia has abundant reserves of critical minerals such as lithium, silicon and rare earths, which are key components of low-emissions technologies such as batteries, solar panels and electric vehicles which will help Australia and the world to lower emissions.
The world has enough rare earth minerals and other critical raw materials to switch from fossil fuels to renewable energy to produce electricity and limit global warming, according to a new study that counters concerns about the supply of such minerals.
Historically, however, demand for rare earths has risen at a rate of about 10 percent per year. If demand continued to grow at this rate and no recycling of produced rare earths were undertaken, known world reserves likely would be exhausted sometime after the mid-21st century.
For example, China doesn't mine any cobalt, but it refines 85 percent of the world's. It also controls 100 percent of the world's graphite production, a necessary metal for electric vehicles. In the complete rare earth metals production market, China controls about 90 percent.
The rarest and most valuable of all are diamond, emerald (green beryl), sapphire (blue corundum) and ruby (red corundum). Opal is the national gemstone of Australia.
Uranium. Australia has the world's largest endowment of uranium resources in the world, with around one-third of global resources.
1. China. Unsurprisingly, China has the highest reserves of rare earth minerals at 44 million MT. The country was also the world's leading rare earths producer in 2022 by a long shot, putting out 210,000 MT.
Here's why that is — and isn't — a big deal. Tesla has announced plans to eliminate the use of rare earth elements in its powertrains — but the move alone won't be enough to significantly combat the problems caused by the metals.
While there are sustainability challenges related to EV batteries, rare earths are not used in lithium-ion batteries. They are necessary for the magnets that form the main propulsion motors. The batteries mostly rely on lithium and cobalt (not rare earths).
And then, out of nowhere, came an absolute bombshell: “We have designed our next drive unit, which uses a permanent-magnet motor, to not use any rare-earth elements at all,” declared Colin Campbell, Tesla's director of power-train engineering.
Rare earths are mined by digging vast open pits in the ground, which can contaminate the environment and disrupt ecosystems. When poorly regulated, mining can produce wastewater ponds filled with acids, heavy metals and radioactive material that might leak into groundwater.
Concerningly, production of these rare earth minerals has remained concentrated. China has a dominant hold on the market—with 60% of global production and 85% of processing capacity.
China is the world's largest producer with an estimated 168,000 tonnes of REEs in 2021, accounting for 61% of global mine production. Many countries, including Canada, have rare earths resources but producing REE metals requires complex separation and refining processes.
Australia has plentiful supplies of natural resources, including the second largest accessible reserves of iron ore in the world, the fifth largest reserves of coal and significant gas resources. For a long time, commodities have made up a sizeable share of our exports.
In 2021, the mine produced 509 oz of gold and was expected to continue until 2033. Facts about mining in Victoria: Mining in the industry contributes more than $13 billion to the Australian economy. There are more than 121,000 jobs in the industry.
Gold. Australia's abundance of gold resources makes our country a prominent focus in the world's growing demand.
Australia is the world's leading producer of bauxite, alumina, rutile and tantalum; the second largest producer of uranium, lead, ilmenite, zircon and lithium; the third largest producer of iron ore, and zinc.
Australia is the world's largest exporter of coal (35% of international trade), iron ore, lead, diamonds, rutile, zinc and zirconium, second largest of gold and uranium, and third largest of aluminium.
Over 99% of Australia's current Inferred Resources of lithium are associated with pegmatite deposits–the exception being ~4 kt in the Narraburra rare earth and rare metals project, located 12 km northeast of Temora in New South Wales.
The reasons behind this renewed gold rush have to do with the need to seek refuge in safer assets during inflationary times. According to economists, China might be preparing for the issuance of a gold-backed currency as part of the BRICS strategy to reduce dependence on the U.S. dollar.
Mining for rare earth minerals generates large volumes of toxic and radioactive material, due to the co-extraction of thorium and uranium — radioactive metals which can cause problems for the environment and human health.
The majority of rare earth minerals are mined in China because that country has the majority of mining facilities in operation.