Ration widelands12/15/2023 ![]() Their main use is in the manufacturing of powerful yet lightweight magnets used in electric motors, especially the primary drive motors of electric vehicles. In the case of a high-end electric car such as a Tesla, rare earth minerals will also be found in the motors that adjust the seats, mirrors and steering wheel, and open and close the doors. SHL says the total global demand for rare earth minerals increased from less than 5 000 tons per annum in the 1960s to 145 000 tons in 2015. The company says demand will probably exceed 200 000 tons next year. In contrast, there are only a few deposits worldwide that contain concentrated amounts of these rare elements to enable economic mining and refining. China is the largest producer, but halted export of its strategic minerals last year. The only rare earth minerals mine in Canada, once the largest producer in the world, shut down in 1998 due to low world prices. ![]() The mine restarted in 2002, but stopped operating again in 2015 and was liquidated soon after. Similarly, Steenkampskraal was the world’s largest producer of rare earth minerals for a while, between 19, when Anglo American mined the deposit primarily for radioactive thorium which was used for fuel in nuclear reactors in Britain, Germany and America. Anglo American shut the mine when nuclear reactors worldwide switched to uranium. Uranium was much cheaper, ironically produced as a by-product at a few SA gold mines. Rare Earth Extraction Company (Rareco) acquired the mine from Anglo American in 1989 with plans to reopen it, but faltered when rare earth prices fell sharply. The mine was almost forgotten, except that the dormant Rareco had to publish its results and annual report as it maintained its listing on the JSE for a few years, until it gave up even on that and the share was suspended.
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