Market Update for Rare Earths USGS Congressional Briefing Series December 13, 2013

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2 Market Update for Rare Earths 2013 USGS Congressional Briefing Series December 13, 2013 Joseph Gambogi Rare Earth Commodity Specialist USGS National Minerals Information Center U.S. Department of the Interior U.S. Geological Survey

3 Heavy Rare Earth Elements Light Rare Earth Elements Rare Earths the Lanthanide Series, Scandium, and Yttrium Atomic # Symbol Name 21 Sc Scandium 57 La Lanthanum 58 Ce Cerium 59 Pr Praseodymium 60 Nd Neodymium 61 Pm Promethium 62 Sm Samarium 63 Eu Europium 64 Gd Gadolinium 65 Tb Terbium 66 Dy Dysprosium 67 Ho Holmium 68 Er Erbium 69 Tm Thulium 70 Yb Ytterbium 71 Lu Lutetium 39 Y Yttrium

4 Uses Catalysts: Ce, La, Nd Metallurgical Alloys Batteries: La, Ce, Nd, Pr Magnets: Nd, Pr, Sm, Dy, Tb Polishing: Ce, La, Nd Other Ceramics: Y Phosphors: Eu, Y, Tb Electronics Fiber optics and lasers: Er, Y, Nd, Yb, Tm, Pr, Ho Glass additives: Ce, La, Nd, Er Neutron absorption: Nd

5 Global Rare Earth Deposits and Occurrences

6 Rare Earth Mining Locations

7 Metric tons Supply Rare Earth Oxide World Mineral Production Trends , , , ,000 80,000 60,000 40,000 20, China Rest of World

8 Metric tons China s Rare-Earth Production and Export Quotas 100,000 90,000 80,000 70,000 60,000 50,000 40,000 30,000 20,000 10, Production Quota Export Quota

9 Dollars per kilogram, REO Dollars per kilogram, REO Average Prices of Selected Rare- Earth Oxides (REO) 250 3, La 3,000 2, Ce Pr Nd Sm Gd Y 2,000 1,500 1, Eu Tb 0 0 Source: Metal-Pages Ltd

10 Metric tons, REO equivalent U.S. Imports for Consumption of Rare Earth Materials 14,000 12,000 10,000 8,000 6,000 4,000 2,000 Ferrocerium Alloy Mixed chlorides Cerium compounds Mixed oxides Compounds

11 Closing Thoughts China continues to dominate rare-earth supply Numerous projects for mining and separation underway Prices of rare-earths have decreased significantly U.S. imports of rare-earths increased in 2013 Consumers pursuing conservation and recycle programs

12 Contact Information Joseph Gambogi National Minerals Information Center U.S. Geological Survey 989 National Center Reston, VA voice: fax:

13 Market Update for Rare Earths 2013 USGS Congressional Briefing Series December 13, 2013 Joseph Gambogi Rare Earth Commodity Specialist USGS National Minerals Information Center U.S. Department of the Interior U.S. Geological Survey

14 Heavy Rare Earth Elements Light Rare Earth Elements Rare Earths the Lanthanide Series, Scandium, and Yttrium Atomic # Symbol Name 21 Sc Scandium 57 La Lanthanum 58 Ce Cerium 59 Pr Praseodymium 60 Nd Neodymium 61 Pm Promethium 62 Sm Samarium 63 Eu Europium 64 Gd Gadolinium 65 Tb Terbium 66 Dy Dysprosium 67 Ho Holmium 68 Er Erbium 69 Tm Thulium 70 Yb Ytterbium 71 Lu Lutetium 39 Y Yttrium

15 Uses Catalysts: Ce, La, Nd Metallurgical Alloys Batteries: La, Ce, Nd, Pr Magnets: Nd, Pr, Sm, Dy, Tb Polishing: Ce, La, Nd Other Ceramics: Y Phosphors: Eu, Y, Tb Electronics Fiber optics and lasers: Er, Y, Nd, Yb, Tm, Pr, Ho Glass additives: Ce, La, Nd, Er Neutron absorption: Nd

16 Global Rare Earth Deposits and Occurrences

17 Rare Earth Mining Locations

18 Metric tons Supply Rare Earth Oxide World Mineral Production Trends , , , ,000 80,000 60,000 40,000 20, China Rest of World

19 Metric tons China s Rare-Earth Production and Export Quotas 100,000 90,000 80,000 70,000 60,000 50,000 40,000 30,000 20,000 10, Production Quota Export Quota

20 Dollars per kilogram, REO Dollars per kilogram, REO Average Prices of Selected Rare- Earth Oxides (REO) 250 3, La 3,000 2, Ce Pr Nd Sm Gd Y 2,000 1,500 1, Eu Tb 0 0 Source: Metal-Pages Ltd

21 Metric tons, REO equivalent U.S. Imports for Consumption of Rare Earth Materials 14,000 12,000 10,000 8,000 6,000 4,000 2,000 Ferrocerium Alloy Mixed chlorides Cerium compounds Mixed oxides Compounds

22 Closing Thoughts China continues to dominate rare-earth supply Numerous projects for mining and separation underway Prices of rare-earths have decreased significantly U.S. imports of rare-earths increased in 2013 Consumers pursuing conservation and recycle programs

23 Contact Information Joseph Gambogi National Minerals Information Center U.S. Geological Survey 989 National Center Reston, VA voice: fax: