Mexico’s largest mining company is considering entering the rare earth metals sector, reports Mining magazine.
Grupo Mexico is considering operations in the states of Sonora and Chihuahua this year after some recent studies have indicated there are economically viable deposits in those two states and in Oaxaca and Chiapas as well.
Rare earth metals are used in consumer electronics projects and high-tech applications, and there are concerns that there may soon be a shortage.
Rare earth elements, as they are also known, are plentiful but not often found concentrated in deposits that make their extraction viable.
The world’s biggest producer is China, source of 95% of the world’s supply, but the Chinese government has been limiting exports in recent years, which The Economist has suggested it’s doing in order to retain the elements for its own production of finished goods.
The Mexico Geological Survey forecasts that global demand will reach 160,000 tons in 2016, and that China will provide 80% or more of that figure.
Grupo Mexico is the world’s third largest copper producer, with operations around the world.
Source: Mining Global (eng)
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