Rare Earth Elements (REEs) are any of the abundant metallic elements of atomic number 57 through 71, plus Scandium and Yttrium, of which the oxides are classified as rare earths.
REEs have unique physical and chemical properties and are irreplaceable components of many advanced electronic devices, products for energy efficiency, and innovations focused on reducing greenhouse gases. As such they are essential to many of the world’s emerging green technologies.
REEs are divided into two groups – Light Rare Earth Elements (LREEs), and Heavy Rare Earth Elements (HREEs). The following table identifies which elements fall into the two categories, and illustrates the price per kilogram for REE oxides, using FOB July 2010 data.
LREEs $/Kg USD*
Lanthanum (Ln) 16.80
Cerium 12.00
Praseodymium (Pr) 42.50
Neodymium (Nd) 43.00
Samarium (Sm) 12.50
HREEs $/Kg USD*
Europium (Eu) 570.00
Gadolinium (Gd) 7.86
Terbium (Tb) 545.00
Dysprosium (Dy) 288.00
Holmium (Ho) 41.32
Erbium (Er) 48.70
Thulium (Tm) 790.00
Ytterbium (Yb) 155.30
Lutetium (Lu) 250.00
Yttrium (Y) 10.01
*Note that prices are volatile, and are subject to change regularly.
HREEs are extremely rare in economic quantities, and therefore they are more valuable than the more common LREEs.
The current world REEs supply is exported almost exclusively from China, but the Chinese demand for these elements is projected to match the domestic supply in the near future. If the projected demand for REEs comes to fruition, the rest of the world will be forced to secure its own strategic supply. In short, the near-term production of REEs located outside of China will be a crucial step in creating a greener future for the entire planet.
