Rare earth elements, as every commodities nerd knows, are in fact not very rare at all. Some, such as cerium and lanthanum, are among the more abundant elements in the earth’s crust.
But it is unusual to find the 17 elements that are classified as rare earths in sufficient quantities for economic extraction.
In 2011, however, concerns over the scarcity of these elements – which are now used in everything from mobile phones and lightbulbs to weapons systems – sent prices skyrocketing.
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