Global demand for these materials is booming, tripling over the past decade from 40,000 to 120,000 tonnes. Rare earth elements are used in a host of technologies from iPhones, to fibre-optic cables, to missile guidance systems.
China provides 97 per cent of the global supplies of rare earth elements, most coming from a single mine in Inner Mongolia.
By 2014 global demand for rare earth materials is forecast to hit 200,000 tonnes a year.
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