Can you offer readers a quick primer on what exactly rare earths are and their history with regard to global manufacturing. What are the industries that rely most heavily on these elements?
Rare earths, or rare earth elements (REE) as they are often called, are a group of 17 uncommon minerals including lanthanum, cerium, neodymium, samarium, and europium. Although not exactly "rare," as their name implies, the rare earth elements are not usually found in concentrated deposits but typically are mixed with other minerals (including radioactive substances), making them hard to find and extract. Each of these elements possesses distinctive characteristics that make them useful for various high-tech industries: lanthanum, for example, is used as a catalyst in petroleum refining, while both neodymium and samarium are used in high-temperature magnets.
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