Rare Earth Elements (REEs) are a group of 17 metallic elements.

Despite their name, most are relatively abundant in the Earth's crust, but they are rarely found in concentrated, economically mineable deposits. This makes their extraction complex and costly.

REEs are indispensable to modern technology. They are the backbone of almost all critical systems today:

• Consumer electronics like smartphones, computers, and flat-screen TVs rely on REEs for miniaturization and performance.

• The energy sector depends on them for wind turbines, electric cars, and energy-efficient lighting.

• In defense, REEs are crucial for advanced guidance systems, radar, sonar, and jet engines.

• They also play important roles in medical imaging technologies and industrial processes such as petroleum refining and glass manufacturing.

The importance of REEs comes from several factors.

1. First, their unique magnetic, luminescent, and catalytic properties are irreplaceable in many high-tech applications.

2. Second, global supply is heavily concentrated. Over 70% of production currently coming from China. This creates significant supply chain vulnerabilities and geopolitical risks.

3. Third, the extraction and processing of REEs are environmentally challenging and recycling is still limited.