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Heavy Rare Earth Elements (HREEs) such as dysprosium, terbium, and yttrium are critical for various advanced technologies, from renewable energy systems to high-performance electronics. Recent developments and discoveries in the field highlight both the opportunities and challenges in meeting industry demands sustainably and ethically.

Introduction

HREEs are indispensable for many modern technologies, including electric vehicles (EVs), wind turbines, and advanced electronics. The demand for these elements has increased significantly with the growing emphasis on green technologies. This paper provides an updated analysis of the current state of the HREE industry, considering recent scientific and market developments.

Global Â鶹ԭ´´ Dynamics

Global Â鶹ԭ´´ for Heavy Rare Earth Elements

The global market for Heavy Rare Earth Elements (HREEs) was valued at approximately US$ 1.56 billion in 2023. It is forecasted to reach a readjusted size of about US$ 2.33 billion by 2030, growing at a compound annual growth rate (CAGR) of 6.43%Ìýfrom 2024 to 2030.ÌýChina remains the dominant global HREE market, accounting for a significant portion of the production. However, recent discoveries in the United States, particularly in Wyoming, are poised to challenge this dominance. The Halleck Creek Project in Wyoming has revealed substantial deposits, potentially the largest in North America, which could reduce reliance on Chinese imports and stabilize supply chains.

Regional Â鶹ԭ´´ Breakdown

1. North America

   • 2023 Â鶹ԭ´´ Value: US$ 0.33 billion
   • 2030 Forecast Value: US$ 0.49 billion
   • CAGR (2024-2030): 6.35%

2. Asia-Pacific

   • 2023 Â鶹ԭ´´ Value: US$ 0.98 billion
   • 2030 Forecast Value: US$ 1.50 billion
   • CAGR (2024-2030): 6.79%

3. Europe

   • 2023 Â鶹ԭ´´ Value: US$ 0.23 billion
   • 2030 Forecast Value: US$ 0.31 billion
   • CAGR (2024-2030): 5.09%

Key Â鶹ԭ´´ Players

The leading companies in the global HREE market include:

• China Rare Earth Group
• Shenghe Resources Holdings
• Xiamen Tungsten Industry
• Northern Minerals

As of 2023, the three largest players in the market hold a combined revenue share of approximately 72.80%.

American Rare Earths' Halleck Creek Project Development

American Rare Earths (ASX: ARR) has successfully raised A$13.5 million (US$8.7 million) through a placement to further develop eco-sensitive and cost-effective extraction and processing methods at their flagship Halleck Creek project in Wyoming.

Key Points:

1. Funding and Development Goals:

   • The raised capital will advance the Halleck Creek project towards development.
   • The primary aim is to deliver a secure supply of critical minerals to the North American supply chain.

2. Mineral Resource Estimate Update:

   • ARR updated the mineral resource estimate for Halleck Creek, showing a 64% increase in in-situ tonnage compared to the previous estimate.
   • The project now includes 2.34 billion tonnes of material grading 3,196 ppm total rare earth oxides (TREO), containing 7.48 million tonnes of TREO.
   • The measured and indicated category saw a 128% increase, totaling 1.42 billion tonnes at a grade of 3,295 ppm TREO.

3. Exploration and Drilling:

   • The update follows exploration from September to October 2023 and additional surface sampling and geological mapping.
   • From April 2022 through October 2023, the company drilled 70 holes totaling 9,031 meters.

4. Future Plans:

   • Focus areas include extensional drilling, pre-feasibility studies, metallurgical test work, and process development.
   • Heritage, permitting, and environmental activities will also be prioritized.