ABSTRACT
Chapter 2 gives an overall introduction to Rare Earth Metals as an exhaustible natural resource. First, the special physical-chemical properties of Rare Earths and geological aspects of their deposits are explained. Second, an overview of the global stocks of resources and reserves is given in order to illustrate that deposits are highly dispersed globally, whereas mining has been highly concentrated in China since 2002. Then, a review of the cost- and input-intensive mining and processing process is conducted in order to highlight the potential environmental and social impact of Rare Earths production. Fourth, the historical development trends in the extraction of Rare Earths in general, and the reasons for the global shift of mining and processing from the USA to China in particular, are examined. Finally, the subsection about the fields of Rare Earths applications (high technologies, high technological consumer goods, industrial and medical appliances and modern weapons systems) explains their increasing commercial and non-commercial importance since the early 2000s.
