Bauxite's secret cache: Can EU tap into rare earth elements amidst global competition?

The U.S. Geological Survey's release "Going Critical" clarified, "REEs are necessary components of more than 200 products across a wide range of applications, especially high-tech consumer products, such as cellular telephones, computer hard drives, electric and hybrid vehicles, and flat-screen monitors and televisions. Significant defence applications include electronic displays, guidance systems, lasers, and radar and sonar systems. Although the amount of REE used in a product may not be a significant part of that product by weight, value, or volume, the REE can be necessary for the device to function. For example, magnets made of REE often represent only a small fraction of the total weight, but without them, the spindle motors and voice coils of desktops and laptops would not be possible."

According to a publication by Mighty Earth, the production of electric vehicles, where rare earth elements are necessity, has surged in recent years, from a mere 0.5 million cars sold in 2015 to a staggering 16.6 million in 2024. This represents a 3,200 per cent increase in electric car sales.  Among all new cars sold in 2022, electric vehicles accounted for approximately 14 per cent, a significant rise from 5 per cent in 2020. With experts predicting that a quarter of all new car sales will be electric by 2030, the need for critical minerals and rare earth elements is more pressing than ever.