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The demand for electric vehicles, i.e. EVs, which are known as the future of transportation, is increasing rapidly worldwide. But, these eco-friendly vehicles require some very important and rare minerals to run on the roads. These metals are called rare earth elements.

What are these metals??

Mainly in this Neodymium, Praseodymium, Dysprosium and terbium It includes 17 important factors like Besides lithium, Cobalt and Nickel These metals are essential for making batteries.

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What are the uses of these metals??

These rare metals are very important for electric vehicle motors and batteries. Neodymium is used to make powerful permanent magnets, especially in EV motors. This makes the motor lighter, more efficient and more powerful, which increases the vehicle’s running ability.

Changing Global Equations and Geopolitics

China currently monopolizes the mining and processing market for these rare metals. About 70 percent of the world’s mining and almost 90 percent of processing takes place in China alone. This has created a huge monopoly globally. China often uses this dominance as a political weapon in trade tensions, causing concern in the US, Europe and other countries.

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These concerns are now changing the global equation rapidly,

• Exploring Alternative Supply Chains: The US, Australia, Japan and European countries are coming together to form new partnerships to reduce dependence on China.
• Emphasis on discovery of new reserves: Many countries are searching for these minerals in their own territory. India has also discovered deposits of lithium and other rare minerals in states like Jammu and Kashmir and Rajasthan.
• Government Incentive Scheme: The Government of India has launched the ‘National Critical Mineral Mission’ for the processing and production of important minerals and is investing crores of rupees.

In short, the country which has the control of these rare minerals will be the leader of the global vehicle market in the future. Due to this, there is a huge competition for the mining of these metals across the world.