Introduction

Abstract

Rare earth elements (REE) have gained enormous economic, public and increasingly scientific interest in the few recent years. Numerous headlines have appeared during the last about 4 years dealing with REE in the news and newspapers around the world, in press announcements, as short informational letters as well as numerous reports and studies from consultants, think tanks and governmental research groups. The vastness of the reports could lead to the conclusion that all has been said about REE, that the problems have been identified and the actions to be taken are known. Even though REE are not traded on the stock exchanges there is a market which is basically controlled by Chinese traders. The prices of REE were for some time modest until within the last 2 years the prices drove rollercoaster. Extreme price increases as well as reductions were paired with lots of uncertainties about the reasons for these price jumps. It was and probably still is unsure what the real reasons were: real physical shortages or maybe even oversupply, actual or pretended stockpiles, politics, trade or the hope for fast and big money? The fear is further aggravated by studies around the world about rare metals and rare elements which identified REE as some of the most critical materials nowadays and in the near future. As China has a de facto monopoly of the REE production and is successively restricting export, fingers are pointed on China for restricting the global supply of REE and for not doing business right.