I can tell many of you are getting restless cooped up and unable to travel as much, because I’ve gotten several emails asking about this shop or noticing some issues in the background as I natter on about economic or agronomic issues. First, to those wanting a video tour, that will happen soon. I am hoping to use a tracking device and shoot it with my phone instead of my video camera. Second, for the gentleman who thought my cutting-edge avant-garde light display was unsafe, I have removed it. Finally, the fact that the walls are sheet metal gives me a chance to talk about something that I think will become a much bigger issue soon: rare earths.
Flash back to high school chemistry and the old periodic table. The highlighted elements are called rare earths, which is really kind of a misnomer because that not any less abundant than many other elements. However, they are nor often found in localized deposits like gold or even diamonds. This means you have to process lots of material, which means lots of waste or spoils and refining chemicals. I’ll be talking about the economics and politics of rare earth mining soon, but today I want to focus on why they have suddenly become important. The biggest driver has been rare earth magnets and the bulk of them use neodymium in their manufacture. You find them everywhere now, as increased use and production has lowered prices considerably from a few years ago. For instance, they are an easy way to mount fasteners to metal walls. I buy them by the dozen for such purposes. There are safety covers on farm machinery held in place with these magnets. The industrial uses are huge, but the switch to electric everything means the demand for these magnets is exploding. From compact electric motors and switches to critical parts for electric vehicles, rare earth magnets and other devices will be like the rivets of the Industrial Revolution. They are used in microphones, speakers, hard drives, and generators. Cell phones wouldn’t be possible without them, or at least pocketable.
As you can imagine, the supply and price for rare earth elements are crucial to our technological future. The fact that China currently supplies 90% of the global output has attracted considerable attention due to the trade war. The hot commodities of the future may not be grains. Stay tuned.
