Mexico will invest in rare earth exploration projects

According to the Ministry of Economy of Mexico, the country will start investing in rare earth metal exploration projects.

According to the study of the Mexican Geological Survey, the global demand for rare earths will reach 160,000 tons by 2016, and China's output will be able to meet 80% of these, and the rest will be supplied by other countries.

This prediction is similar to the predictions of the American Academy of Sciences and the European Union. They warned that the world will face a severe shortage of rare earths.

As the world’s tenth largest crude oil producer, Mexico began implementing ambitious reform plans last year to open up the country’s energy market. It is reported that this is the first time in 70 years.

The direct employment of Mexican mining is 334,000, and the indirect employment is 2 million. Mining is the country’s fourth largest contribution to GDP after cars, oil, and electronics.

Although the reserves of rare earths in Mexico have not yet been determined, the country’s west coast is rich in rare earth metals.

Experts believe that deep-sea mining will not replace land-based mining, but the country’s investment in rare-earth element metal exploration plans will ease the industry's fear of shortage of rare earths.