What is Rare Earth Minerals?
Rare Earth Minerals (REMs) are a set of seventeen metallic elements that are crucial for various high-tech applications, including electronics, renewable energy, and defense. Despite being termed 'rare,' they are relatively abundant in the Earth's crust but are difficult and costly to extract and process.
Historical Background
China has historically dominated the production and processing of REMs, controlling a significant portion of the global supply chain. This dominance has raised concerns about supply security and geopolitical risks, leading other countries to seek alternative sources and processing capabilities. India has significant reserves but lags in extraction and processing technologies.