Antonina Levashenko explained the reasons for the growing demand for rare earth metals

The expert noted that rare earth minerals (especially neodymium and dysprosium) are common in new technologies, so their demand is expected to grow significantly. The global market for neodymium was estimated at $5.5 bn in 2024 and will reach $9.6 bn by 2033. The global dysprosium market will grow by 5% annually to reach $1.1 bn by 2029, up from $905 mn last year.

The main supplier of neodymium to the world market is China, but its deposits are also found in Russia, the USA, Kazakhstan, Australia, Brazil, and India. Similarly, dysprosium is also predominantly exported by China, but its deposits are present in Russia, the USA, Japan and Afghanistan.

Neodymium is potentially present in Greenland, but its extraction requires consideration of the geographical location and possible environmental issues for the island. In general, the extraction of any rare earth element in Greenland leads to complex and expensive development of deposits and may not meet expectations, the expert specified. Thus, in 2023, according to the U. S. Geological Survey (USGS), there was no mining of rare earth elements in Greenland, which is associated with social discontent among local residents, due to concerns about the possible deterioration of air quality due to technical works, concluded Antonina Levashenko.

Image by Ilya Naimushin / RIA Novosti