Top Ten Companies in Rare Earths

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Top Ten Companies in Rare Earths

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REPORT SCOPE

INTRODUCTION

Rare earths are a group of 17 metallic elements that have similar chemical structures with unique properties. BCC has followed the rare earth market for more than 15 years, reporting on all the latest technical and market developments. During this period, consumption of these materials has expanded by a factor of three and many new products containing these elements have been introduced. With this study, BCC Research continues its commitment to monitoring the rare earth market with a special focus on the companies actively engaged in the mining, separation, production, and distribution of rare earths.This study highlights the details of the top ten companies and the details of their mines and products as well as technology advancements, executives and present financial situations of these companies. Some acknowledgement is made of how the geopolitical scene plays into the production and utilization of rare earths and the newer combinations of materials that are being investigated.

REASONS FOR DOING THIS STUDY

The first rare earths were discovered in the late 1700s, although commercial applications for these materials remained limited until the 1960s. During the last 50 years, due to the ongoing development of new applications, utilization of rare earths has steadily increased. Technologically advanced devices used in the automobile, defense, metallurgy, electronics and optoelectronics, chemical, energy, and other fields owe some of their outstanding properties to the presence of rare earths.Once the United States was the world's leading supplier but the mine was closed for environmental reasons. The Chinese then became dominant in production. The principal reason for doing this study is to provide an updated and comprehensive assessment of the rare earth producers, particularly as it relates to the evaluation of mining projects worldwide, current and future availability of rare earths, and the status of companies that may change the availability and pricing of rare earths.

INTENDED AUDIENCE

This study will be of primary interest to all companies now in the mining, production and separation of rare earths, and to those companies that are developing new alloys and mixtures of rare earths for specific applications.

It will be valuable to those who:

• Manufacture, sell, and distribute rare earths and rare earth–based products.

• Are involved in the exploration and mining of rare earth elements.

• Develop technologies that utilize rare earths.

• Produce special alloys.

• Offer technical and/or marketing services to firms that produce high-performance materials especially in acquiring environmental permits and compliance with local laws.

Overall, this study applies to industry sectors such as metallurgical/mechanical, glass and ceramics, electronics, optical and optoelectronics, chemical, energy, life sciences, sensors and instrumentation, and consumer products.

METHODOLOGY AND INFORMATION SOURCES

Both primary and secondary research methodologies were used to obtain market data and analyze the overall market and market segments. All tables of composite production evaluation are referenced to the original report published by BCC Research as AVM018G in January 2012.The technology section of this report is based on information derived from technical literature, related BCC reports, professional journals, the author's field of experience, contact with embassy liaison officials, and online sources.The original global market analysis was performed by analyzing 127 suppliers of rare earths, accounting for at least 90% of the global market. Data for each company were obtained by thoroughly analyzing Security and Exchange Commission (SEC) filings, Internet websites, annual reports, industry directories, industry magazines and catalogs, government sources, and other public sources.Additional data were obtained from the direct contribution of primary sources, including: company executives, managers, engineers and other technical personnel representing suppliers of rare earths and rare earth–based products; representatives of academia and trade associations; and industry market analysts.

Other sources of information include:

• U.S. Geological Survey (USGS).

• U.S. Securities and Exchange Commission Filings.

• U.S. Patent and Trademark Office.

• European Patent Office.

• Company websites.

• Company annual reports.

• Yahoo Financial.

• Hoover's Company Information.

• S & P Industry Survey.

• Bloomberg's Businessweek.

In addition to utilizing the above primary and secondary sources, market growth trends and forecasts were compiled by gaining additional insights from relevant financial and market information, and relevant BCC Research reports.

CUSTOM ANALYSES

BCC Research provides custom research studies tailored to our clients' needs in areas related to the subject research material, but perhaps not covered in detail in this report. Please contact BCC regarding the terms and conditions of such services.

ANALYST CREDENTIALS

Anna Welch Crull, scientist, business analyst, and experienced consultant, is qualified in electrochemistry, polymers, membrane materials, and advanced materials. She a broad business background and has worked with BCC (now BCC Research) for 31 years and authored more than 115 technical/marketing and business reports, helped newsletters, and assisted in numerous special consulting studies and conferences for more than 35 corporations and intelligence for the U.S. government entities. She has worked for the U.S. Army Materials Command on rocket science, propellants, membranes, and explosives. Ms. Crull is a graduate of the School of Engineering, University of Mississippi and holds a Masters Degree in Chemistry from the University of Missouri.

REPORT HIGHLIGHTS

This report provides:• Identification of the top 10 companies in the market for rare earths, and the rationale behind these selections.• Factors taken into account, including technical innovation, market leadership, and commitment to this market via investment in products.

When selecting these top 10 companies, BCC Research looked across the industry spectrum and selected the most active and significant contributors while recognizing that there are many other contenders. Some of these "significant others" are included but to a less-detailed extent than the top 10 companies.

TABLE OF CONTENTS

STUDY GOALS AND OBJECTIVES 1REASONS FOR DOING THIS STUDY 1INTENDED AUDIENCE 1METHODOLOGY AND INFORMATION SOURCES 2RELATED BCC RESEARCH STUDIES 2CUSTOM ANALYSES 3ANALYST CREDENTIALS 3BCC ON-LINE SERVICES 3DISCLAIMER 4

CHAPTER 2 SUMMARY 6

SUMMARY TABLE GLOBAL MARKET FOR RARE EARTHS, THROUGH 2016 (METRIC TONS —REO EQUIVALENT) 7SUMMARY FIGURE GLOBAL MARKET FOR RARE EARTHS, 2009-2016 (METRIC TONS — REOEQUIVALENT) 7

CHAPTER 3 OVERVIEW 10

RARE EARTH ELEMENTS 10FIGURE 1 RARE EARTHS IN THE PERIODIC CHART 10TABLE 1 TYPICAL PROPERTIES OF LANTHANOIDS 12RARE EARTH MINERALS 13TABLE 2 TYPICAL RARE EARTH CONTENT IN SELECTED RARE EARTH MINERALS (RAREEARTH OXIDE [REO] %) 13RARE EARTHS PROCESSING 14TABLE 3 PROCESSING STEPS IN THE RARE EARTH INDUSTRY 15HOW RARE IS RARE? 15

CHAPTER 4 APPLICATIONS AND USES FOR RARE EARTH ELEMENTS 18

END USES 18METALLURGICAL/MECHANICAL 19TABLE 4 RARE EARTH ELEMENTS APPLICATIONS IN THE METALLURGICAL ANDMECHANICAL SECTOR 19GLASS/CERAMICS 20TABLE 5 RARE EARTH APPLICATIONS IN THE GLASS/CERAMIC SECTOR 21ELECTRONICS, OPTICS AND OPTOELECTRONICS 21TABLE 6 RARE EARTH APPLICATIONS IN ELECTRONICS, OPTICS AND OPTOELECTRONICS 22CHEMICAL 23TABLE 7 RARE EARTH APPLICATIONS IN THE CHEMICAL SECTOR 24ENERGY 24TABLE 8 RARE EARTH APPLICATIONS IN THE ENERGY SECTOR, 2011 25LIFE SCIENCES 25TABLE 9 RARE EARTH APPLICATIONS IN THE LIFE SCIENCES SECTOR 27SENSORS AND INSTRUMENTATION 27TABLE 10 RARE EARTH APPLICATIONS IN THE SENSORS AND INSTRUMENTATION SECTOR 28CONSUMER 28TABLE 11 RARE EARTH APPLICATIONS IN THE CONSUMER SECTOR 29OTHERS 29TABLE 12 OTHER RARE EARTH APPLICATIONS, 2011 29SUMMARY OF DEMAND FOR RARE EARTHS BY INDUSTRY 30TABLE 13 GLOBAL DEMAND FOR RARE EARTHS BY INDUSTRY (METRIC TONS) 30

CHAPTER 5 RARE EARTH ELEMENT PRODUCTION AND SEPARATIONS 32

ABUNDANCE AND DEPOSIT TYPES OF RARE EARTH ELEMENTS 32TABLE 14 RARE EARTHS ABUNDANCE IN EARTH'S CRUST 32FAST FACTS ON RARE EARTH MINERALS 33TABLE 15 REPRESENTATIVE RARE EARTH CONTENT IN COMMON RARE EARTH MINERALS(RARE EARTH OXIDE %) 33PROCESSING STEPS 34TABLE 16 TYPICAL PROCESSING STEPS IN THE RARE EARTH INDUSTRY 34MINING 35MINERAL PROCESSING 36TRENDS IN RECYCLING RARE EARTHS 37Recycling of Rare Earths for Rechargeable Batteries 37Nanosized Rare Earths for Soot Reduction 38INDICATED GLOBAL RARE EARTHS PRODUCTION 38TABLE 17 RARE EARTHS PRODUCTION BY COUNTRY (METRIC TONS) 40GAP BETWEEN PRODUCTION AND DEMAND 40SELECTED AREAS OF RARE EARTHS RESOURCES 40UNITED STATES 41TABLE 18 U.S. RARE EARTH RESOURCES 41CANADA 42Thor Lake 42TABLE 19 THOR LAKE, CANADA - NECHALACHO ORE COMPOSITION (PERCENT OF TOTALRARE EARTH OXIDE (REO)) 42Eldor 43TABLE 20 ELDOR, CANADA - ASHRAM ZONE ORE COMPOSITION (PERCENT OF TOTAL RAREEARTH OXIDE (REO)) 43Wicheeda 44Strange Lake 44TABLE 21 STRANGE LAKE, CANADA - B-ZONE ORE COMPOSITION (PERCENT OF TOTALRARE EARTH OXIDE (REO)) 45Misery Lake 45Oka 45TABLE 22 OKA, CANADA - TYPICAL ORE COMPOSITION (PERCENT OF TOTAL RARE EARTHOXIDE (REO)) 46Hoidas Lake 46TABLE 23 HOIDAS LAKE, CANADA - TYPICAL RARE EARTH ORE COMPOSITION (PERCENT OFTOTAL RARE EARTH OXIDE (REO)) 47Elliot Lake 47TABLE 24 ELLIOT LAKE, CANADA - ECO RIDGE RARE EARTH ORE COMPOSITION (PERCENTOF TOTAL RARE EARTH OXIDE) 48Other Resources 48Kipawa 48Eden Lake 49Red Wine 49Lancer 49Summary of Rare Earths Resources in Canada 49TABLE 25 CANADA RARE EARTH RESOURCES 50BRAZIL 50Monazite Placers 50Other Resources 50Morro dos Seis Lagos 50Araxá 51TABLE 26 ARAXA, BRAZIL - TYPICAL RARE EARTH ORE COMPOSITION (PERCENT OF TOTALREO) 51Catalão 51TABLE 27 CATALAO, BRAZIL - TYPICAL RARE EARTH ORE COMPOSITION (PERCENT OFTOTAL REO) 52REE in Fertilizers 52Tapira 53TABLE 28 TAPIRA, BRAZIL - TYPICAL RARE EARTH ORE COMPOSITION (PERCENT OF TOTALREO) 53Salitre 54Pitinga 54Morro do Ferro 54TABLE 29 MORRO DO FERRO, BRAZIL - TYPICAL RARE EARTH ORE COMPOSITION(PERCENT OF TOTAL REO) 55Mato Preto 55TABLE 30 MATO PRETO, BRAZIL - TYPICAL RARE EARTH ORE COMPOSITION (PERCENT OFTOTAL REO) 55Summary of Rare Earths Resources in Brazil 56TABLE 31 BRAZIL RARE EARTH RESOURCES 56ARGENTINA 56Rodeo de Los Molles 56Other Resources 57INDIA 57Monazite Placers 57TABLE 32 INDIA - TYPICAL MONAZITE ORE COMPOSITION (PERCENT OF TOTAL REO) 58CHINA 58Bayan Obo 59TABLE 33 BAYAN OBO, INNER MONGOLIA, CHINA - TYPICAL BASTNASITE ORECOMPOSITION (PERCENT OF TOTAL REO) 59Weishan 60Maoniuping 60TABLE 34 MAONIUPING, SICHUAN, CHINA - TYPICAL ORE COMPOSITION (PERCENT OFTOTAL REO) 60Ion-adsorption Clays 60Other Resources 61TABLE 35 SOUTHERN CHINA - TYPICAL MONAZITE ORE COMPOSITION (PERCENT OFTOTAL REO) 61Summary of Rare Earths Resources in China 61TABLE 36 CHINA RARE EARTH RESOURCES, 2011 62Application Conditions for China Rare Earth Export Quotas (December 5, 2012) 62Other Asian Resources 63TABLE 37 VIETNAM RARE EARTH RESOURCES 63SUMMARY OF WORLD RESERVES OF RARE EARTHS 64TABLE 38 GLOBAL RARE EARTH RESERVES (METRIC TONS-REO EQUIVALENT) 64

CHAPTER 6 FOCUS COMPANIES 67

TOP TEN FOCUS COMPANIES FOR RARE EARTHS 67BAOTA STEEL RARE EARTH (GROUP) HI-TECH CO., LTD. 67Business News 68Products 68Key Executives 69Financials 70CHINA RARE EARTH HOLDINGS LTD. (CRE) 70Business Profile 71Products 71Key Executives 71Financials 72SOLVAY GROUP--RHODA S.A. 72Business Acquisitions 73Products 73Key Executives 74Financials 74INDIAN RARE EARTHS LTD. (IREL) 74Business News and Acquisitions 75Products 75Development 76Key Executives 76Financial 77MOLYCORP INC. 77Neo Material Technologies Inc. 77Business News 77Acquisitions and Investments 78Key Executives 79Financials 80LYNAS CORPORATION 81Business News 81Products 81Key Executives 82Financials 83MITSUI MINING AND SMELTING 83Business News 83Products 84Key Executives 84Financials 85IRTYSH RARE EARTHS LTD. (IRESCO) 85Products 85Minerals in Kazakhstan 86Key Executives 86Financials 87GANSU RARE EARTH GROUP (GSRE) 87Products 87Key Executives 87Financial 88ARAFURA RESOURCES LTD. 88Products and Prospects 88Advancing Technology 89Key Executives 89Financials 90WORTHY OF BEING MENTIONED 90AVALON RARE METALS INC. 90BOLERO RESOURCES CORP. 91CHINA MINMETALS 92COMMERCE RESOURCES CORPORATION 92DANDONG JINLONG RARE EARTH 93FERRO CORPORATION 94SANTOKU CORPORATION 95SHIN-ETSU CHEMICAL CO., LTD. 97SHOWA DENKO 98OTHER COMPANIES IN THE RARE EARTH BUSINESS IN CHINA 100

LIST OF TABLES

REO EQUIVALENT) 7

TABLE 1 TYPICAL PROPERTIES OF LANTHANOIDS 12

TABLE 2 TYPICAL RARE EARTH CONTENT IN SELECTED RARE EARTH MINERALS (RARE

EARTH OXIDE [REO] %) 13

TABLE 3 PROCESSING STEPS IN THE RARE EARTH INDUSTRY 15

TABLE 4 RARE EARTH ELEMENTS APPLICATIONS IN THE METALLURGICAL AND

MECHANICAL SECTOR 19

TABLE 5 RARE EARTH APPLICATIONS IN THE GLASS/CERAMIC SECTOR 21

TABLE 6 RARE EARTH APPLICATIONS IN ELECTRONICS, OPTICS AND OPTOELECTRONICS 22

TABLE 7 RARE EARTH APPLICATIONS IN THE CHEMICAL SECTOR 24

TABLE 8 RARE EARTH APPLICATIONS IN THE ENERGY SECTOR, 2011 25

TABLE 9 RARE EARTH APPLICATIONS IN THE LIFE SCIENCES SECTOR 27

TABLE 10 RARE EARTH APPLICATIONS IN THE SENSORS AND INSTRUMENTATION SECTOR 28

TABLE 11 RARE EARTH APPLICATIONS IN THE CONSUMER SECTOR 29

TABLE 12 OTHER RARE EARTH APPLICATIONS, 2011 29

TABLE 13 GLOBAL DEMAND FOR RARE EARTHS BY INDUSTRY (METRIC TONS) 30

TABLE 14 RARE EARTHS ABUNDANCE IN EARTH'S CRUST 32

TABLE 15 REPRESENTATIVE RARE EARTH CONTENT IN COMMON RARE EARTH MINERALS

(RARE EARTH OXIDE %) 33

TABLE 16 TYPICAL PROCESSING STEPS IN THE RARE EARTH INDUSTRY 34

TABLE 17 RARE EARTHS PRODUCTION BY COUNTRY (METRIC TONS) 40

TABLE 18 U.S. RARE EARTH RESOURCES 41

TABLE 19 THOR LAKE, CANADA - NECHALACHO ORE COMPOSITION (PERCENT OF TOTAL

RARE EARTH OXIDE (REO)) 42

TABLE 20 ELDOR, CANADA - ASHRAM ZONE ORE COMPOSITION (PERCENT OF TOTAL RARE

EARTH OXIDE (REO)) 43

TABLE 21 STRANGE LAKE, CANADA - B-ZONE ORE COMPOSITION (PERCENT OF TOTAL RARE

EARTH OXIDE (REO)) 45

TABLE 22 OKA, CANADA - TYPICAL ORE COMPOSITION (PERCENT OF TOTAL RARE EARTH

OXIDE (REO)) 46

TABLE 23 HOIDAS LAKE, CANADA - TYPICAL RARE EARTH ORE COMPOSITION (PERCENT OF

TOTAL RARE EARTH OXIDE (REO)) 47

TABLE 24 ELLIOT LAKE, CANADA - ECO RIDGE RARE EARTH ORE COMPOSITION (PERCENT

OF TOTAL RARE EARTH OXIDE) 48

TABLE 25 CANADA RARE EARTH RESOURCES 50

TABLE 26 ARAXA, BRAZIL - TYPICAL RARE EARTH ORE COMPOSITION (PERCENT OF TOTAL

REO) 51

TABLE 27 CATALAO, BRAZIL - TYPICAL RARE EARTH ORE COMPOSITION (PERCENT OF TOTAL REO) 52

TABLE 28 TAPIRA, BRAZIL - TYPICAL RARE EARTH ORE COMPOSITION (PERCENT OF TOTAL

REO) 53

TABLE 29 MORRO DO FERRO, BRAZIL - TYPICAL RARE EARTH ORE COMPOSITION (PERCENT

OF TOTAL REO) 55

TABLE 30 MATO PRETO, BRAZIL - TYPICAL RARE EARTH ORE COMPOSITION (PERCENT OF

TOTAL REO) 55

TABLE 31 BRAZIL RARE EARTH RESOURCES 56

TABLE 32 INDIA - TYPICAL MONAZITE ORE COMPOSITION (PERCENT OF TOTAL REO) 58

TABLE 33 BAYAN OBO, INNER MONGOLIA, CHINA - TYPICAL BASTNASITE ORE COMPOSITION

(PERCENT OF TOTAL REO) 59

TABLE 34 MAONIUPING, SICHUAN, CHINA - TYPICAL ORE COMPOSITION (PERCENT OF

TOTAL REO) 60

TABLE 35 SOUTHERN CHINA - TYPICAL MONAZITE ORE COMPOSITION (PERCENT OF TOTAL

REO) 61

TABLE 36 CHINA RARE EARTH RESOURCES, 2011 62

TABLE 37 VIETNAM RARE EARTH RESOURCES 63

TABLE 38 GLOBAL RARE EARTH RESERVES (METRIC TONS-REO EQUIVALENT) 64

LIST OF FIGURES

EQUIVALENT) 7

FIGURE 1 RARE EARTHS IN THE PERIODIC CHART 10

To order this report:Chemical_and_Material Industry: Top Ten Companies in Rare Earths

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