Journal
RESOURCES POLICY
Volume 46, Issue -, Pages 272-280Publisher
ELSEVIER SCI LTD
DOI: 10.1016/j.resourpol.2015.10.010
Keywords
Rare earth elements; Economic model; Monopoly; Value chain
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In this paper, a clear and structured economic model is introduced to illustrate complex past and future developments of the market for rare earth elements (REE). The model consists of a sequence of four supply and demand models that give explanations how the mining and separation step of the REE value chain could concentrate in China. Furthermore, the sequence allows giving a coherent scenario for the future developments of the REE market. According to this scenario, the market could transform into an at least oligopoly due to a growing market demand. The validity of this scenario is discussed and evaluated from the perspective of western countries, investors and China. Additionally, a scenario, based on the models, of a propagating monopoly along the value chain is discussed. Finally, suggestions are made for western governments to promote the transformation and lead it to a positive outcome. (C) 2015 Elsevier Ltd. All rights reserved.
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