The term Rare Earth Elements (“REEs”) is used to describe the 15 lanthanide elements or metals, usually grouped with yttrium and scandium; all of which display similar physical and chemical properties. REEs are used in many applications, including high strength permanent magnets (used in electric vehicles, industrial motors, air conditioners, wind and tidal turbine generators), LED lights, colour monitors, medical equipment and catalysts.

REEs are grouped as light rare earth elements and heavy rare earth elements. Europium, terbium, dysprosium, yttrium and neodymium have also been sub-identified as “critical” rare earth elements by the U.S. Department of Energy and are considered materials of significant economic importance by the EU, the U.S. and Canada.

REEs are found together in all deposits (except scandium) and are not particularly rare. They have a similar abundance in the earth’s crust to nickel, tin or tungsten; however, REE deposits containing concentrations that are economically feasible to develop are rare.