Project Kvanefjeld ›› Steep growth in global demand

Steep growth in global demand

In 2016, the global consumption of rare earth metals is forecast to increase to 180,000 tonnes - an increase of 50 percent compared to current levels, due to a significant growth in the market for the many products that contain rare earth metals. This means that the world urgently needs new, long-term stable suppliers of rare earth metals, which can meet the high demand.

China accounts for nearly 90 percent of world production of rare earth metals. The national demand is so high that the majority is consumed in China, and only a relatively small proportion is available for export. China has slowly but surely reduced their export quotas and increased export taxes, knowing that the rare earth metals is a strategic commodity.

Unless large and stable deposits of rare earths are discovered outside of China, foreign companies may be forced to move their production to China to gain access to rare earth metals.

Why Kuannersuit/Kvanefjeld?
Kuannersuit/Kvanefjeld is one of the world's largest deposits of rare earth metals. Kuannersuit/Kvanefjeld has the potential to meet the world's rapidly growing demand for rare earth metals, and thus it can contribute greatly to the Greenlandic economy for many decades to come.

We believe that Kuannersuit/Kvanefjeld will be a world class mine that can be developed in a responsible and environmentally friendly way and become one of the world's principal sources of rare earth metals.

The ore in Kuannersuit/Kvanefjeld contains a number of elements of commercial value, namely rare earth metals and uranium. The rare earth metals is the primary product, and the uranium is recovered as a by-product . The potential annual production of rare earth metals is more than 23,000 tons, which is 40 times more than the production of by-product uranium oxide.