Given the rising global demand for rare-earth elements (REE) and the necessity to synthesize exotic materials for numerous high-tech applications, extra-terrestrial mining is likely to become the next race in space.
REE are used in state-of-the-art electronics, nuclear technologies, lasers, super-magnets and green-energy technology. China, the world’s largest producer of REE, restricted its abundant supplies globally in 2009, citing the need to protect the environment. In fact, it was the mismanagement of reserves and increasing domestic high-tech production that compelled Beijing to cut REE exports from its Bayan Obo mining district.