“Indicated mineral resources for the Basal Zone are now estimated at 14.48 million tonnes of 1.82% total rare earth oxides (TREO), with an additional 6.89 million tonnes of 1.45% TREO in the Upper Zone. Estimated inferred mineral resources for the two zones total 175.93 million tonnes, averaging 1.43% TREO, representing 2.5 million tonnes of in-situ TREO,” according to a Proactive Investors report. The project is still in an exploratory phase with a projected start date of late 2014.USA Molycorp Inc. Molycorp's main asset, Mountain Pass mine in California, was the largest rare earth resource in the world but has been shut down since 2002. The company is hoping to begin production by the end of 2010. The company released information on a upcoming IPO of over 28 million shares of common stock. In its filing with the SEC, the company stated it expects to “to be one of the world's most integrated producers of rare-earth products, including oxides, metals, alloys and magnets,” said Mark Harden of Denver Business Journal. The company expects shares to be offered at an estimated $15 to $17 per share, and expects to raise $350 million in capital. Greenland The country of just around 50,000 people is sitting on an estimated 36 percent of the world's REE resources. This makes them the world leader in total REE resources with even more than China's 32 percent share. However, mining in the ice bound country proves to be challenging not only with nature, but with significant political opposition. Greenland Minerals and Energy [ASX:GGG] The company's Kvanefjeld project is a massive resource, but government zero-tolerance policy to the uranium held in the resource base keeps the project on hold. In May of this year, the municipal council decided to change the policy towards uranium from the zero-tolerance position to a 'by-product' policy to a maximum uranium concentration of less than .01 percent. The project could be one of the largest REE properties in the world supplying more than 20 percent of global REE demand.
“At a processing rate of 10.8 Mt pa, nominal forecast annual production is equivalent to 43,729 tonnes of Rare Earth Oxide (REO), and 3,895 tonnes of U3O8, with a mine life of >23 years. At this level of production Kvanefjeld could potentially supply >20% of global rare earth demand as of 2015/2016,” according to Proactive Investors.Original article on Rare Earth Investing News