Kalbar is changing the story about the Fingerboards project and claiming that it is now the rare earths that will make it worth their while.
We ask why Australia is so hell bent on trying to start up rare earths mines when it is only a matter of time before projects from countries that have far better resources jump on the bandwagon.
Our problem is that disinformation is so readily constructed by the mining industry and vested interests and then picked up by politicians who may have the best of interests but lack the time and expertise to interrogate the data.
The way the MCA and others talk you’d think Australia has all the answers to the problems associated with China’s dominance of rare earths mining and processing. The reality is Australia only has 3.5% of the world’s rare earths reserves.
https://www.visualcapitalist.com/rare-earth-elements-where-in-the-world-are-they/ has excellent information on rare earths reserves and production and an very helpful visual.
| Country | Mine Production 2020 | Reserves | % of Total Reserves |
| China | 140,000 | 44,000,000 | 38.0% |
| Vietnam | 1,000 | 22,000,000 | 19.0% |
| Brazil | 1,000 | 21,000,000 | 18.1% |
| Russia | 2,700 | 12,000,000 | 10.4% |
| India | 3,000 | 6,900,000 | 6.0% |
| Australia | 17,000 | 4,100,000 | 3.5% |
| United States | 38,000 | 1,500,000 | 1.3% |
| Greenland | – | 1,500,000 | 1.3% |
| Tanzania | – | 890,000 | 0.8% |
| Canada | – | 830,000 | 0.7% |
| South Africa | – | 790,000 | 0.7% |
| Other Countries | 100 | 310,000 | 0.3% |
| Burma | 30,000 | N/A | N/A |
| Madagascar | 8,000 | N/A | N/A |
| Thailand | 2,000 | N/A | N/A |
| Burundi | 500 | N/A | N/A |
| World Total | 243,300 | 115,820,000 | 100% |
You can see that Australia has only 3.5% of rare earths globally and that ‘friendly’ countries with far greater reserves (Vietnam, Brazil and India) have barely started production yet. There is no doubt those will soon start producing or producing at a greater rate, Australia’s attempts at setting up rare earths mines will see us in a rapid race to the bottom. It makes no economic sense for Australia to get caught up in a market that is so perilous and in which we have absolutely no competitive advantage. Unfettered investment in similarly poor economic projects, has left Australia littered with unrehabilitated and abandoned mines. Unfortunately such investment has been encouraged and indeed promoted by inept and irresponsible regulators who are never held to account for what appear to be criminally negligent decisions.
If it’s not bad enough that Australia’s pursuit of such a precarious industry makes little sense, it’s frightening that companies like Kalbar might be lining up to get some of the government largesse associated with rare earths mining and production. There are bad investments and then there is Kalbar – the company that managed to run at a loss of $7,568,580 last year alone even after it had closed it’s offices, got rid of most of its staff, did no exploration and had no presence in the community. That’s a lot of money to play with figures!!!
