MetalMiner caught up with Dudley Kingsnorth and asked him to comment on the prospects of bringing alternative supply sources outside China to market.
Yesterday, Dudley Kingsnorth of IMCOA (Industrial Minerals Company of Australia Pty Ltd), an expert in the field of Rare Earth metals, explained to a group of manufacturers, mining companies, representatives of the DLA among other government officials, that the total sum of money available for investment for rare earth metal exploration and mining equates to $1-2b in total.
Kingsnorth suggested that if that money goes toward 40 or 50 projects, there won’t be enough money to successfully bring rare earths and other critical and strategic metals to market. Instead, Kingsnorth suggests that only ten projects receive funding as it will still take ten years to bring the mines to market, but will yield three to four new mine openings. A Lynas mine in Australia and Molycorp, with its mine at Mountain Pass, Calif., will likely become the two new supply sources to come on-line first.