RioSol SAC LLC and Compania Minera Rio Sol SAC today announced a significant rare earth element and poly-metallic claim discovery in Peru, with reports indicating the 10-kilometer claim as among the largest rare earth claims in Peru containing both light rare earth elements and heavy rare earth elements and metals.
Third-party geology and geochemical analysis indicates the claim is the largest in Peru, with further exploration warranted to further delineate the size and scale of the claim.
The geology consultants leading the project were Rildo Oscar Rodriguez and a Peruvian rare earth expert, both of Lima. According to Mr. Rodriguez, “The claim is one of the newest rare earth finds in all of Latin America that contains both light and heavy rare earth elements and metals, as well as copper, zinc, aluminum and other base metals. It proves that the potential for rare earth elements exists outside of China with significant opportunity for development of new production in a mining-friendly country.”
Currently, approximately 90-95% of rare earth elements are located in China. Having a supply source in the Americas for commodities used today and in the future will be important for geographic diversity and commercial competition.
Over the past two years, RioSol has been testing the claim, initially focused on base metals. However, rare earths were discovered in recent field explorations and assay results, and further testing was conducted.
The week’s biggest mover on the weekly Rare Earths MMI® was the price of terbium oxide, which saw a 3.3% increase to CNY 3,150 ($505.62) per kilogram. Last week marked the fourth in a row of rising prices for the metal. After a 2.4% decline, praseodymium oxide closed out the week at CNY 410,000 ($65,811) per metric ton. Neodymium rose 1.7% over the past week to CNY 352,000 ($56,501) per metric ton.
Dysprosium oxide saw a 0.6% decline over the past week to CNY 1,550 ($248.80) per kilogram. Cerium oxide remained essentially flat from the previous week at CNY 12,500 ($2,006) per metric ton. Following a steady week, prices for cerium oxide closed flat at CNY 12,500 ($2,006) per metric ton. Prices for europium oxide remained constant, closing the week at CNY 1,650 ($264.85) per kilogram.
At CNY 275,000 ($44,141) per metric ton, the week finished with no movement for neodymium oxide. At CNY 285,000 ($45,746) per metric ton, the price of praseodymium neodymium oxide did not change since the previous week. Rare earth carbonate remained essentially flat from the previous week at CNY 25,000 ($4,013) per metric ton. Following a steady week, prices for samarium oxide closed flat at CNY 17,000 ($2,729) per metric ton.
Prices for terbium metal remained constant, closing the week at CNY 4,000 ($642.05) per kilogram. Yttria traded sideways last week, hovering around CNY 34,000 ($5,457) per metric ton. At CNY 270.00 ($43.34) per kilogram, the week finished with no movement for yttrium.
The Rare Earths MMI® collects and weights 14 global rare earth metal price points to provide a unique view into rare earth metal price trends. For more information on the Rare Earths MMI®, how it’s calculated or how your company can use the index, please drop us a note at: info (at) agmetalminer (dot) com.