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One company sees a business opportunity in the United States s reliance on China for rare earth elements, such as dysprosium, terbium, and yttrium, crucial for the proper functioning of night vision goggles and wind turbines, among scores of other kinds of important hardware.
There are 17 metals called rare earth elements, also referred to as REEs. China has dominated the rare earth market for years and accounts for about 80% of U.S. imports of rare earth metals and compounds. Demand for the metals is only growing as clean energy products such as wind turbines and electric cars, which use the metals, become more popular.
Last week’s top-gaining mining stocks on the TSXV were Fuse Cobalt, American Manganese, Pure Energy Minerals, Cornish Metals and Ucore Rare Metals.
It was a week of upward momentum for the S&P/TSX Venture Composite Index (INDEXTSI:JX), which started the period at 917.91 and ended at 947.08.
Gold was also on the rise during the five day period as stimulus talk from new US President Joe Biden stoked inflation anticipation. The metal is still lower than where it was at the start of January.
Base metals enjoyed a strong week too, with copper passing US$8,000 per tonne again.
Cornish Metals (TSXV:CUSN)