The term “rare earth elements” (REEs) evokes images of cutting-edge technologies—electric vehicles, wind turbines, smartphones, and advanced defense systems. Yet, the story of these critical minerals began over two centuries ago, in the late 1700s, when Swedish chemist Carl Axel Arrhenius discovered a dark mineral in a quarry near Ytterby.

As the world accelerates towards a net-zero future, the mining industry is emerging as the linchpin of the clean energy transition. Experts emphasize that without significant global investment in critical mineral extraction, the world may face severe setbacks in its fight against climate change, potentially derailing international climate goals.

The European mining industry, once a global powerhouse, has experienced a significant decline in recent decades. With a mere 3% of global mining output compared to 40% at the start of the last century, Europe faces a growing threat from China’s dominance in the battery and rare earth minerals supply chain.

Across the globe, mountains of mineral waste called tailings have accumulated from over a century of mining activities. These tailings often still contain valuable metals and minerals that were not able to be extracted using older technologies.

The announcement of the United Plan by the Peruvian government has multiple very positive aspects for the mining sector, which is of special interest for the Company given our current operations and expansion plans in the country.