More or Less: Behind the Stats
Is there really $500bn of Rare Earths in Ukraine?
Mar 8, 2025
Ellie Sacklet-Vala, Head of non-ferrous metal pricing at Argus Media, dives into the contentious topic of rare earth minerals in Ukraine. She unpacks the myth that there’s $500 billion worth waiting to be accessed, revealing the complexities of extraction. The discussion highlights Ukraine's mineral wealth beyond just rare earths and the geopolitical implications tied to these resources. Listeners gain insight into the feasibility of claims surrounding these deposits and the critical challenges faced in harnessing their potential.
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Quick takeaways
- The claim of $500 billion in rare earths in Ukraine is likely inflated and stems from outdated Soviet-era mapping techniques.
- Ukraine possesses an impressive array of mineral resources, but the extraction challenges and necessary infrastructure investments remain significant hurdles.
Deep dives
Understanding Rare Earths
Rare earth elements, which include 17 specific minerals, are often misunderstood regarding their availability. Contrary to their name, they are abundant in the Earth's crust, making them not particularly rare in a geological sense. However, the difficulty lies in the extraction and processing of these elements, which are complex and resource-intensive processes. This challenge has led to a heavy reliance on China for their supply, resulting in significant geopolitical implications for countries seeking to diversify their sources.
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