What are Rare Earth Elements?

Raw materials are essential for the functioning of the economy of an industrialised region like the EU. The global demand for non-energy raw materials has experienced an unprecedented growth in the 20th century. The notable increase in raw material consumption during recent years, the geographically uneven distribution of earth’s mineral resources, the intense exploitation of most of the sizeable and high grade deposits in Europe and the restrictions on foreign investments and exports recently posed by China, make the supply of raw materials at reasonable prices one of the greatest challenges for the EU in the 21st century.