Rare earth elements are a major topic of debate. Although they are not actually that rare, according to geologists, their economic extraction is difficult because they usually occur in low concentrations. They are at the center of the debate because they are increasingly important for critical applications such as the manufacture of superconductors, defense equipment, and batteries, among others, and because 70% of global production (and 95% of the supply) is controlled by China; as part of its trade war with the United States, the Asian giant has threatened to restrict its exports. This has sparked a new race to diversify supply sources.

In Chile, Aclara, a company whose largest shareholder is the Hochschild Group and which is listed on the Toronto Stock Exchange, is developing the country’s first rare earth project. The company, which says it uses proprietary technology with low environmental impact for rare earth mining, is building a pilot plant at the Penco project, located on the outskirts of Concepción. Aclara’s patented technology has been reviewed by the University of Toronto and the University of Concepción, the company says. The pilot plant is scheduled to begin operations this month, and the project is set to begin production in 2026. The investment is estimated at approximately US$130 million. 

The project will focus on the production of dysprosium and terbium, two chemical elements that are key to the manufacture of electric vehicles and wind turbines. You can find more details here