Rare Element Resources
Bear Lodge Project
Canadian NI 43-101 Technical Report
October 9
th
, 2014
10135-200-46 - Rev. 0
19-6
Phosphors
– Demand for rare earth phosphors, including europium, terbium and
yttrium, has been driven mainly by the trend toward more energy-efficient lighting,
particularly fluorescent lighting, and by the growth in worldwide demand for flat-
screen televisions and other devices using glass screens. There is a widespread
expectation that demand growth for rare earth phosphors will slow as use of
fluorescent and compact fluorescent lighting is replaced by light-emitting diode (LED)
lighting technology. LED lights still use rare earths, but only about a tenth of the
amount used in fluorescent bulbs/tubes to generate the same amount of light.
However, this declining trend may be slowed by the continued use of fluorescent
lights in commercial lighting applications, the growing use of LEDs and by continued
urbanization and the growing middle class in developing economies that drive
increased demand for lighting overall. Consensus estimates for growth in rare earths
consumption in phosphors seem to be in the 2%-3% per annum range over the next
several years.
Catalysts
– Rare earths are used in fluid cracking catalysts (FCC) for the petroleum
refining industry (mainly lanthanum) and in auto emissions catalysts (primarily cerium)
used by automakers in catalytic converters. Rare earths in FCC applications increase
the hydrothermal stability of the catalyst and allow the catalyst to maintain its catalytic
properties at high operating temperatures. In doing so, rare earths in FCCs also
enhance the gasoline yield from a barrel of crude oil. As refineries process heavier
and more sour crude oils, the need for catalysts should increase. Catalyst demand
will also naturally increase with the number of gasoline-powered cars on the road,
both for auto emissions catalysts in converters and for FCC use in refining the fuel to
power the cars. With the Chinese now buying more cars each year than Americans,
and as the middle class grows there and in other developing nations, annual catalyst
demand for rare earths is expected to grow in the 5%-7% range over the next several
years.
Other markets
– There are many other markets for rare earths including metal alloys
(mainly for battery applications, steel and aluminum alloys, and fuel cells), ceramics,
glass and polishing powders, lasers, and medical applications. As additional secure,
non-Chinese supplies of rare earths become available and technology continues to
advance, particularly in consumer applications, it is widely expected that demand
growth for rare earths in other markets will provide a significant boost to annual global
RE demand.
