India’s quest for rare earth riches: Faraway alliances and high-tech dreams take us to Greenland and Faroe Islands
In an attempt to catch up with China, India is reaching out to Greenland and the Faroe Islands, which are a part of the kingdom of Denmark.
Rare earth elements are essential for India’s vision of a green economy as electric vehicles and wind turbines are largely dependent on them including a plethora of electronics used in smartphones, computers, semiconductors, and digital cameras as well as magnets.
In an attempt to catch up with China, which is at the top globally possessing large stockpiles of rare earths, India is reaching out to Greenland and the Faroe Islands, which are a part of the kingdom of Denmark. These modern economies are abundant in rare earth elements deposits.
As a part of this effort, the ‘prime minister’ of the Faroe Islands Aksel Johannesen, will be in New Delhi later this November to participate in an India-Baltic meeting which is reported to be a high-level congregation of VIPs. The Faroe Island, though a part of Denmark, has a prime minister due to its art federal structure.
China is producing about 80% of the world’s rare earth elements at present. Cerium, Lanthanum, Yttrium, Scandium, Neodymium and Dysprosium are mined from Mongolia’s internal lands. Myanmar on the other hand provides China with these deposits as well due to their powerful sway of the land of erstwhile Burma.
Australia and United States of America aside, Greenland and the Faroe Islands have very rich supply of rare earth elements which displays a likelihood of India working in tandem with Denmark for access.
Apart from other issues like global warming and the Artic passage for longer periods, rare earths remain of prime importance for India. In the same pursuit, inviting the Faroe Islands’ Prime Miniter is a step in the correct direction. These lands are far away and close to North Pole so the effort will be an extravagant if it goes through.
Rare earth elements (REEs) are a group of 17 chemical elements crucial in various high-tech industries, including electronics, renewable energy, defense, and healthcare. They are integral components in smartphones, computers, wind turbines, electric vehicles, and precision-guided missiles. Due to their unique properties, REEs are indispensable for manufacturing advanced technologies.
India recognizes the strategic importance of REEs and has been making efforts to ramp up its extraction and processing capabilities. The country possesses significant reserves of REEs, with potential deposits in states like Kerala, Andhra Pradesh, Odisha, and Rajasthan. India’s Atomic Minerals Directorate for Exploration and Research (AMDER) has been actively exploring these reserves to assess their viability for commercial extraction.
Efforts to enhance rare earth extraction are crucial for reducing dependence on imports and bolstering domestic industries. By investing in research, technology, and sustainable extraction methods, India aims to establish a strong rare earth supply chain. Moreover, India’s initiatives align with global sustainability goals, encouraging environmentally friendly extraction practices and responsible sourcing of these valuable elements.
Strengthening rare earth extraction capabilities not only secures the supply for domestic industries but also positions India as a key player in the global rare earth market. This strategic advantage can foster economic growth, technological innovation, and energy sustainability while reducing reliance on foreign sources, making it a significant step toward a self-reliant and technologically advanced India.
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