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Rare earths boom turns a pile of ‘worthless’ sand into $1.3b

Rare earths boom turns a pile of ‘worthless’ sand into $1.3b

Three decades ago, somebody decided to hoard a worthless pile of sand. Now it’s a billion-dollar stockpile that will help wean Australia off Chinese rare earths.

Peter KerResources reporter
Updated

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Every day for the past 29 years, Geoff Dyer has watched beige to black “monazite” sands being poured into a big hole at Eneabba in Western Australia.

A price crash in the early 1990s had cruelled a lucrative trade in selling the mineral to French customers, who had previously extracted the rare earth elements in monazite to make fluorescent lights, magnets and glass.

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Peter Ker
Peter KerResources reporterPeter Ker covers resource companies for The Australian Financial Review, based in Melbourne. Connect with Peter on Twitter. Email Peter at pker@afr.com

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Original URL: https://www.afr.com/companies/mining/rare-earths-boom-turns-a-pile-of-worthless-sand-into-1-3b-20230811-p5dvwp