Creative Recycling Systems, Inc. (CRS) announced that it has formed a new venture to recycle rare earth elements in the U.S.
GreenRock Rare Earth Recovery Corporation will recover and recycle the rare earth elements found in end-of-life consumer electronics, magnets, phosphors and industrial batteries.
By the end of 2011, CRS aims to have four processing facilities with the capacity to process 500 million pounds of electronics annually.
Essential to the manufacturing of everyday technology. Industry experts calculate that 95% of rare earth metals, rare earth ore and rare earth oxides currently are mined in China. Demand for rare earth elements threatens to exceed production, causing a global shortage in the supply of these vital elements.
The mining of rare earth elements also is costly and damaging to the environment. However, the 17 elements that make up the rare earths are needed to create clean energy technologies.
“The dwindling supply of rare earth elements is an issue of the utmost importance,” commented Jon Yob, CEO and President of Creative Recycling. “We are uniquely positioned to capture and facilitate the recycling of these finite elements in a truly closed loop process.
In Related News…
China announced a shake-up of its rare earths industry on Wednesday, vowing "reasonable" quotas on mining and exports to bring order to the small but strategic sector where its dominance has spooked foreign buyers.
Read the Reuters story at the link below.
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