MICRO-PRICING: THE VALUE OF TRACE RARE EARTH ELEMENTS IN COAL AND COAL BYPRODUCTS

摘要

A supply of sustainably sourced rare earth elements (REEs) is critical for several high-tech industries, renewable energy technologies, and defense applications. Recent studies have shown that REEs exist in coal and coal combustion byproducts at elevated concentrations and in quantities that could meet domestic demand. Despite these promising findings, declines in rare earth prices, volatile commodity markets, and challenging geo-metallurgical conditions have jeopardized this potentially valuable REE resource. While the dilute REE concentrations inherently necessitate low-cost separation technologies, the ultimately operating cost threshold for economic extraction must be based on commodity price projections and market demand. In this paper, the micro-pricing principle is used to develop a rigorous economic model assessing the inherent value of REEs in coal materials. This model is based upon basket pricing of individual elemental oxides, and elemental distributions of coal samples from various basins. These results may be used to assess the economic viability of potential REE concentration and refining technologies.