Regardless of which of the precious resources they were, such as diamonds, rubies, gold, or other, more critically strategic resources, such as iron, obsidian, or copper, the governance over their domination was nearly always a vital ingredient for the success of the civilisation.
FREMONT, CA: Management of resources and the authority of their trade has been an essential economic foundation of various societies from the beginning of human civilization. Regardless of which of the precious resources they were, such as diamonds, rubies, gold, or other, more critically strategic resources, such as iron, obsidian, or copper, the governance over their domination was nearly always a vital ingredient for the success of the civilisation.
The widespread use of resources raised cities and even whole regions from the ashes, and sometimes it occurred over a matter of months. Necessary minerals have always played a vital role in these booms, and its subsequent overexploitation or even a sudden crash in value can be very harsh, which leaves cities possessing these precious resources as desolate, abandoned towns in the span of a few months.
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There are many such resources available in the world.
Black Gold
To this day, gold carries allure and has a lot of value but over time, the importance of it has reduced. The gold standard has been overtaken by oil, which is quickly being considered the commodity to consider more critical. There have been wars in the chase after oil and over its access.
Around a quarter or half of interstate conflicts in 1973 can be traced back to oils, and protected supply chains have been considered increasingly crucial for national survival. Oil runs the modern economy. However, presently, the world is tilting the scales towards renewable energy, and the power has moved on from hydrocarbons to a new set of critical minerals.
Green Gold
There have been many minerals which have powered the world since the beginning of the industrial revolution. First was coal, then oil, and more recently, they have been nuclear and natural gas. They have been omnipresent all over the world, and are also known to be reliable sources of concentrated energy.
The new classes of critical minerals yet to be understood, have gained importance over the last 30 to 40 years. As the world moves towards green economics and the ICT revolution accelerates, these ununderstood minerals have nearly become a central feature in global commerce and the functioning of modern society. Many devices and conveniences depend on these minerals.
Earth Metal That is Not-so-rare
Often, the term ‘rare earth’ itself is misused by many to mean that the elements themselves are lacking in amounts, which is not the case. They are not rare and can be found in great quantities around the world. They are mined rarely and are not easy to process. The processing uses high levels of energy, is water intensive, and is very damaging to the environment in the long term.
The rare earth elements, or the REEs are a group of 17 minerals which occur together in the same deposits and are mined in conjunction. Four of the most important for these in green energy transitions are dysprosium, neodymium, praseodymium, and terbium.
