Iran has launched a pilot project for extraction of rare earth after obtaining the technology for deep-level mining, a senior official says.
Rare earth elements are a group of mostly strategic metals which appear in low concentrations in the ground.
The metals are used in a broad range of consumer products such as catalysts in cars and oil refineries, televisions, superconductors and fiber optics.
Some rare earth minerals are essential in military equipment such as jet engines, missile guidance systems, missile defense systems, satellites, as well as in lasers.
Companies such as Raytheon, Lockheed Martin and BAE Systems all make sophisticated missiles that use rare earths metals in their guidance systems, and sensors.
Joining the league of the rare earth miners, besides helping Iran meet its demand for such elements and boosting its foreign exchange earnings, will give it a role in the global chip market and enhance the country’s economic soft power.
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