INTERVIEW ON THE PRICE OF BUSINESS SHOW, MEDIA PARTNER OF THIS SITE.
Recently Kevin Price, Host of the nationally syndicated Price of Business Show, interviewed Kiril Mugerman.
Rare earth expert, Kiril Mugerman, President at Geomega Resources, discusses why we should beware of China’s rare earth dominance. Rare earth elements (REE) are used in many devices that people use every day including mobile phones, catalytic converters, magnets, fluorescent lighting, computer memory, DVDs, rechargeable batteries, and much more. China, which produces more than 90% of the world’s REE, plays a dominant role in producing rare-earth elements—one that is forcing users of these metals to look for alternative sources.
“China’s production of critical minerals from raw materials has come at a high cost to the environment,” says Kiril Mugerman, President, Geomega Resources. “Now e-waste is being recycled using the same polluting technologies. It is important to provide a cleaner solution to both primary ores and recycling. Just because recycling is helping to avoid unnecessary mining, it doesn’t mean that we need to recycle using an old, dirty process that harms the environment.”
“Today, for the first time, we are seeing the United States government take a page from China’s book by proposing legislation with the Onshoring Rare Earths Act (the “ORE Act”) introduced by Senator Ted Cruz with the goal to end Chinese control over the American supply chain of critical materials necessary for battery materials which subsidizes locally produced REE and REE containing products,” says Mugerman.
“It’s a battle between the world’s two largest economies and it’s all about who has the bigger guns, or the one who is willing to spend the money to win the fight,” says Mugerman. “The United States tried to win with academia-driven research five years ago, but that didn’t do much to stimulate the sector. This time it looks different as the government cannot afford to stop half way. The United States is also able to turn to Canada which can help with its own natural resources and, most importantly, the clean and low-cost energy from hydropower which is vital for energy hungry REE transformation and recycling projects.”
Mugerman, based in Montreal, has served as mining analyst and a geologist, and is an expert interview on the REE sector and is fluent in five languages including English, Russian, Hebrew, French and Spanish.
LISTEN TO THE INTERVIEW IN ITS ENTIRETY HERE:
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