USGS Publishes Mineral Commodity Summaries 2024

by | 1. Feb 2024 - 09:58 | Knowledge

The report provides an overview of more than 90 commodities.

On Wednesday, the U.S. Geological Survey published its annual Mineral Commodity Summaries, the first comprehensive overview of the production and demand for mineral commodities in the past year. The annual publication is also dedicated to resource policy and provides essential information on the global reserves of more than 90 commodities, excluding fuels such as coal and natural gas.

In 2023, raw materials worth 105 billion US dollars were produced in the USA, an increase of four percent compared to 2022. Nevertheless, the data now presented shows the country’s heavy dependence on imports, particularly in the case of gallium, indium, scandium yttrium, and eleven other commodities. The most important countries of origin – representing imports of more than 50 percent of a particular raw material – are China, Canada, Germany, Brazil, Belgium, Mexico, Russia, and South Africa. For example, the USA covers 100 percent of its demand for the alkali metal cesium through imports from Germany, which is also a major supplier of rubidium and other technology metals to the USA.

The USGS has also published new estimates of the volume of rare earth deposits in the most important countries of origin, including a downward revision of the US’s own estimates. The adjustments are particularly significant for Russia, which, according to the agency, now has reserves of 10 million tons instead of 21 million tons. According to the calculations, Australia’s reserves are more extensive than previously assumed. This is good news for the country, which is increasingly seeking to establish itself as an alternative to industry leader China.

Photo: Istock/PeterSaltz

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