Bangkok: Thailand has ascended to the sixth position among the world's top producers of rare earth minerals, with production projected to reach nearly 13,000 metric tons in 2024. This marks a significant 261% increase from the previous year, positioning Thailand as a key player in the global rare earth market.
According to Thai News Agency, Thailand's rare earth mineral industry has seen remarkable growth despite limited available information. The country's production in 2024 is expected to be 13 times higher than in 2018, reflecting a substantial expansion in its capabilities. Thailand is notably one of the largest exporters of rare earths to China, with major production facilities focused on rare earth magnetic materials for the automotive, electrical, and electronics industries.
The data from the United States Geological Survey (USGS) places China at the forefront of rare earth mineral production, with a staggering output of 270,000 metric tons. The United States, Myanmar, Australia, and Nigeria also rank among the top producers, with each country contributing significantly to the global supply. The report highlights that while Myanmar's production is driven by local forces with little regard for environmental standards, Australia and Nigeria are making strides with government-backed investments and international collaborations.
India, Russia, Madagascar, and Vietnam complete the list of the top ten producers, although their production volumes are considerably lower. Notably, Vietnam's production is expected to decline by 75% due to a mining corruption scandal, despite having the sixth largest reserves globally.