The mine was almost forgotten, except that the dormant Rareco had to publish its results and annual report as it maintained its listing on the JSE for a few years, until it gave up even on that and the share was suspended. Rare Earth Extraction Company (Rareco) acquired the mine from Anglo American in 1989 with plans to reopen it, but faltered when rare earth prices fell sharply. Uranium was much cheaper, ironically produced as a by-product at a few SA gold mines. Anglo American shut the mine when nuclear reactors worldwide switched to uranium. Similarly, Steenkampskraal was the world’s largest producer of rare earth minerals for a while, between 19, when Anglo American mined the deposit primarily for radioactive thorium which was used for fuel in nuclear reactors in Britain, Germany and America. The mine restarted in 2002, but stopped operating again in 2015 and was liquidated soon after. The only rare earth minerals mine in Canada, once the largest producer in the world, shut down in 1998 due to low world prices. China is the largest producer, but halted export of its strategic minerals last year. In contrast, there are only a few deposits worldwide that contain concentrated amounts of these rare elements to enable economic mining and refining. The company says demand will probably exceed 200 000 tons next year. SHL says the total global demand for rare earth minerals increased from less than 5 000 tons per annum in the 1960s to 145 000 tons in 2015. In the case of a high-end electric car such as a Tesla, rare earth minerals will also be found in the motors that adjust the seats, mirrors and steering wheel, and open and close the doors. Their main use is in the manufacturing of powerful yet lightweight magnets used in electric motors, especially the primary drive motors of electric vehicles. Rare earth minerals comprise a group of 17 very essential chemical elements that are used in modern applications such as electric vehicles, wind turbines, LED lighting, laptop computers, tablets and sophisticated cellular telephones. The Steenkampskraal ore body is considered to contain the largest known reserve of rare earth minerals, estimated to exceed 605 000 tons of ore containing an average of 14.4% rare earth minerals. The balance of 26% has been placed in a trust for the mine’s employees. These investors hold the major interest in Steenkampskraal Holdings Limited (SHL), which owns 74% of Steenkampskraal Monazite Mine (Pty) Ltd. No more than five private shareholders have stuck with their vision for nearly 20 years, and have contributed millions in capital and loans to keep the opportunity alive. The determination and patience of a small group of investors will eventually see the reopening of the Steenkampskraal mine in the Northern Cape to mine one of the world’s largest reserves of rare earth minerals.
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