U.S.-based rare earth explorers RioSol and its Peruvian mining arm Compañia Minera Rio Sol announced Tuesday a significant rare earth element and poly-metallic claim discovery in the South American nation.
Third-party geology and geochemical analysis indicates the 10-kilometer claim is the largest in Peru, but further exploration will be necessary to delineate its size and scale.
According to the firm, the discovery — located approximately 95 km northwest of Cusco— contains both light rare earth elements (LREEs) and heavy rare earth elements and metals (HREEs).
The geology consultants leading the project were Rildo Oscar Rodriguez and a Peruvian rare earth expert, both of Lima. According to Rodriguez, the claim is one of the newest rare earth finds in all of Latin America that contains both light-‐ and heavy rare earth elements and metals, as well as copper, zinc, aluminum and other base metals.
“It proves that the potential for rare earth elements exists outside of China with significant opportunity for development of new production in a mining-friendly country,” he added.
Having a supply source in the Americas for commodities used today and in the future will be important for geographic diversity and commercial competition, said the company in a statement, as China currently accounts for 90% to 95% percent of global rare earth mine production.