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More or Less: Behind the Stats

Is there really $500bn of Rare Earths in Ukraine?

More or Less: Behind the Stats

BBC

Business, Mathematics, Science, News Commentary, News

4.63.5K Ratings

🗓️ 8 March 2025

⏱️ 10 minutes

🧾️ Download transcript

Summary

As part of the fast-moving argument over US military support to Ukraine, the US demanded $500bn worth of access to what was variously reported as Ukraine’s rare earths or rare metals or rare minerals. But is there that amount of minerals in the ground?

Presenter: Tim Harford Producer and Editor: Richard Vadon Studio Manager: James Beard Production Co-ordinator: Brenda Brown

Transcript

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0:00.0

He tells her that she will be sent to France as a secret agent, and if she's caught, she's going to be shot.

0:09.3

I'm Helen Obalam Carter, and this is history's secret heroes, where I shine a light on extraordinary stories from World War II.

0:17.6

What they wanted was someone to get themselves arrested and sent to Auschwitz.

0:22.0

Tales of deception, an incredible acts of resistance and courage. She was a born soldier. She's a

0:27.7

freedom fighter in its widest sense. The brand new series of history's secret heroes. Listen first

0:33.6

on BBC Salons. Thank you for downloading the more or less podcast.

0:40.7

We are your weekly guide to the numbers in the news and in life.

0:42.0

And I'm Tim Harford.

0:50.6

As part of the fast-moving argument over US military support to Ukraine,

0:57.2

the US demanded $500 billion worth of access to what was variously reported as Ukraine's rare earths or rare metals or rare minerals. That might all sound like the same thing,

1:04.1

but in fact, the rare earths are a very specific group of elements.

1:16.9

Lutecium, prometheum, samarium and terbium, etrium, etherbium and fulium and urbium,

1:20.5

europium, galilineum, dysprosium, neodymium, cyrium, scantium, home all 17 rare earths, with apologies to the great Tom Lera.

1:37.2

So those are the 17 rare earths, and they're used a lot within traditional industries such as glassmaking and ceramics,

1:45.0

or for making catalysts. They're also used to make very powerful magnets,

1:48.6

which go into electric vehicles and into offshore wind turbines.

1:52.5

But what about the $500 billion? I spoke to Ellie Sacklet Vala,

1:57.3

head of non-ferrous metal pricing at Argus Media, a global commodity price reporting agency.

2:03.5

I started by asking her, are rare earths rare?

2:08.0

They are famously not rare.

2:09.7

Well, the rare earths, those 17 elements that we refer to, they are not technically rare.

2:15.9

They are quite abundant in the earth's crust. I love the fact that you say

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