A U.K.-based private equity firm has found the largest rare earth oxides deposits in the world in North Korea, according to statements by the company.

The British firm, SRE Minerals Limited, announced the results of its assessment of North Korea’s deposits last month. Most notably, the company said that it estimates that the Jongju deposit holds 216 million tons of rare earth oxides, which includes light rare earth elements (REEs), heavy REEs, and rare earth minerals. According to Voice of America, this would more than double the current global stockpiles of rare earth oxides, which the U.S. Geographical Survey recently estimated at 110 million tons.

Rare earth elements are used in many sophisticated technologies from cell phones to guided missiles. Although they are not especially rare, China controls upwards of 90 percent of the market due to its more lax regulations than Western countries in mining REEs. At times China has shown an inclination to use its near monopoly on REEs to exert leverage over other countries in political disputes.

It has long been known that North Korea sits on top of significant REE reserves, among other minerals, however SRE Minerals’ estimate is significantly higher than previously thought. Theoretically, the discovery could break […]