Check out the latest episode of Riskology by Infortal™ – Risk on the Rocks: Rare Earth Elements.
Ever wonder what powers the technology that fuels our future? From the smartphones in our pockets to the rockets aiming for Mars, there’s a secret ingredient: rare earth elements. Here’s the catch: while critical to innovation, these minerals are also vulnerable to global See more +
Check out the latest episode of Riskology by Infortal™ – Risk on the Rocks: Rare Earth Elements.
Ever wonder what powers the technology that fuels our future? From the smartphones in our pockets to the rockets aiming for Mars, there’s a secret ingredient: rare earth elements. Here’s the catch: while critical to innovation, these minerals are also vulnerable to global tensions.
In this episode, hosts Dr. Ian Oxnevad and Chris Mason, from Infortal Worldwide, discuss the risk management implications of accessing critical mineral resources. Taking a closer look at the global impact of these rare earth elements, you’ll gain insights into their strategic importance and understand their vital role in the advancement of sectors such as defense, energy, and technology.
Venture into the global risk chessboard, to learn about how the race for dominance in the rare earth elements space will impact who comes out on top in the 21st century.
Moreover, the pursuit of critical minerals often intersects with pressing social issues, including the rights and welfare of local communities. In regions rich in rare earth resources, such as Africa and South America, mining activities can lead to displacement, social unrest, and exploitation. The international community faces the dual task of securing a steady supply of critical minerals while ensuring that the pursuit does not come at the expense of humanitarian values or environmental sustainability.
Importantly, companies must engage in thorough risk assessments to understand their risk exposure to fluctuating market conditions and dire humanitarian concerns. This involves examining the entire supply chain, from mines to manufacturing, to ensure that all steps meet ethical and sustainability standards.
For companies with risk exposure, it will be important to:
• Conduct Risk Assessments and Due Diligence
• Ensure There is No Child Labor or Human Trafficking
• Develop Internal Risk Management Mechanisms
• Provide Focused Training
• Monitor Supply Chain Resiliency See less -
