Abstract for: Agent-based Model for Testing Policy Options for Long-term Stability and Sustainability in the Rare Earth Mineral Sector
The rare earth element group of minerals (REM) are classified as critical minerals, which are defined as mineral commodities essential to economic and national security. REM are essential to the manufacture of renewable energy products as well as electric vehicles, mobile communications, defense technology and other strategically important goods. Due to the pervasive risk of REM supply chain disruption, they are receiving significant global attention and commensurate funding. Domestically, U.S. policy focuses on creating a “comprehensive strategy to increase the resilience of strategic and critical material supply chains that both expands sustainable production and processing capacity and works with allies and partners to ensure secure global supply” (White House, 2021). While resilient supply chains are necessary, robust value chains are needed to protect economic stability and national security for the long-term. This work develops agent-based dynamic simulation models to examine innovative policy scenarios for building robust REM value chains supported by resilient supply chains.