Trust in numbers: Serious numbers and speculative fictions in rare earth elements exploration

Abstract

In the early 2010s, a spectacular fall in prices for a class of mineral commodities called the rare earth elements (REEs) and the collapse of hundreds of new exploration companies made clear the fragility of the high-risk markets around these companies and the strategies of legitimation that supported them. New regulatory processes built around technical disclosures generated vast stores of geotechnical data. Rather than generating trust among market actors, however, these processes dramatically altered the temporalities of global extraction and energized unruly narrative spaces. In their efforts to keep mineral claims active and companies afloat, REE-focused exploration experts have struggled to navigate different arenas of discussion while holding their respective logics in tension. Drawing on ethnographic fieldwork with exploration geologists and promoters, this article examines how experts federate flows of ‘serious’ and ‘speculative’ information in both carefully regulated reports and rumor-filled online forums. Such spaces are organized by aesthetic conventions and social criteria for establishing persuasiveness—forms that STS scholars have long analyzed as literary technologies. Rather than helping to secure experts’ authority, however, I argue that the diverse literary technologies that now dominate exploration promotion and finance work have radically redistributed interpretive roles. In their struggles to mediate senses of ‘crisis’ endemic within venture markets, exploration experts must enact the ideals undergirding new regulatory requirements even as they learn to defer to the speculative musings of others.