Europe are planning a state-led 1.7-billion euro investment into rare earth magnet production in an attempt to lift the EU raw materials value chain.
GANGNAM-GU, South Korea - March 15, 2023 - PRLog -- Rare earth elements have many uses, these range from missiles guidance systems to their use in banknotes.
One of the main reasons for the demand for rare earth magnets is the increasing use of Electric Vehicles (EV). Nearly all traction motors in such vehicles contain rare earth materials. The demand in this area is forecast to continually increase in the coming years.
Europe is aware of the need for new mines, as well as strengthening the entire raw materials value chain. They plan to put their plans into action with substantial investments.
Europe is heavily dependent on other countries for its supplies of critical raw materials and rare earths. China supplies 66% of all critical raw materials and 98% of rare earths.
A massive 78% of the EU's supply of lithium comes from Chile, while 98% of rare earth elements come from China and 71% of platinum from South Africa. The investment from the EU is set to change the balance of supply in the rare earth materials market.
EU state-led investment drive
The pan-European state led investment drive already has 14 identified projects spanning the entire value chain.
These range from mining in areas such as Finland, Norway, and Sweden. Separation in Poland, metallurgy in Estonia, recycling in Belgium and France and magnet manufacturing in Germany and Slovenia.
The cumulative 1.7 billion euro investment would lift European magnet production from 500 tonnes per year to 7,000 tonnes by 2030, covering around 20% of European demand.
We highly recommend investors with an interest in Rare Earth Materials and their associated investment opportunities to speak to one of our advisers by visiting our website www.zeusnus.com
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EU invests into rare earth material supply chain
March 15, 2023 at 12:19 PM EDT
