We will be among the most progressive and cost efficient industrial supplier of critical rare earth metals in the world.
The production of rare earth in China is at record levels and the depletion of existing resources is in sight. Forecasts are that China will increasingly become a net importer of rare earth.
Prices, in particular for the magnet rare earth metals, have been increasing quickly during 2019. Prices are expected to grow with increased demand and pressure on supply for the years to come.
The electrification of transportation and the use of wind power are critical to reducing GHG emissions and mitigate climate change. The production of electric vehicles – notably automobiles – is projected to accelerate at a very rapid pace in China, Europe, and North America. The efficiency, high starting torque, high cruising speed, size, weight, and power of electric vehicles are enhanced with the use of permanent magnet motors. These important developments will put strong pressure on the supply of the rare earth metals needed to manufacture permanent magnets. Similarly, the construction of wind power generators will increase as the installed power per unit grows; this, in turn, will increase demand for rare earth magnets used in the turbines gearless drives.