YES, FINALLY SOMETHING IS MOVING IN THE WORLD OF RARE EARTH
After years of absolute and unchallenged domination by China in the extraction, processing and export of rare earths, the United States and Europe have decided to take the field to develop strategies to reduce the risk of total dependence on China in such a strategic sector.
Among other things, it was discussed at the new edition of the Assolombarda 2023 General Assembly on 03 July last where our Administrator Leopoldo Iurino had the pleasure of attending, reporting precisely how the various speeches, including that of the Prime Minister Giorgia Meloni, underlined precisely the need to act by promoting investments by the various European governments to free themselves from Chinese dependence with the related risks for our economy.
It has been discussed how the strategic sectors that need immediate interventions and long-term projects are precisely the manufacture of semiconductors and integrated circuits and the even more important supply of rare earths.
Suffice it to say that in 2021 alone, around 16,000 tons of rare earth-based permanent magnets were imported into the EU, which is equivalent to around 36% of total Chinese exports. This figure highlights the dependence on China for the supply of these materials.
Therefore, European sites rich in rare earth deposits are being identified where it is possible to start the controlled extraction of dust with an eye always attentive to environmental protection, an essential factor for any European government.
At first glance, some sites in Estonia appear to have been identified where plants for the production of rare earth magnets for European OEM are already being built.
Garnet, specialized in the supply of permanent magnets and always at the side of OEMs for the scouting of the best magnet factories in terms of quality and reliability, is following step by step the new strategies put in place in Europe and the implementation of new production plants in order to be able to offer its customers various solutions in addition to the already efficient and tested “Chinese” road.
In this regard, we send you the attached graphs for a quick update on the value of the main rare earths where, in principle, we record some decreases for Neodymium and Dysprosium and instead a slight increase for Cobalt.
We remain at your disposal for the planning of your permanent magnet orders by contacting us on project@garnetitalia.com
A GOOD SUMMER to all our customers and see you in autumn at COILTECH PORDENONE (20-21 September) where we will present the latest news in the field of magnets and magnetic assemblies
