Critical raw materials, like lithium and rare earth materials are likely to soon be as important as oil and gas. Europe is aiming for a zero carbon future and these materials are key to achieving this.
SEOUL, South Korea - March 15, 2023 - PRLog -- Permanent magnets are an essential part of modern technology, powering everything from robots to refrigerators to laptop speakers. They are also integral in powering electric vehicles (EV) and wind turbine motors. This will play a crucial role in the energy transition.
As the rare earth material industry continues to grow economies within the EU have come to realise that the supply of these minerals are critically dependent on China. China currently dominate the global supply chain. The United States has already laid out a funding and policy strategy to build out its domestic rare earth materials capacity.
Europe is competing to gain control of its rare earth magnet supply chain from China. The EU is due to adopt the Critical Raw Materials Act this month, leveraging the power of the single market.
This will ensure Europe has a diverse and reliable supply of these materials whilst ensuring high social and environmental standards.
EU shows Rare Earth Element industry growth
Europe currently has only one commercial rare earth separation facility which is based in the small coastal town of Sillamäe, Estonia.
The facility is owned by Canadian group Neo Performance Materials. Their advanced industrial materials enable a wide array of everyday and emerging technologies to function.
Another company focused on rare earth materials in the EU is French company Imerys, who hope to exploit lithium deposits found below its kaolin mine in Beauvoir, central France.
For more information on these exciting and potentially lucrative market areas and additional advice in associated sectors visit us at www.acg-wealth.com
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Europe's supply chain control in the energy transition period
March 15, 2023 at 10:56 AM EDT
