Australian company Hastings Technology Metals could broaden the supply of rare earths for the European EV industry. This is made possible by a currently non-binding supply agreement with Canadian company Neo Performance. The technology metal firm already operates a rare earths separation plant in Estonia and is building another factory to produce magnets from these critical raw materials. Until now, Europe has imported these components mainly from China.

Swedish state-owned mining company LKAB reported the discovery of a large rare earth deposit in January this year, and exactly six months later the company is now providing an update on the Per Geijer deposit. At over 1.3 million tons, the amount of rare earths present there has been revised upward by 25 percent.

Rare earth exports from China stalled in May