ReElement Technologies and South Korean conglomerate Posco aim to diversify rare earth supply chains.
The U.S. company ReElement Technologies and South Korea’s Posco aim to make supply chains for rare earth elements and the magnets produced from them less dependent on industry leader China. A memorandum of understanding (MOU) has been signed to establish a partnership focused on producing both light and heavy rare earths for Posco’s magnet production. ReElement’s proprietary technology, which can process both recycled materials and ores, will be used in this effort.
As we reported earlier this year, Posco plans to supply automakers in North America and Europe with rare earth permanent magnets. The material processed by ReElement is expected to help fulfill contracts worth nearly $900 million. Additionally, ReElement plans to recycle production waste and decommissioned magnets, reintegrating them into Posco’s manufacturing processes and advancing the circular economy. According to ReElement, its patented technology utilizes resins instead of traditional solvent-based processes for rare earth processing, which reduces investment costs, space requirements, and environmental impact.
Photo: iStock/xiao zhou
