France and Japan to Invest Up to €216 Million
Southern France could become a key center for the rare earth industry by the end of next year. French company Caremag plans to build a recycling and refining facility for rare earths in the Pyrénées-Atlantiques department. As announced on Monday, the French government will support the project with €106 million, while Japan’s Organization for Metals and Energy Security (JOGMEC) and Osaka-based Iwatani Corporation will contribute up to €110 million.
According to Caremag, the facility is expected to produce 600 tons of dysprosium and terbium oxide as well as 800 tons of neodymium and praseodymium oxide annually. The project represents a significant step towards Europe’s independence in rare earths for permanent magnets, said Frédéric Carencotte, President of Caremag’s parent company Carester. However, it remains unclear how much of the material will be supplied to European industries, as the agreement signed this week includes a long-term supply contract to provide Japan with heavy rare earths. No specific volume details were disclosed.
Photo: TRADIUM GmbH
