Nearly half a billion US dollars for tungsten: the US Department of Defense is investing heavily in strengthening domestic supply chains. Meanwhile, commercial production of rare earth magnets has begun in Estonia. We have summarized the week’s key developments in our latest roundup.
Pentagon invests in tungsten production
The Pentagon is investing $450 million in the tungsten supply chain. The financing will take the form of redeemable preferred equity in the Elmet Group. With the funding, the company plans, among other things, to expand its existing production facilities in the United States, strengthen processing capacity for ammonium paratungstate, an important intermediate product in tungsten processing, and secure additional raw material sources in the United States and allied countries.
To the article
U.S. Boosts Funding for Ucore’s Rare Earth Separation Plant
Ucore Rare Metals has secured further support from the U.S. Department of Defense for its planned rare earth refinery in Louisiana, bringing the total funding to $27 million. The Canadian company will use the additional funds to advance the separation of samarium and gadolinium, two rare earth elements subject to Chinese export controls.
To the article
Rare Earth Magnets: Neo Begins Commercial Production in Estonia
Neo Performance Materials has begun commercial production at its magnet plant in Estonia. The Canadian company says it has delivered its first magnets to a manufacturer of electric vehicle drive systems.
To the article
BRICS Call for Greater Value Addition in Resource-Rich Countries
At their summit in New Delhi, the BRICS countries agreed on a joint declaration that calls, among other things, for diversified and more resilient supply chains for critical minerals. Resource-rich countries should benefit more from value addition and economic diversification. At the same time, the declaration explicitly emphasizes countries’ sovereignty over their mineral resources and their right to adopt measures in pursuit of legitimate public policy objectives.
To the article
EU Plans to Expand Critical Raw Material Stockpiles
The EU plans to expand its stockpiles of critical raw materials, European Commission President Ursula von der Leyen announced on Wednesday in her annual State of the Union address. A new “European Corporation on Critical Raw Materials” will support joint procurement and stockpiling of materials for technologies such as electric vehicles, chips and batteries. The plans build on earlier measures to strengthen Europe’s raw material supply.
To the article
