MMI on Rare Earths: GM and GE Renewable Energy Sign MoU to Develop Rare Earth Supply Chain – Steel, Aluminum, Copper, Stainless Steel, Rare Earths, Metal Prices, Forecasts



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The Monthly Rare Earth Metals Index (MMI) rebounded, up 11.6% this month.

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GM and GE Renewable Energy Aim to Expand Rare Earth Supply Chain

Car manufacturer General Motors and GE renewable energy signed a memorandum of understanding by which they will seek to develop a supply chain for rare earths and other materials needed for electric vehicles and renewable energies.

The parties “will assess opportunities to improve the supply of heavy and light rare earth materials and magnets, copper and electric steel used in the manufacture of electric vehicles and renewable energy equipment,” GM said more early this month.

Initially, they will focus on a supply chain based in Europe and North America for manufacturing vertically integrated magnets.

“A secure, sustainable and resilient local supply chain for electric vehicle materials is essential to executing GM’s vision of a fully electric future,” said Shilpan Amin, GM vice president of purchasing global and supply chain. “Motors are one of the most important components of our Ultium platform, and heavy and light rare earths are an essential ingredient in our motor magnets. The combined scale of GM and GE will allow us to unlock the potential to guarantee low carbon, ESG friendly, safe and competitive materials.

In addition, the parties will assess “potential cooperation to support the development of new technologies and new processes for automotive and renewable energy production applications”.

Lynas publishes its annual report for fiscal year 2021

Lynas Rare Earths Ltd., the largest rare earth company outside of China, recently released its annual report for fiscal year 2021.

The Australian firm reported a record profit of $ 157 million.

“During the year, Lynas has benefited from favorable market conditions and growing demand for our products,” President Kathleen Conlon said in the report. “Globally, demand for electric vehicles and wind power has accelerated and strong growth in demand for NdFeB magnets has contributed to growing demand for Lynas’ NdPr family of products and mixed heavy rare earths.

At its Mt. Weld rare earth deposit, Lynas has declared proven ore reserves of 13.9 million metric tonnes. In addition, it reported that it contained rare earth oxides of 1.57 million metric tons.

Industrial group presents plan to secure rare earths for European industry

With China’s overwhelming dominance in global rare earth mining and processing markets, governments, companies, and industry groups in the United States, Europe and elsewhere have stepped up efforts to create new supply chains.

Rare earths are used in a variety of high-tech capabilities, from consumer electronics and renewables to military applications. As such, the aforementioned groups wish to wean themselves from dependence on China.

At the end of last month, the European Raw Materials Alliance presented a plan to secure access to rare earth elements for European industry.

“Over 90% of rare earth magnets are produced in China today: this high concentration of production combined with rising global political tensions and growing demand from the Chinese domestic market – especially driven by growth in the electric mobility – entails a high risk of supply for these materials from a European perspective, ”said ERMA. “In addition, there is a lack of supply chain transparency, standards and certification systems regarding environmental and social impacts and governance.”

In the 38-page report titled “Rare Earth Magnets and Motors: A European Call to Action,” ERMA noted that China annually exports 16,000 tonnes of rare earth permanent magnets to Europe, representing 98 % of the EU market.

“So far, ERMA has identified 14 projects ranging from mining and urban mining to the magnet (investment volume of 1.7 billion euros) which would form the basis of a European rare earth industry , capable of meeting 20% ​​of EU demand by 2030 – to kick-start a downstream market of € 400 billion and 6 million jobs in the mobility and automotive sectors alone the EU27, ”the group said.

In addition, he noted that despite “significant” rare earth reserves in Europe, no rare earth mining takes place in Europe.

Action items

ERMA presented 12 actions that will help build the European rare earth supply chain.

Among them, he called for European investments to become a world leader in the “circular economy of rare earths”. Likewise, he focused on facilitating access to finance for rare earth projects along the value chain.

In addition, ERMA called on the European Commission to help create a level playing field so that European producers can compete with Chinese competitors.

“There is a need to provide incentives to magnet producers for every magnet produced and sold in the EU,” ERMA said. “Otherwise, no private company would start investing and running a profitable business in the mass production of magnets in Europe. “

In addition, the EU should conduct a study on the main determining factors for the production of durable rare earth magnets, ERMA added.

Real metal prices and trends

The price of Chinese terbium oxide rose 12.7% month over month, from CNY 7,850 to CNY 8,850 on October 1.

Meanwhile, the price of neodymium oxide has remained stable at CNY 617,500.

Finally, the price of dysprosium oxide has dropped from CNY 2,560 to CNY 2,710.

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