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Four decades ago, a rare earth processing plant on France’s Atlantic coast was one of the largest in the world, churning out materials used to make colour televisions, arc lights and camera lenses.
Moreover, Solvay’s modest output is focused on the kind of processed rare earths used for auto catalysts and electronics, not the kind needed for permanent magnets used in electric vehicles and wind energy. Solvay says it will start producing those by next year. Under a new EU law that entered into force in May, the bloc has set ambitious 2030 targets for domestic production of critical minerals required for its green transition – 10% of annual needs mined, 25% recycled and 40% processed domestically by the end of the decade.
“Projects in Europe will benefit from a streamlined permitting process, as well as coordinated support for accessing de-risking financing tools and matchmaking with downstream users,” Bernsel said.There are three main steps in the rare earth supply chain before permanent magnets can be produced – mining, separating elements and producing metals/alloys .
Failing to include magnets in the CRMA targets is a “blindspot” and sets up the law to generate “false-positive” results, he added. “It’s not realistic to have it commissioned before 2030,” said Matti Hietanen, CEO of the project’s owner, state-owned Finnish Minerals Group. Another challenge for Europe is competing with cheaper imports from China, which has a highly integrated rare earths supply chain including state-owned firms from mining to finished magnets.
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