South Africa, Burundi can help plug global rare earths shortfall
China dominates the global market for materials essential for EV batteries, and manufacturers are seeking to diversify their supply chains
A global search for alternative sources of supply for the rare earths needed for electric car batteries has begun, in response to growing concerns about over-reliance on China. Guangdong-based Southern Rare Earth in January raised its prices for heavy rare earths in response to tight spot market availability and stronger magnet sector demand. Prices are likely to keep rising in coming years, analysts at investment bank UBS have said. Electric vehicles need about five times as much rare earth as internal combustion engines equivalents, and UBS predicts that supply of the neodymium and praseodymium (NdPR) rare earths needs to triple by 2030. North America, the US and the UK all need to find ne
Also in this section
28 March 2024
US company aims to accelerate deployment of new technologies offered by Norwegian pureplay CCS firm
26 March 2024
Country has Europe’s largest CO₂ storage potential but regulatory and policy issues must be resolved to enable growth, says Offshore Energies UK
26 March 2024
Largest investment to date will support emission reduction projects across multiple sectors including refining, steel and cement
19 March 2024
Commodity trading companies are set for a key role in shaping green supply chains and providing carbon market liquidity