The European Union is pushing to establish Europe’s own supply of rare earths to reduce reliance on China for the elements crucial to the continent’s electric cars, wind turbines and mobile phones, as Bloomberg reported.
A plan released late last week by the European Raw Materials Alliance, of which Pensana is a founding member, calls for governments and manufacturers to support Europe’s rare earth industry. ERMA identified 14 projects in the EU that will require about $2 billion of total investment.
Australian Prime Minister Scott Morrison last week announced a A$2 billion loan facility for Australian critical minerals projects, explaining that global demand for critical minerals needed is expected to grow exponentially over the coming decades.
The Biden administration has acknowledged that 10X more rare earths are needed to meet its Electric Vehicle goals and has tasked the Department of Defense to investigate US rare earth supply chains.
Three years ago Pensana recognised this looming problem and set about establishing the world’s first fully sustainable and independent magnet metal supply chain in the UK.
Pensana Chairman, Paul Atherley, is meeting with senior UK government officials this week to discuss support for the Company’s Saltend rare earth separation facility, in the Humber Freeport.
