From cars and construction equipment to cell phones and military weapons, rare earth materials are critical to manufacturing many important things businesses and consumers use on a daily basis. While people around the world rely on these minerals in their everyday lives, China produces 80% of the U.S. rare earths and has been doing so for quite some time.
What’s made things even worse over the past 12 to 18 months is a global pandemic. Many consumers stuck at home decided that their current cell phone or computer needed to be replaced, which ultimately caused a shortage of these materials that is affecting various other sectors including the automotive and electronic industries.
Pensana plc (LON:PRE) explores and mines neodymium, praseodymium, and rare earth minerals. The company is looking to establish the world’s first fully sustainable magnet metal rare earth oxide producer at the Saltend Chemicals Park in the Humber Local Enterprise Partnership Yorkshire, UK.