Rare earth elements (REEs) are used in a variety of industrial applications, including electronics, clean energy, aerospace, automotive and defence.
The manufacturing of permanent magnets represents the single largest and most important end use for REEs, accounting for 38% of total forecasted demand.
Permanent magnets are an essential component of modern electronics used in cell phones, televisions, computers, automobiles, wind turbines, jet aircraft and many other products.
Pensana Rare Earths 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.