Types of Magnets
There are four main types of magnets: ceramic (ferrite), AlNiCo, Samarium Cobalt (SmCo), and Neodymium (NdFeB). The latter is one of the most commonly used in motors for hybrids vehicles and EVs. Neodymium magnets have higher remanence, along with much higher coercivity and energy production, but often lower Curie temperature than other types.
Rare Earth Magnets in Hybrids and EVs
Around 9,200 gr of RE materials are used in Hybrid & EV which 8,900 gr is Nd. Usage of magnetic rare earth in such vehicles is expected to grow from about 2,000 metric tons last year to 7,000 tons by 2020 and 12,000 tons by 2024, according to a presentation dated last month from Lynas Corp., the biggest rare earths miner outside China. The United States through exploration and research will keep looking for other sources of rare earth elements in other to not obstruct productiveness and competitiveness in green technologies.
Rainbow Rare Earths Ltd (LON:RBW) is a mining company focussed on production from, and expansion of, the high grade Gakara Rare Earth Project in Burundi, East Africa. With in-situ grades in the range of 47-67% Total Rare Earth Oxide (TREO), Gakara is one of the world’s richest rare earth deposits.