The supply chain for rare earths needed for green technologies is dominated by China. To mitigate supply risks, European countries must invest in domestic mining, processing, and recycling capacities as well as international cooperation.
wind turbines, solar panels, or advanced battery systems in electric vehicles (EVs) all require raw materials
that are largely mined, processed, and manufactured outside Europe. Since 2011, the EU has evaluated a wide range of raw materials, categorizing them as either critical or non-critical depending on the assessed supply risk and the significance for the European economy.
In the UK, a non-EU country, a processing plant of Neodymium and Praseodymium is supposed to become operational in 2024. Pensana, the company in charge of the 195 million USD investment, will import the raw materials from a sustainably operated mine in Angola run by a local subsidiary. Existing and planned operations show that the EU must cooperate with international partners in parallel to developing more mining capabilities in its own backyard.
Pensana plc (LON:PRE) explores and mines neodymium, praseodymium, and rare earth minerals. The Company’s flagship assets are the Saltend rare earth refinery project in the United Kingdom and Longonjo neodymium and praseodymium (NdPr) Project in Angola.
