When we think of the global economic transition from fossil fuels to renewables, we often think of electric vehicles (EVs) and lithium-ion batteries. These batteries are incredibly important; however, even more so are rare earth permanent magnets. Without them, the global net zero transition is simply not feasible.
Rare earth magnets permeate our homes and offices. They can be found in numerous vehicles, such as trains, buses, and cars. If the latter is taken in isolation, 66 rare earth magnets are required to construct a modern EV. Additionally, they are present in a range of consumer technologies: mobile phone speakers and charger cable ports, to list but two examples.
They are also a prerequisite for establishing the greener, more technological future we all wish to see. The wind turbines that contribute toward a supply of renewable power and the satellites that assist with information sharing are both formed of rare earth magnets.
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.
