Have you heard of the oddly named rare earth metals Neodymium and Praseodymium, commonly and more easily known as NdPr?
Everybody knows gold is a safe bet and you may know the case for lithium and cobalt, but NdPr is still under the radar for many. But not for much longer. NdPr is essential in the production of electric motors, and therefore electric vehicles (EVs) and wind turbines, both hugely important for the transition to a greener future.
For example, EVs are currently estimated to be a $400 billion investment opportunity and will drive a 350% increase in demand for NdPr over the next six years, while offshore wind turbines, which require three tonnes of magnets compared to EV’s 2kgs, will see global growth of 1500% for NdPr over the next 20 years.
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.