US Government weighs rare earth magnet supply chain as a national priority

News that the US Biden Administration is considering an investigation into the national security implications of relying on China to import rare earth magnets – and whether to impose tariffs – has been a long time coming. The White House is considering launching a probe through its commerce department to delve deeper into the use of neodymium magnets which are the critical components used in electric vehicles, smartphones and offshore wind turbines; the very products Pensana will deliver by establishing its sustainable UK supply chain. According to an official speaking to The Financial Times, President Biden wants to host a forum with US allies to boost supply chain cooperation and he is expected to discuss it at an EU-US summit in Brussels next week. “If the tariffs are high enough, that could provide financial incentives to build up a US domestic industry,” said Martijn Rasser, a technology expert at the Center for a New American Security in Washington, speaking to The Financial Times.

Pensana’s Chairman Paul Atherley said: “It is very encouraging to see the US following the EU and UK’s lead in highlighting the urgent need to establish an independent and sustainable magnet metal supply chain. Pensana is on the ground at the Saltend Chemicals Park in the Humber Freeport working with the UK Government and local stakeholders setting out the world’s first sustainable rare earth processing hub, that will supply the UK and European supply chains.”

Click to view all articles for the EPIC:
Or click to view the full company profile:
Facebook
Twitter
LinkedIn
Pensana plc

More articles like this

Pensana plc

Rare earth projects to watch in Africa

Demand for Rare Earth Elements (REE) has surged due to electric vehicles, renewable energy technology and ICT growth. REEs present unique extraction challenges as they are typically found in dispersed, small amounts and in association with

Pensana plc

Pensana: A first mover in Angola’s mineral awakening

Pensana is forging ahead with the development of its Longonjo neodymium-praseodymium oxide (NdPr) project close to the city of Huambo in central Angola. Angola’s privatisation drive has resulted in a surge of new exploration projects by both

Pensana plc

Pensana reports sampling results from Coola Exploration Licence

Pensana plc (LON:PRE) has reported on analytical results received from sampling at the Sulima West and Benge Novo targets completed in 2022. Both targets occur within the Coola Exploration License (No059/02/01/T.P/ANG-MIREMPET/2020) located 40 kilometres north of

Pensana plc

Pensana Plc Longonjo operations update

Pensana Plc (LON:PRE) has provided an operations update on the Longonjo rare earth project. Highlights Following the revised financing and development strategy announced on the 27 June 2023, which will see Longonjo fully funded into production on

Pensana plc

Europe’s potential in the global rare earth supply chain

As the global economy pivots towards greener and more innovative industries, the demand for critical raw materials – particularly rare earth elements – has become an issue of strategic importance. These materials, integral to the net

Pensana plc

How well is the UK doing at developing a critical minerals strategy?

Paul Atherley, Chairman of Pensana was interviewed in Resourcing Tomorrow’s channel to talk about the UK’s Critical Minerals Roadmap. Pensana plc (LON:PRE) explores and mines neodymium, praseodymium, and rare earth minerals. The Company’s flagship assets are the

Pensana plc

What are Rare Earth Minerals and why do EVs need them

When most people hear rare earth minerals, their minds immediately think it refers to the rarest minerals in the world. However, that is not the case. Rare earth minerals are among the most abundant minerals in

Pensana plc

How well is the UK doing at developing a critical minerals strategy?

Paul Atherley, Chairman of Pensana was interviewed in Resourcing Tomorrow’s channel to talk about the UK’s Critical Minerals Roadmap. Pensana plc (LON:PRE) explores and mines neodymium, praseodymium, and rare earth minerals. The Company’s flagship assets are the

Pensana plc

Pensana welcomes Trafigura’s Lobito Corridor investment

UK-based rare earth developer Pensana expects its Angolan mining operation to benefit from the recently announced $555 million investment in the Lobito Rail Corridor, Kallanish reports. A Trafigura-led consortium – Lobito Atlantic Railway – has been awarded a

Pensana plc

Lobito Rail investment to boost Pensana project

Commodities trader Trafigura has commenced a $550 million upgrade of the Lobito Rail Corridor in sub-Saharan Africa that will aid the logistics of mining projects in the area such as Pensana’s rare earth mine in Angola.  A