Rare earth minerals are a big part of today’s renewable energy technologies.
Metals like ytterbium, scandium, and neodynium are used to make permanent magnets, or magnets that are always magnetic, and without supplying an electric current. If you’ve ever played with magnets as a kid (or as an adult kid), you know that they’ll pull together in one direction, but push away from each other when put the other way.
Unlike the engine in a gas-powered car, you can power electric motors with electricity from clean sources. Tesla uses permanent magnets in a Model 3’s motors made with neodynium, iron, and boron. Clean energy generation, especially wind turbines, also need rare earth metals in their generators.
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.
