Pela Ema will be, at startup, the first mine outside Asia to produce four critical magnetic rare earths, essential for making the magnets used in EVs and wind turbines.
The government will set up a new international program to attract investment linked to markets in the United States, the United Kingdom, Japan, Korea, India and the European Union.
For the world’s leading economy, securing reliable supplies for these minerals is especially important to not only sustain its dominance but also shed its supply reliance on key rivals like China.
New report says lithium, nickel sulphate and rare earth prices are set to recover sharply but graphite, magnesium and titanium markets are in for more pain.