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rare earth magnet bill aims to boost domestic production","us-rare-earth-magnet-bill-aims-to-boost-domestic-production","article/us-rare-earth-magnet-bill-aims-to-boost-domestic-production",{"_uid":557,"date":558,"tags":559,"editor":565,"content":575,"excerpt":723,"featured":50,"reporter":724,"_editable":728,"component":729,"seo_title":553,"categories":730,"visibility":738,"author_company":648,"featured_image":739,"seo_description":743,"author_full_name":648,"author_job_title":648,"formattedDate":744,"formattedArticleDate":745},"8cb17ece-6792-4fe3-82dd-20447af808c8","2023-05-24 00:00",[560,562],{"slug":561,"name":420},"rare-earths",{"slug":563,"name":564},"wind","Wind",[566],{"slug":567,"name":568,"content":569},"didi-bostock","Didi Bostock",{"job_title":570,"image":571,"bio":573,"linkedin":574},"Editor - Energy Transition & Economics",{"filename":572},"https://a.storyblok.com/f/287943243085208/512x512/2c5ca5c1a3/didi-bostock.jpeg","Didi is the Energy Transition & Economics Editor at Benchmark, covering a broad range of markets across the energy transition. His remit spans from downstream sectors such as BESS and EVs, through to midstream such as new technologies and battery production, to upstream critical minerals mining. He also leads on financial analysis across these supply chains, alongside in-depth policy analysis.\n","https://www.linkedin.com/in/didi-bostock-656342198/",{"type":576,"content":577},"doc",[578,595,600,605,617,622,627,632,637,642,651,656,663,668,673,678,683,688,693,698,703,708,713,718],{"type":579,"attrs":580,"content":581},"paragraph",{"textAlign":49},[582,585,593],{"text":583,"type":584},"US Representatives Eric Swalwell and Guy Reschenthaler last month reintroduced a bill to Congress that aims to stimulate the domestic production of ","text",{"text":586,"type":584,"marks":587},"rare earth",[588],{"type":589,"attrs":590},"link",{"href":591,"uuid":49,"anchor":49,"target":49,"linktype":592},"https://www.benchmarkminerals.com/forecasts/rare-earths/","url",{"text":594,"type":584}," magnets.",{"type":579,"attrs":596,"content":597},{"textAlign":49},[598],{"text":599,"type":584},"The Rare Earth Magnet Manufacturing Production Tax Credit Act proposes a tax credit for the production of rare earth magnets, which are not currently manufactured domestically at large scale, as part of the clean-energy transition.",{"type":579,"attrs":601,"content":602},{"textAlign":49},[603],{"text":604,"type":584},"The bill is an effort to provide further support for production of US rare earth magnets, which were not mentioned in the Inflation Reduction Act. While the IRA does provide support for rare earth mining, without domestic magnet production that material will be sent abroad. ",{"type":579,"attrs":606,"content":607},{"textAlign":49},[608,610,615],{"text":609,"type":584},"“This act will be crucial in making magnet manufacturing by the US more competitive domestically and internationally,” Benchmark analyst ",{"text":611,"type":584,"marks":612},"Daan de Jonge",[613],{"type":589,"attrs":614},{"href":591,"uuid":49,"anchor":49,"target":49,"linktype":592},{"text":616,"type":584}," said. ",{"type":579,"attrs":618,"content":619},{"textAlign":49},[620],{"text":621,"type":584},"US currently relies on imports for rare earth magnets, with low-cost, high-quality magnets from China making it difficult for US producers to compete. ",{"type":579,"attrs":623,"content":624},{"textAlign":49},[625],{"text":626,"type":584},"China dominates rare earth magnet production via companies such as Hong Kong-listed JL Mag, which supplies most of the major automakers including Tesla. ",{"type":579,"attrs":628,"content":629},{"textAlign":49},[630],{"text":631,"type":584},"JL Mag plans to double production capacity of rare earth permanent magnets by 2025 from its current capacity of 23,000 tonnes a year. ",{"type":579,"attrs":633,"content":634},{"textAlign":49},[635],{"text":636,"type":584},"Chinese producers often obtain regional energy subsidies and VAT rebates on feedstock costs, which are the most significant cost of producing a magnet, de Jonge said. This, combined with lower labour costs and high build-up of intellectual property, allows China to out-compete most competitors across the globe.",{"type":579,"attrs":638,"content":639},{"textAlign":49},[640],{"text":641,"type":584},"“If America wants to be a global leader in electric vehicles, we can’t let other nations, like China, control production of vital materials and components,” Swalwell said. “By encouraging domestic production of rare earth magnets, we’re shoring up our supply chain, protecting national security, and combating climate change.”",{"type":579,"attrs":643,"content":644},{"textAlign":49},[645],{"type":646,"attrs":647},"image",{"id":49,"alt":648,"src":649,"title":49,"source":49,"copyright":49,"meta_data":650},"","https://a.storyblok.com/f/287943243085208/6e492bdeb4/bm-screenshot-2023-05-30-at-105613.png",{},{"type":579,"attrs":652,"content":653},{"textAlign":49},[654],{"text":655,"type":584},"The magnets are used in everyday items including cell phones, computer hard drives, and MRI scanners. They are needed to drive motors in electric vehicles, offshore wind turbines and increasingly within robotics. ",{"type":657,"attrs":658,"content":660},"heading",{"level":659,"textAlign":49},4,[661],{"text":662,"type":584},"Building a US magnet industry",{"type":579,"attrs":664,"content":665},{"textAlign":49},[666],{"text":667,"type":584},"The bill proposes a $20 per kilogram production tax credit for magnets manufactured in the US, or $30 per kilogram for magnets for which all component rare earth material is produced and recycled wholly within the US. ",{"type":579,"attrs":669,"content":670},{"textAlign":49},[671],{"text":672,"type":584},"It defines rare earth magnets as permanent magnets made of an alloy of neodymium, iron, and boron, or an alloy of samarium and cobalt, which may also include other materials.",{"type":579,"attrs":674,"content":675},{"textAlign":49},[676],{"text":677,"type":584},"Demand for neodymium and praseodymium (NdPr) as well as dysprosium is driven by their use in permanent magnets. ",{"type":579,"attrs":679,"content":680},{"textAlign":49},[681],{"text":682,"type":584},"To be eligible, the magnets may not include any component rare earth magnet material produced in non-allied foreign nations such as China, Iran, North Korea, and Russia.",{"type":579,"attrs":684,"content":685},{"textAlign":49},[686],{"text":687,"type":584},"The credit is planned to be phased out by 2036.",{"type":657,"attrs":689,"content":690},{"level":659,"textAlign":49},[691],{"text":692,"type":584},"Industry support",{"type":579,"attrs":694,"content":695},{"textAlign":49},[696],{"text":697,"type":584},"The bill has been endorsed by industry groups including MP Materials, USA Rare Earths, National Mining Association, and Zero Emission Transportation Association. ",{"type":579,"attrs":699,"content":700},{"textAlign":49},[701],{"text":702,"type":584},"MP Materials runs the only US rare earths mine, the Mountain Pass mine in California, and is building a plant to produce alloys and magnets in Fort Worth, Texas. The plant will have the capacity to produce around 1,000 tonnes of neodymium-iron-boron (NdFeB) magnets per year.",{"type":579,"attrs":704,"content":705},{"textAlign":49},[706],{"text":707,"type":584},"USA Rare Earth is also hoping to build a plant capable of producing 2,000 tonnes of high performance magnets per year.",{"type":579,"attrs":709,"content":710},{"textAlign":49},[711],{"text":712,"type":584},"In January Germany’s Vacuumschmelze (VAC) said it would build a factory in North America to make rare earth permanent magnets for General Motors.",{"type":579,"attrs":714,"content":715},{"textAlign":49},[716],{"text":717,"type":584},"“This effort directly encourages domestic rare earth magnet production at a time of surging global demand,” said Tom Schneberger, chief executive of USA Rare Earth. “Rare earth permanent magnets are critical to the US economy and national security. The tax incentives will help make a re-emerging sector for magnet and metal production competitive with China, where production is currently concentrated.”",{"type":579,"attrs":719,"content":720},{"textAlign":49},[721],{"text":722,"type":584},"Swalwell and Reschenthaler launched the bipartisan Congressional Critical Materials Caucus in 2021 to help develop the production of a sustainable supply of energy-critical elements such as rare earth magnets.","US Representatives Eric Swalwell and Guy Reschenthaler last month reintroduced a bill to Congress that aims to stimulate the domestic production of rare earth magnets. The Rare Earth Magnet Manufacturing Production Tax Credit Act proposes a tax credit for the production of rare earth magnets, which are not currently manufactured domestically at large scale, as […]",[725],{"slug":567,"name":568,"content":726},{"job_title":570,"image":727,"bio":573,"linkedin":574},{"filename":572},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"8cb17ece-6792-4fe3-82dd-20447af808c8\", \"id\": \"\"}-->","article",[731,734,737],{"slug":732,"name":733},"ev","EV",{"slug":735,"name":736},"new-energy","New Energy",{"slug":561,"name":420},"private",{"id":49,"alt":648,"name":648,"focus":648,"title":648,"source":648,"filename":740,"copyright":648,"fieldtype":741,"meta_data":742,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/6475644629/bm-rare-earth-permanent-magnets.jpg","asset",{"alt":648,"title":648,"source":648,"copyright":648},"US Representatives Eric Swalwell and Guy Reschenthaler last month reintroduced a bill to Congress that aims to stimulate the domestic production of rare earth magnets. The Rare Earth Magnet Manufacturing ...","May 24, 2023","24th May 2023",[],[],1792773914876]