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targets rare earth magnet industry","us-targets-rare-earth-magnet-industry","article/us-targets-rare-earth-magnet-industry",{"_uid":557,"date":558,"tags":559,"editor":563,"content":573,"excerpt":710,"featured":50,"reporter":711,"_editable":715,"component":716,"seo_title":553,"categories":717,"visibility":726,"author_company":49,"featured_image":727,"seo_description":710,"author_full_name":49,"author_job_title":49,"formattedDate":733,"formattedArticleDate":734},"cab2bcb6-af27-4017-ab62-d7b756be43ff","2023-10-13 00:00",[560],{"slug":561,"name":562},"usa","USA",[564],{"slug":565,"name":566,"content":567},"didi-bostock","Didi Bostock",{"job_title":568,"image":569,"bio":571,"linkedin":572},"Editor - Energy Transition & Economics",{"filename":570},"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":574,"content":575},"doc",[576,583,588,593,608,613,618,623,628,635,640,645,658,663,675,680,685,690,695,700,705],{"type":577,"attrs":578,"content":579},"paragraph",{"textAlign":49},[580],{"text":581,"type":582},"The US has been focusing on building its rare earths permanent magnets (REMPs) manufacturing capacity as the country continues to take steps to reduce its reliance on China for the vital defence application components.","text",{"type":577,"attrs":584,"content":585},{"textAlign":49},[586],{"text":587,"type":582},"“There’s a lot of companies wanting to build downstream capacity in the US while most upstream sources of supply will likely come from Australia and elsewhere,” said Daan de Jonge, project manager at Benchmark. ",{"type":577,"attrs":589,"content":590},{"textAlign":49},[591],{"text":592,"type":582},"REPMs are high performance magnets used in F-35 bombers, Unmanned Aerial Vehicles, and other defence systems. ",{"type":577,"attrs":594,"content":595},{"textAlign":49},[596,598,606],{"text":597,"type":582},"The components are also critical for the energy transition. EV motors and wind turbines are the biggest and fastest growing sources of REPM demand, with their combined share set to grow from 37% in 2023 to 56% in 2032, according to ",{"text":599,"type":582,"marks":600},"Benchmark’s Rare Earths Forecast",[601],{"type":602,"attrs":603},"link",{"href":604,"uuid":49,"anchor":49,"target":49,"linktype":605},"https://www.benchmarkminerals.com/forecasts/rare-earths/reports/","url",{"text":607,"type":582},".",{"type":577,"attrs":609,"content":610},{"textAlign":49},[611],{"text":612,"type":582},"Despite the importance of REPMs to national and economic security, the US does not produce them at scale and relies heavily on imports from geopolitical rival China. ",{"type":577,"attrs":614,"content":615},{"textAlign":49},[616],{"text":617,"type":582},"US policymakers fear China could use its rare earths dominance as a pressure point if tensions between the powers continue to grow.",{"type":577,"attrs":619,"content":620},{"textAlign":49},[621],{"text":622,"type":582},"The national security dimensions of the REPM industry and the subsequent urgency of achieving greater independence from China is one factor focusing attention on the downstream.",{"type":577,"attrs":624,"content":625},{"textAlign":49},[626],{"text":627,"type":582},"“Building up more mines is something local populations tend not to like and is a very long-term process. There are many other mines in development elsewhere, likely with better cost positions, so it is easier for the US to just build up processing,” said de Jonge.",{"type":629,"attrs":630,"content":632},"heading",{"level":631,"textAlign":49},4,[633],{"text":634,"type":582},"US to expand REMP manufacturing capacity",{"type":577,"attrs":636,"content":637},{"textAlign":49},[638],{"text":639,"type":582},"Two announcements just in the last month promised to expand the US’ REPM pipeline capacity. ",{"type":577,"attrs":641,"content":642},{"textAlign":49},[643],{"text":644,"type":582},"In September, the Department of Defense entered an agreement to provide $94.1 million to US REPM producer E-VAC Magnetics, which already supplies REPMs to the e-mobility, industrial, aerospace, energy generation, and scientific and medical markets. ",{"type":577,"attrs":646,"content":647},{"textAlign":49},[648,650,656],{"text":649,"type":582},"“DoD investments into this supply chain, combined with favourable downstream policies such as the Inflation Reduction Act (IRA), are quickly making the United States the most attractive place for ",{"text":651,"type":582,"marks":652},"downstream rare earth investments",[653],{"type":602,"attrs":654},{"href":655,"uuid":49,"anchor":49,"target":49,"linktype":605},"https://source.benchmarkminerals.com/article/rare-earth-permanent-magnet-production-advances-outside-of-china",{"text":657,"type":582},",” said de Jonge.",{"type":577,"attrs":659,"content":660},{"textAlign":49},[661],{"text":662,"type":582},"The DoD has been actively trying to onshore its rare earths supply chains, having already awarded contracts worth tens of millions since 2021 to domestic rare earths producers MP Materials and Australia’s Lynas to build new processing sites in the country.",{"type":577,"attrs":664,"content":665},{"textAlign":49},[666,668,674],{"text":667,"type":582},"The E-VAC investment marks the DoD’s first in rare earth magnet production, but more federal support for local manufacturing may be forthcoming after US representatives reintroduced a bill to Congress in April 2023 ",{"text":669,"type":582,"marks":670},"proposing credits for domestic production",[671],{"type":602,"attrs":672},{"href":673,"uuid":49,"anchor":49,"target":49,"linktype":605},"https://source.benchmarkminerals.com/article/us-rare-earth-magnet-bill-aims-to-boost-domestic-production",{"text":607,"type":582},{"type":577,"attrs":676,"content":677},{"textAlign":49},[678],{"text":679,"type":582},"With its DoD funding, E-VAC will acquire and install manufacturing equipment, operationalise technical infrastructure, and engineer production lines to begin high volume REPM production by 2025.",{"type":577,"attrs":681,"content":682},{"textAlign":49},[683],{"text":684,"type":582},"The DoD investment agreement does not specify where E-VAC’s new operations will source feedstock.",{"type":577,"attrs":686,"content":687},{"textAlign":49},[688],{"text":689,"type":582},"In awarding E-VAC with the funds, the DoD has followed its previous rare earths investment strategy of dispensing public financing to companies as a way of stimulating private investment. ",{"type":577,"attrs":691,"content":692},{"textAlign":49},[693],{"text":694,"type":582},"“Commercial demand is huge. In order for the market to not implode due to lack of supply, non-state actors need to invest in the market at the same time,” said de Jonge. ",{"type":577,"attrs":696,"content":697},{"textAlign":49},[698],{"text":699,"type":582},"US REPM buildout is also starting to receive impetus from foreign capital too. In early October, South Korean steel giant POSCO holdings was said to be planning for an REPM factory in the US with Korean partner Star Group Industrial, which supplies magnets for Hyuandi’s hybrids, according to the Korean Economic Daily. ",{"type":577,"attrs":701,"content":702},{"textAlign":49},[703],{"text":704,"type":582},"Their aim is to set an initial production capacity of 3,000 tonnes, with plans to expand to 5,000 tonnes. Target customers will be General Motors, Ford, and Stellantis as well as Korean automakers Hyundai and Kia. ",{"type":577,"attrs":706,"content":707},{"textAlign":49},[708],{"text":709,"type":582},"POSCO and Star Group are in talks with the state governments of Texas, Tennessee, and Arizona to decide the location of the plant.","The US has been focusing on building its rare earths permanent magnets (REMPs) manufacturing capacity as the country continues to take steps to reduce its reliance on China for the vital defence application components. “There’s a lot of companies wanting to build downstream capacity in the US while most upstream sources of supply will likely […]",[712],{"slug":565,"name":566,"content":713},{"job_title":568,"image":714,"bio":571,"linkedin":572},{"filename":570},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"cab2bcb6-af27-4017-ab62-d7b756be43ff\", \"id\": \"\"}-->","article",[718,721,724],{"slug":719,"name":720},"critical-minerals","Critical Minerals",{"slug":722,"name":723},"new-energy","New Energy",{"slug":725,"name":420},"rare-earths","private",{"id":49,"alt":728,"name":729,"focus":729,"title":728,"source":729,"filename":730,"copyright":729,"fieldtype":731,"meta_data":732,"is_external_url":51},"Lockheed Martin F-35B Lightning II from VMFA-121 'Green Knights'. on runway","","https://a.storyblok.com/f/287943243085208/aa21d2c6e9/bm-shutterstock-1296104293.jpg","asset",{"alt":728,"title":728,"source":729,"copyright":729},"Oct 13, 2023","13th October 2023",[],[],1792773909397]