BMW and Yamaha Motor have invested in rare-earth processing start-up Phoenix Tailings, which plans to open a $13m facility in the US by June 2025.
In the shift away from fossil fuel reliance comes an increased demand for rare earth and metal elements. These materials have diverse applications in electrical and electronic components, and are increasingly needed for battery technologies including those in electric vehicles.
However, production of these strategic metals mostly takes place in Chinese mines. The process of refining them generates a lot of harmful waste that poses significant risks to the environment.
US-based Phoenix Tailings claims that each year the mining industry discards over 200 billion tons of waste (known as tailings). Its mission is to be the world’s first clean mining and metals production company by eliminating this harmful waste.
Its proprietary process – molten oxide electrolysis – is designed to economically recover high-grade iron from tailings, including iron...