US Strategic Metals (USSM) will build a $100m recycling plant for rare earth magnets in the US state of Missouri, as China continues to restrict their export.
Built in collaboration with Ionic Rare Earths USA, the plant will recycle Neodymium-Iron-Boron (NdFeB) and Samarium-Cobalt (SmCo) – the two main types of rare-earth permanent magnets. As the materials have different magnetic strengths and temperature limits, they are typically used in slightly different products.
Among other things, NdFeB is used in traction motors for electric vehicles (EV) – components that are in increasingly large demand as sales of EVs grow year-on-year. Rare earth magnets are also critical minerals in the development of wind turbines, as well as medical equipment, pumps, robotics and electronics.
China has long been the dominant player in the rare earths market, accounting for around 70% of global mining production and over 90% of global rare earths processing. While the critical elements can be found outside...