Rare earth magnet production looks set to advance in the US and Europe in 2024, with market participants outside of China seeking to secure and onshore the supply chain for magnets

Rare earth magnets are becoming the lithium and cobalt of electric motors, playing a critical role in delivering power, torque, and efficiency, while production increasingly shifts toward Europe and the US to meet rising EV demand, comply with new sourcing rules, and strengthen supply security.

A recent clarification of the Section 45X tax credit under the Inflation Reduction Act (IRA) that includes aluminium in the critical minerals list will help boost domestic production, according to aluminium producers in the United States

With China’s stringent implementation of its gallium export controls persisting through to the end of 2023 at least, 2024 looks set to become a make-or-break year for gallium market participants outside China

South Korea plans to reduce its reliance on countries such as China when it comes to sourcing materials - including critical minerals such as graphite and rare earths - to avoid potential supply chain disruptions.

This recommendation, along with others like promoting domestic battery recycling and research funding for alternative battery chemistries, is part of a larger strategy to enhance US resilience in strategic areas

Western Australia (WA), Australia’s largest state, will evaluate the possibility of developing cathode active materials (CAM) production once precursor CAM (pCAM) output is up and running, Bill Johnston, the state’s Minister of Mines and Petroleum, told Fastmarkets

A rare earth mining project nearing completion in the midwestern state of Goiás has the potential to kickstart the development of a rare earth industry in Brazil, market participants said

Key talking points at Fastmarkets’ International Aluminium conference in Barcelona, Spain, on September 12-14

The economic feasibility of securing supplies of critical raw materials such as gallium and germanium could threaten the "green" transition to the use of electric vehicles, a UK-based industry association, the Critical Minerals International Alliance (CMIA), told Fastmarkets