Rare Earths MMI: European Raw Materials Alliance aims to strengthen rare earths supply chain

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The Rare Earths Monthly Metals Index (MMI) surged 26.9% for this month’s reading.

December 2020 Rare Earths MMI chart

The MetalMiner 2021 Annual Outlook consolidates our 12-month view and provides buying organizations with a complete understanding of the fundamental factors driving prices and a detailed forecast that can be used when sourcing metals for 2021 — including expected average prices, support and resistance levels.

European Raw Materials Alliance initiative aims to strengthen supply chain

The European Commission recently launched the new European Raw Materials Alliance (ERMA) earlier this year.

Last week, ERMA kicked off the first “cluster” aimed at strengthening the domestic supply of rare earths magnets and motors.

“The first Cluster of ERMA deals with one of the most critical value chains for many key EU industrial ecosystems: rare earth elements (REE) used in high performance magnets and motors,” ERMA said in a Dec. 9 release. “ERMA supports a multi-sourcing strategy of REEs from feasible, responsible sources (primary and secondary) to ensure resilient supply chains and increase European industrial competitiveness. In addition, Europe’s capacities need to increase in magnet making as well as resource efficient and smart product design for the Circular Economy.”

Over 100 ERMA partners participated in the first meeting — held online — of the Rare Earth Magnets and Motors Cluster.

“The first draft of a rare earth action plan for Europe developed over the last months by a group of stakeholders from the REE sector was also presented during the meeting,” the ERMA release continued. “The work on this action plan continues within the ERMA Rare Earth Magnets and Motors Cluster through specific task forces that will identify challenges and regulatory bottlenecks along the value chain and develop recommendations and actions for Europe.”

New name for Lynas

In other news, the world’s largest rare earths miner outside of China has a new name.

Lynas Corporation Limited’s new name is Lynas Rare Earths Limited.

Meanwhile, last month Lynas announced exploration results after deeper drilling below the Mount Weld rare earths pit.

The operation saw two bores drilled at 100 and 106 meters below the current pit floor.

The exploration found “significant and continuous intersections of Rare Earth minerals.”

Included in the findings were light rare earth elements and heavy rare earth elements, the report added. Furthermore, Lynas will follow up the exploratory results with further drilling.

Actual metals prices and trends

The Chinese yttrium price dropped 2.9% month over month to $32.66 per kilogram. Meanwhile, Chinese terbium oxide jumped 2.9% to $939.54 per kilogram.

Chinese neodymium oxide rose 46.3% to $78,232.05 per metric ton.

Europium oxide, meanwhile, jumped 4.1% to $31.90 per kilogram. Dysprosium oxide jumped 17.4% to $294.70 per kilogram.

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