The Rare Earths Monthly Metals Index (MMI) bounced back, rising by 11.6% this month.
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GM, GE Renewable Energy aim to develop rare earths supply chain
Automaker General Motors and GE Renewable Energy have signed a memorandum of understanding through which they will seek to develop a supply chain for rare earths and other materials needed for electric vehicles and renewable energy.
The parties will “evaluate opportunities to improve supplies of heavy and light rare earth materials and magnets, copper and electrical steel used for manufacturing of electric vehicles and renewable energy equipment,” GM said earlier this month.
Initially, they will focus on a Europe- and North America-based supply chain for vertically integrated magnet manufacturing.
“A secure, sustainable and resilient local supply chain for electric vehicle materials is critical to the execution of GM’s vision of an all-electric future,” said Shilpan Amin, GM vice president for Global Purchasing and Supply Chain. “Motors are one of the most important components of our Ultium Platform, and the heavy and light rare earth materials are an essential ingredient in our motor magnets. The combined scale of GM and GE will enable us to unlock the potential for securing low-carbon footprint, ESG-friendly, secure and cost competitive materials.”
Furthermore, the parties will evaluate “potential cooperation to support the development of new technologies and processes for both automotive and renewable power generation applications.”