Rainbow Rare Earths has entered into a strategic supply agreement with UK-based LESS COMMON METALS LIMITED to develop a responsible Western supply chain for Rare Earths Elements, Neodymium, Praseodymium, Terbium, and Dysprosium.
Under the terms of the agreement, Rainbow will supply LCM, the only rare earth metal and alloy manufacturing facility in the UK, with rare earth elements designated as #criticalminerals due to their essential role in the green energy transition.
George Bennett, CEO of Rainbow, commented: “Securing a buyer of our separated rare earth oxides that shares our values and aspirations was of strategic importance to Rainbow. We are dedicated to establishing an independent, responsible and ethical supply chain of the rare earth elements that are driving the green energy transition.
“With over 30 years of experience in the manufacture and supply of metals and alloys to the permanent magnet industry, LCM is a fantastic partner for Rainbow. Using its expertise to expand in the USA and the EU, LCM will be instrumental in meeting the huge and growing demand for permanent magnets.”
Albert Slot, Managing Director of LCM, commented: “LCM occupies a unique position in the rare earth pipeline as it is the only company in the Western world commercially producing both the highly specialised strip-cast alloys and all of the required rare earth metals needed for the production of the highest-performance neodymium iron boron magnets. Furthermore, LCM’s expertise in the commercial production of neodymium metal and neodymium praseodymium alloy is unique in the Western world.
“Given the concentration of the rare earth supply chain, a relationship with Rainbow offers the opportunity for LCM to secure ethical supply of all four of the magnet rare earth oxides vital for our business. This partnership will therefore ensure that together we can continue to develop a responsible and independent supply chain of rare earth elements to the benefit of the Western world.”