In continuing its efforts to be a forerunner in the establishment of an independent rare earth elements (REEs) supply chain in the UK, London-listed Rainbow Rare Earths has entered into a strategic supply agreement with Less Common Metals (LCM) to develop a Western supply chain for REEs. In terms of the agreement, Rainbow will supply LCM with REEs designated as critical minerals, with LCM being the only rare earth metal and alloy manufacturer in the UK – and one of the few facilities outside of China.
In continuing its efforts to be a forerunner in the establishment of an independent rare earth elements supply chain in the UK, London-listed Rainbow Rare Earths has entered into a strategic supply agreement with Less Common Metals to develop a Western supply chain for REEs.
The materials that Rainbow will supply to LCM, magnet-separated rare earth oxides neodymium, praseodymium, dysprosium and terbium, are the most economically important REEs owing to their use in making permanent magnets, which are, in turn, essential to decarbonisation as they are used in the manufacture of wind turbines and electric vehicles.
“Using its expertise to expand in the US and the EU, LCM will be instrumental in meeting the huge demand for permanent magnets,” he adds.
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