Indian miner IREL seeks Japan, South Korea partnerships for rare earth magnet production
The company is looking at both Japan and South Korea for rare earth processing technology, potentially through government-to-government channels, the source said, declining to be named as the discussions are not public.
The miner aims to formalise talks with other countries on rare earth mining and technology partnerships and plans to seek IREL board approval for commercial magnet production this year, the source said.
IREL and the Department of Atomic Energy, which oversees the company, did not respond to requests for comment.
India currently lacks commercial-scale facilities to refine and separate the full range of rare earth elements to high-purity levels.
China, which controls the bulk of global rare earth mining, suspended exports of a wide range of rare earths and related magnets in April, upending the supply chains central to automakers, aerospace manufacturers, and semiconductor companies among others that use them.
IREL has also approached Toyotsu Rare Earths India, a unit of Japanese trading house Toyota Tsusho (8015.T), opens new tab, to seek help in reaching out to companies in Japan for processing of rare earth materials, the source said.
The source said IREL had an initial meeting with Toyotsu to explore whether it could engage Japanese magnet manufacturers, with one proposal involving the possibility of a Japanese company setting up a plant in India.
Toyota Tsusho and Toyotsu Rare Earths India did not immediately comment.
Japan's Ministry of Economy, Trade and Industry, in charge of rare earths, did not immediately respond to a Reuters email seeking comment.
In June, Reuters reported that India asked IREL to suspend a 13-year-old rare earth export agreement with Japan to conserve domestic supplies.
IREL is prepared to supply rare earth element neodymium oxide to a technology partner, who would then produce the magnets and send them back to India, the source said.
The state miner currently has the capacity to produce 400–500 metric tons of neodymium annually, the source said, noting that output could increase depending on the terms of the collaboration.
IREL also plans to expand domestic rare earth mining and processing.
In India, rare earth mining is restricted to IREL, which supplies the Department of Atomic Energy with materials for nuclear power and defence-related applications.
The company is also exploring potential rare earth mining opportunities in Argentina, Australia, Malawi and Myanmar, the source said.
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