Latest news with #Carester
Reuters
29-05-2025
- Business
- Reuters
UK rare earths company to build plant in France
LONDON, May 29 (Reuters) - Britain's Less Common Metals, one of the few firms outside China involved in a key step of rare earths processing, plans to build a plant in France, teaming up with a recycling firm there, LCM's majority owner and chairman said. The move would mark another step to diversify Western supplies of rare earths - critical for making magnets used in electric vehicles, wind turbines and electronic components. China accounts for about 90% of the world's processed rare earth production. LCM aims to launch production of rare earth metals and alloys in France by 2027, using raw materials from a plant being built by Carester, Grant Smith told Reuters. France, aiming to become a European hub for the rare earths sector, is also home to a rare earths plant owned by chemicals group Solvay ( opens new tab, which launched an expansion in April. A final decision is due soon on LCM's 110 million euro ($124 million) project that would be built in Lacq, southwestern France, adjacent to Carester's plant, which will take old permanent magnets and recycle them, Smith added. "To put the finishing touches on our project, we need two things: get the funding in place and finalise the offtake to make sure the project's going to be viable," Smith said in an interview. Carester has received 216 million euros in funding from Japanese sources and the French government for its processing unit Caremag, which is expected to produce 1,400 metric tons of rare earth oxides a year, mainly from recycled magnets. LCM aims to apply for funds from both the European Union and France and also plans to raise equity or debt funding, Smith said. LCM would take the rare earth oxides from Caremag and process them into rare earth metals and alloys, which would be sold to permanent magnet producers. Rare earths go through a lengthy and complex process to be transformed from mined ore to finished permanent magnets and only a handful of companies outside of China are involved in the metals and alloying segment. Since 1992, LCM has produced a range of rare earth metals and alloys at its plant at Ellesmere Port in northwest England and it will continue that production as it expands abroad, Smith said. In the longer term, LCM is also considering establishing operations in North America and Asia, he added. ($1 = 0.8862 euros)
Reuters
17-03-2025
- Automotive
- Reuters
Japan to invest 100 million euros in French rare earths project, government official says
TOKYO, March 17 (Reuters) - Japan has agreed to invest about 100 million euros ($109 million) in a French rare earth minerals refining project by Carester to diversify its procurement sources, a Japanese industry ministry official said on Monday. The move is part of Japan and its allies' broader efforts to strengthen supply chains of critical minerals, essential for electric vehicles (EVs) and other advanced technologies, whilst reducing dependence on China. Get a look at the day ahead in U.S. and global markets with the Morning Bid U.S. newsletter. Sign up here. The details of the deal will be announced later on Monday, the official told Reuters. Earlier on Monday, the Nikkei business daily reported that the Japanese government plans to invest in Carester's rare earths project, while the French government will also provide about 100 million euros in financial support. Iwatani Corp (8088.T), opens new tab and other companies will procure key minerals such as dysprosium and terbium, which are used in EVs, at a scale equivalent to 20% of Japan's demand, the Nikkei said. Iwatani declined to comment on the report. Carester, a French company founded in 2019, includes several employees who formerly worked on rare earths at Solvay ( opens new tab, a Belgian chemical group. The French firm, which agreed to form a partnership with Solvay in 2024, plans to start production in 2026 at a plant expected to produce over 1,000 metric tons of rare earth oxides mainly from recycled magnets, but will initially also process mining concentrates. ($1 = 0.9192 euros)
