Latest news with #MidwestAdvancedMaterials
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Business Standard
5 hours ago
- Business
- Business Standard
Midwest set to lead India's rare earth magnet charge from December
Hyderabad-based MAM to start 500-tonne annual rare earth magnet output by December and invest ₹1,000 crore in three years to scale capacity and secure raw material premium Shine Jacob Chennai Listen to This Article India's solution to the ongoing crisis on rare earth magnets may well be on track, as Hyderabad-based Midwest Advanced Materials (MAM) is all set to produce the country's first rare earth magnets by December from its 500-tonne-per-annum facility in Hyderabad, a top company executive told Business Standard on Sunday. The Kollareddy-family-owned company is also mulling investments to the tune of ₹1,000 crore over a period of three years to expand its capacity to around 5,000 tonnes per annum, in addition to backward integration. Midwest Ltd (a sister concern of MAM) has secured mines containing monazite (feedstock for rare earths) strategically
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Business Standard
2 days ago
- Business
- Business Standard
Govt plans ₹1,500 crore incentive scheme to recycle critical minerals
Midwest Advanced Materials to produce rare earth magnets as India eyes local recycling of critical minerals following China's supply curbs Puja Das New Delhi Listen to This Article Following the disruption in the supply of rare earths and permanent magnets after China's notification on 4 April, the mines ministry is planning to introduce a ₹1,500 crore incentive scheme to recycle critical minerals, according to a top official. In parallel, Midwest Advanced Materials Pvt Ltd (MAM), a Hyderabad-based company specialising in advanced materials and rare earth magnets, is in talks with the Non-Ferrous Materials Technology Development Centre (NFTDC), Hyderabad, to acquire its technology for extracting and processing rare earth magnets, the official said. The incentive scheme will focus on critical minerals such as neodymium (a rare-earth element from the
