A feasibility study carried out by Less Common Metals (LCM) has confirmed that it is feasible to establish a rare earth per-manent magnet production facility in the UK to service the UK market, however, it must be under the right conditions.
In 2019 LCM was awarded funding, guided through the Ad-vanced Propulsion Centre (APC) as part of the Automotive Transformation Fund, to conduct a feasibility study to identify the requirements for a fully integrated supply chain for Rare Earth Permanent Magnet production in the UK.
After this study finished, LCM was awarded funding by UK Government on a second occasion to develop a detailed scope for a rare earth permanent magnet manufacturing facility in the UK. The focus has been on innovation and the study inves-tigated market opportunities, location, size of a magnet plant, amount of feed required, health and safety, environmental impacts, local community, and employment.
Rare earth-based permanent magnets are the most powerful mag-nets commercially available and find use in many key applications such as electric vehicles, wind power, low-energy pumps, and chemical couplings. The rare earths required for such magnets are critical materials and the current overdependence on China for supply gives huge strategic vulnerabilities.
Research carried out via the feasibility study has determined that an operational market could be established as early as 2025. Even more so, the market could create up to 170 jobs in the local area.
A UK magnet plant would need to service both automotive and wind turbines to be a success economically.
New legislation would need to be put in place to ensure a min-imum of 50% of UK-produced magnets are integrated into products manufactured within the country. Implementing this legislation will help manufacturers transition to support local businesses and help to diversify the supply chain away from China. In addition, a stable and secure supply of raw material feed independent from China will also be required to create an end-to-end supply chain.
Above all else, UK Government support is critical, and LCM has identified ways in which the Government can support such a market including a supportive approach to permitting, access to low-carbon competitively priced electricity in the UK and options for rebates to ensure the UK supply chain remains viable through times of low market prices.
LCM is continuously searching for ways to secure a sustainable and independent supply chain. To keep up to date, follow its LinkedIn page: Less Common Metals Limited.
