First US plant for recycling rare-earth magnets
Two companies, US Strategic Metals and Ionic Rare Earths, signed an initial agreement in September to build the first US plant for recycling rare-earth magnets, in Missouri, with a joint investment of $100 million. The plant will recover rare-earth elements from used magnets, including neodymium-iron-boron and samarium-cobalt types, using technology from Ionic Technologies previously tested in Ireland. The companies plan to finalise the agreement by the end of the year.
Why it matters: This bears on the critical-minerals theme, as the United States seeks to secure rare-earth supply chains outside China.