Rare economy metal
India’s official company IREL (Indian Rare Earths Limited) wants to start commercial production of rare meaning magnets (magnets made of rare metal) in association with Japan and South Korean companies. This step is part of the attempt to reduce dependence on China.
According to the information, IREL wants to bring rare meaning processing technology from Japan and South Korea, it is possible that there should be talks between the governments of the two countries for this. IREL is planning to take approval for commercial production from its board this year and formalize rare economics with other countries.
Rare Earth Metal dominates China
Currently, India does not have the facility to refine and separate the rare meaning on such a large scale at high-purity level. Most of the rare meaning mining in the world is occupied by China, and in April this year, China stopped the export of these metals and the magnets made from them, affecting the supply chain of several industries such as automobiles, aerospace and semiconductor.
Talk to this Japan company
IREL has also contacted Toyotsu Rare Earths India In the initial conversation, it was also discussed that a Japanese company set up plants in India itself.
According to the information, IREL will provide Neodium Oxide (a rare meaning element) to its technical partner, which will make magnets and send it back to India. Currently, the company has the ability to make 400500 metric tonnes of neodiums every year, which can also be increased according to the partnership.
IREL from these countries can do mining
IREL is looking for mining opportunities in Argentina, Australia, Malawi and Myanmar along with raising rare mines in the country. IREL only has the right to rare meaning mining in India, which provides material for the needs related to nuclear power and defense.