Print Magazine
Brussels Morning Newspaper
Thursday, October 5, 2023
No Result
View All Result
  • Home
    • About Us
  • EU institutions
    • Commission
    • Parliament
    • Council
  • Europe
  • World
  • Economy
  • Culture and Society
  • In Depth
    • Ambassador’s Corner
    • The American Angle
    • Sustainable Perspective
    • Europe With Transparency
    • Place de la Bourse
    • The Macro-Economist
    • Southeast Europe
Brussels Morning Newspaper
  • Home
    • About Us
  • EU institutions
    • Commission
    • Parliament
    • Council
  • Europe
  • World
  • Economy
  • Culture and Society
  • In Depth
    • Ambassador’s Corner
    • The American Angle
    • Sustainable Perspective
    • Europe With Transparency
    • Place de la Bourse
    • The Macro-Economist
    • Southeast Europe
Brussels Morning Newspaper
No Result
View All Result
Home EU Institutions

EU reportedly planning rare-earth magnet production

Nikola Kiš by Nikola Kiš
24 August 2021
in EU Institutions
EU reportedly planning rare-earth magnet production
Share on FacebookShare on Twitter

Brussels (Brussels Morning) The EU is planning to jump-start local production of rare-earth magnets needed in the production of electric motors by providing support to local makers, according to sources close to the situation.

The move mirrors US regulations introduced earlier this month that offer tax incentives to local producers, according to Reuters reporting on Monday.

The EU, the US and the UK are planning to increase production of rare-earth magnets used in motors installed in wind turbines and electric vehicles with the aim of lowering dependence on imports from China.

According to European companies, they cannot compete with Chinese manufacturers who receive subsidies and supply roughly 90% of the global market.

Constantine Karayannopoulos, CEO of Neo Performance Materials chemical manufacturing company, pointed out that the company is prepared to invest in production of rare-earth magnets if it sees “a coordinated effort where out portion of the capital will attract a sufficient return.”

He noted that Neo Performance Materials is prepared to build a factory in Estonia worth US$ 100 million and is open to public-private cooperation, but added that he did not see an EU proposal.

ERMA to secure minerals

Last year, the EU launched the European Raw Materials Alliance (ERMA) to secure critical minerals needed in the green push, with an emphasis on rare-earth elements.

According to EU plans, the bloc is to build an industry of rare-earth mineral mining and processing as well as magnet production to lower its vulnerability to potential disruptions in imports from China. Chinese suppliers currently cover 98% of EU demand for rare-earth magnets.

The EU is expecting demand for such magnets to increase up to tenfold by 2050 due to green transition programmes aimed at lowering greenhouse gas emissions.

According to sources, the ERMA is to release recommendations for building the rare-earth magnet industry in September.

A European Commission spokesperson pointed out that proposed measures must be in line with EU and World Trade Organisation rules.

Tags: Main-Slider
Follow Brussels Morning
Facebook Twitter Youtube Linkedin

About Us

Brussels Morning is a daily online newspaper based in Belgium. BM publishes unique and independent coverage on international and European affairs. With a Europe-wide perspective, BM covers policies and politics of the EU, significant Member State developments, and looks at the international agenda with a European perspective.

More Info

  • About Us
  • Advertising
  • Cookie Policy
  • Contact Us
  • FAQ
  • Jobs

Categories

  • Belgium News
  • Brussels
  • Culture and Society
  • Economy
  • EU Institutions
  • Commission
  • Council
  • Parliament
  • Europe
  • Features
  • Health & Fitness
  • In Depth
  • Ambassador’s Corner
  • Europe With Transparency
  • Place de la Bourse
  • Southeast Europe
  • Sustainable Perspective
  • The American Angle
  • The Macro-Economist
  • Member States
  • Opinion
  • Our pick
  • Uncategorised
  • World
  • Diplomacy
  • Middle East Eye
  • US Elections
  • Join Our Newsletter

    Brussels Morning Newspaper – All Rights Reserved © 2020

    No Result
    View All Result
    • Home
    • About Us
    • Brussels Bubble
      • Parliament
      • Commission
      • Council
    • Wider Europe
      • Member States
    • World
    • Business & Society
    • Europe With Transparency
    • Culture & Society
    • Policy Talks
      • Place de la Bourse
      • The Macro-Economist
      • Sustainable Perspective
      • Ambassador’s Corner
      • The American Angle
      • Southeast Europe
    • Print Magazine

    Brussels Morning Newspaper - All Rights Reserved © 2020

    We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
    Cookie settingsACCEPT
    Privacy & Cookies Policy

    Privacy Overview

    This website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may have an effect on your browsing experience.
    Necessary
    Always Enabled
    Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
    Non-necessary
    Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.
    SAVE & ACCEPT