Supply deficit in 2035 already estimated to be 15 times Saltend’s annual production – before this new demand shock.
Adamas Intelligence has recently reported the demand for NdPr oxide growing at 8.3% CAGR with the supply side struggling to keep up.
The two biggest drivers for magnet metal rare earth demand are EVs and Offshore Wind with demand from both sectors increasing year on year.
- An EV uses around 2 kg of magnet metal rare earth, mainly in the axial motors but also for a range of other small electric motor applications.
- The latest Offshore Wind Turbines such as the 260 metre high Haliade-X, currently being installed in the 2.45GW Dogger Bank Wind Farm, contain over seven tonnes of magnet metals.
Adamas forecasts that excess demand over supply is expected to grow to over 60,000 tonnes of NdPr oxide per year by 2035 – equivalent to 15 times Saltend’s annual production.
The EU ban will add to this growing demand for Saltend’s independent and sustainable production of magnet metal rare earths.
Pensana plc (LON:PRE) explores and mines neodymium, praseodymium, and rare earth minerals. The company is looking to establish the world’s first fully sustainable magnet metal rare earth oxide producer at the Saltend Chemicals Park in the Humber Local Enterprise Partnership Yorkshire, UK.
