In its ongoing efforts to lead the establishment of an independent rare earth elements (REEs) supply chain in the UK, Rainbow Rare Earths, a London-listed company, has entered into a strategic supply agreement with Less Common Metals (LCM) to develop a Western supply chain for REEs.
Under this agreement, Rainbow will provide LCM with REEs that are designated as critical minerals. LCM is the sole manufacturer of rare earth metals and alloys in the UK and one of the few facilities outside China with this capability.
LCM holds a unique position in the rare earths industry as it is the only Western company commercially producing both highly specialized strip-cast alloys and all the necessary rare earth metals required for manufacturing high-performance neodymium iron boron magnets.
The materials that Rainbow will supply to LCM, including neodymium, praseodymium, dysprosium, and terbium, are economically vital REEs due to their use in the production of permanent magnets.
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