(Alliance News) – Rainbow Rare Earths Ltd said Monday it has entered into a strategic supply agreement with Less Common Metals Ltd, which manufactures and supplies complex hardware systems and metals.
Rainbow Rare, a rare earths producer in South Africa and East Africa, said it will supply magnetically separated rare earths such as neodymium, praseodymium, dysprosium and terbium.
“These are the most economically important rare earth elements because they are used to make permanent magnets essential for decarbonizing the economy, through their use in electric cars and wind turbines, as well as for defense purposes and other high-tech products,” Rainbow Rare explained. They are also classified as ‘critical minerals’ in the UK Critical Minerals Strategy.
“It was strategically important for Rainbow to find a buyer for our isolated rare earth oxides who shares our values and aspirations,” said George Bennett, CEO of Rainbow Rare. “We are committed to creating an independent, responsible and ethical supply chain of rare earths.” Earth elements driving the transition to green energy.
Rainbow Rare Earths shares rose 3.4% to 16.80 pence per share in London on Monday afternoon.
By Tom Podszos, Alliance News reporter
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