Solvay: we can supply 30% of Europe's rare metal needs
Belgian chemicals group Solvay has made a bold prediction to accompany the launch of its new production capability. It believes it can supply Europe's EV makers with nearly a third of its rare earth metals for permanent magnets by 2030.
The group has just confirmed that regular production at its plant in La Rochelle should start in early 2025. It is the only facility in Europe able to process light and heavy rare earth materials at an industrial level.
Solvay believes the launch is well-timed, given moves by the EU to restrict imports from China and 'on-shore' production instead. China is currently estimated to supply around 95% of the EU's rare earth needs. The firm says it is now in discussions with Europe's main car manufacturers and turbine makers to secure orders.
A new EU law has set targets to mine 10%, recycle 25% and process 40% of its annual critical minerals needs domestically by the end of the decade. It has also said that no more than 65% of rare earth supplies should be provided by one country.