11th Sep 2023 14:28
(Alliance News) - Rainbow Rare Earths Ltd on Monday said it entered into a strategic supply agreement with Less Common Metals Ltd, which manufactures and supplies complex allow systems and metals.
Rainbow Rare, a South Africa and east Africa-focused rare earth oxide producer, said it will supply magnet separated rare earth oxides neodymium & praseodymium, dysprosium and terbium.
"These are the most economically important rare earth elements as they are used to make the permanent magnets essential to decarbonisation, via their use in electric vehicles and wind turbines, as well as to defence and other high-tech products," Rainbow Rare explained. They are also designated as "critical metals" in the UK's critical minerals strategy.
Rainbow Rare Chief Executive Officer George Bennett said: "Securing a buyer of our separated rare earth oxides that shares our values and aspirations was of strategic importance to Rainbow. We are dedicated to establishing an independent, responsible and ethical supply chain of the rare earth elements that are driving the green energy transition."
Rainbow Rare Earths shares rose 3.4% to 16.80 pence each on Monday afternoon in London.
By Tom Budszus, Alliance News reporter
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