Enabling Low Carbon Technology
The Ngualla Project hosts a particularly large and high-grade neodymium (Nd) and praseodymium (Pr) dominant deposit. These are the two critical elements required for permanent rare earth magnets used in electric vehicles and wind turbines.
- Pr is a soft, silvery, malleable and ductile metal, valued for its magnetic electrical, chemical and optical properties:
Pr is used in a variety of alloys, notably with Nr to create high powered magnets and also with magnesium for use in aircraft engines
- Nr is a soft silvery metal that tarnishes in air, is not found naturally in metallic form and is usually refined for general use:
The most important use for Nr is in an alloy with iron and boron to make very strong permanent magnets
- Together, NdPr accounts for 80% of the value of the rare earth oxide market (basis December 2021 spot prices)
NdPr Market Demand by Sector in 2020
NdPr Market Demand by Sector in 2030
- Permanent magnets for electric vehicles is the most significant driver of growth for NdPr.
There are several other key drivers underpinning expected future demand including: offshore wind turbines, conventional automotive parts, inverter air conditioners, white goods and other electronic consumables.
- China accounts for +60% of total supply for rare earth oxides and almost the entire heavy rare earth separation market. Alternative supply is essential for global supply chain security