USA Rare Earth eyes French plant after Carester deal
USA Rare Earth is considering a French magnet plant after buying a stake in Carester. The move aims to cut reliance on China for critical green energy minerals.
USA RARE EARTH INC is exploring the construction of a permanent magnet manufacturing plant in France, according to the company's chief executive. This potential expansion follows an agreement to pay 40 million euros ($47 million) for a strategic stake in Carester, a French rare earth processing firm.
The United States and European nations are currently in a race to establish domestic supply chains for rare earths. These minerals are vital for the transition to green energy, the production of electronics, and the defense sector. A primary goal of these efforts is to reduce global dependence on China, which currently dominates the market as the top producer.
