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CleanTechnica Geomega Will Recycle Rare Earths From USA Rare Earth

Geomega Will Recycle Rare Earths From USA Rare Earth

Geomega Resources Inc, which is a rare earth cleantech developer for mining and recycling, is partnering up with USA Rare Earth, which is a funding and development partner of the Round Top Heavy Rare Earth and Critical Minerals Project in West Texas, to recycle rare earth–containing production waste. This waste comes from USA Rare Earth’s production of sintered neodymium iron boron permanent magnets (sintered neo magnets) in the US.

Geomega Will Recycle Rare Earths From USA Rare Earth

Geomega Resources Inc, which is a rare earth cleantech developer for mining and recycling, is partnering up with USA Rare Earth, which is a funding and development partner of the Round Top Heavy Rare Earth and Critical Minerals Project in West Texas, to recycle rare earth-containing production waste.

Sources project that the global neo magnet market will expand by 100% to $27 billion in 2027. In 2019, The US purchased around 12,000 metric tonnes of neo magnets for around $71,000 per tonne. This is around 6% of the global rare earth magnet market and doesn’t include magnets in finished or semi-finished products that are imported. The U.S. was around 23.6% of the global DGP in 2019 so total imports of magnets could be at least four times the magnet-only numbers.