IXR (ASX) General Chat / Discussion

Originally posted by mugwon: ↑

Just speculating on who the mystery European magnet maker could be.
Note the first article was published 2011 and the second was published today.

Great Western signs long-term European rare earth supply contract
Published:17:20 19 Sep 2011 BST
Great Western Minerals Group (CVE:GWG) announced Monday it has signed a letter of intent to enter into a long term agreement with European permanent magnet producer, Vacuumschmelze GmbH & Co. KG (VAC), whereby VAC will purchase at least 50% of its rare earth alloy needs from Great Western.

The long-term, multi-year agreement will see Great Western's wholly owned subsidiary, Less Common Metals, supply neodymium/dysprosium alloys, samarium alloys and associated metals to VAC for its permanent magnet operation.

Less Common Metals currently supplies samarium-cobalt alloys to VAC.

Great Western said its subsidiary plans to install a new melting capacity in order to provide certain compositions and microstructures that are more specific to VAC's alloy requirements in the future.

Great Western president and CEO, Jim Engdahl commented: "Moving toward a long term agreement as an approved supplier through this Letter of Intent is yet another example of [Great Western] systematically executing its fully integrated business model."

"Being able to base our Company’s expansion plans on an existing supplier relationship with a company of the market stature of Vacuumschmelze significantly increases the relevance of this LOI because our company has a strong track record of being a highly qualified supplier to VAC."

Great Western's rare earth specialty alloys are used in the battery, magnet and aerospace industries, and are produced by its two subsidiaries: Less Common Metals in Birkenhead, UK, and Great Western Technologies in Troy, Michigan.

Aside from its Steenkampskraal mine in South Africa, the Saskatoon, Saskatchewan-based company also holds interests in six rare earth exploration properties in North America.

LS Cable partners with VAC to launch joint venture specializing in rare earth magnets
By Park Sae-jinPosted : February 14, 2024, 16:02Updated : February 14, 2024, 16:02

[Courtesy of LS Eco Advanced Material]

SEOUL -- South Korea's major cable company LS Cable & System has partnered with Vacuumschmelze, Europe's top company specializing in the development and production of magnetic materials, to establish a joint venture.

LS Cable specializes in the manufacturing and distribution of various cables and systems for a wide range of industries, including power transmission and distribution, telecommunications, and automotive sectors. The company is recognized as a leading player in the global market, particularly for its extra-high-voltage submarine cables.

Vacuumschmelze (VAC), based in Hanau, Germany, is the world's leading manufacturer of magnetic alloys and solutions. High-performance rare earth magnets, such as neodymium magnets, produced by VAC are used in electric vehicles (EVs) and other motor-based facilities, including power plant turbines and generators.

LS Eco Advanced Material, a subsidiary of LS Cable, which manufactures copper wires for motors used in Hyundai and Kia EVs, announced on February 14 that it has signed a memorandum of understanding with VAC to establish a joint venture for magnetic products by the end of 2024.

The joint venture aims to provide an annual shipment of 1,000 tons of neodymium magnets to global carmakers starting in 2027, sufficient to produce approximately 500,000 EVs. Apart from Chinese magnet makers, there are only about 10 companies worldwide that produce high-performance magnets for EV motors.

With the global EV market steadily growing, the demand for neodymium magnets is high. Industry experts predict that the demand for high-performance magnets for EV motors will increase from the current annual capacity of 150,000 tons to 400,000 tons by 2040.

"Based on LS Cable & Systems' non-ferrous metal processing technique, we plan to establish a rare earth magnet value chain with partner companies," LS Eco Advanced Material CEO Lee Sang-ho said.

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Nice Work

Plus Ford has Assembly Plants in

It might be Bunting sub contractor Magnet producer