The new supply chain arrangement, set to start operating in July, backs up the US and its allies’ plans to cut China’s role in their critical supply chains.Sumitomo anticipates it will supply 3,000 tonnes of neodymium and praseodymium a year to Japanese magnet makers, equivalent to about 30% of their annual consumption.President Joe Biden has boosted efforts to help critical minerals companies speed up plans to produce locally. Last year, his administration gave MP Materials a $35 million Pentagon grant to help it acquire further equipment to process rare earth minerals in California. QUOTE US Government building up domestic supply of rare earth, ARR is in a good position to be assisted to enhance supply and processing capability IMO.
