China is currently a pioneer in the export of rare earths. However, the EU wants to change this as soon as possible. Currently, nine out of ten imported permanent magnets that are installed in electric cars come from China. These permanent magnets are particularly attractive to manufacturers because they require little electricity.
Rare earths are even more common than the name suggests. The EU wants to promote them itself in the future. As a result, the European raw materials alliance Erma was founded at the end of 2020, with the aim of ensuring that the EU is supplied with minerals. This will mean that customers will have to pay a higher price. Demand for rare earths is expected to increase significantly in the fight against climate change. Demand is expected to increase tenfold by 2050.