Neodymium (LREE)
Neodymium is a light rare earth metal essential for producing strong permanent magnets.
China and Australia are the largest producers. Refining neodymium allows for the creation of high-performance magnets, which are critical for efficient energy production in wind turbines.
Neodymium is critical for making magnets in wind turbines, electric vehicles, and electronics. China’s dominance in producing and refining neodymium gives the country significant power in the global market. Neodymium is often mined with other rare earth elements, and the process can harm the environment if not managed properly.
Refining neodymium involves complex chemical processes that can pollute water and soil. In China, this has caused significant environmental problems in mining areas. With its considerable neodymium reserves, Australia is developing more eco-friendly mining methods and building a more sustainable supply chain.