Rainbow Rare Earths commits to Western strategic supply chain with UK deal
London, UK
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September 13, 2023 08:53 AM Eastern Daylight Time
Rainbow Rare Earths Ltd (LSE:RBW, OTC:RBWRF) CEO George Bennett speaks to Thomas Warner from Proactive after the magnet rare earth metals company announced it has signed a strategic supply agreement with UK-based Less Common Metals (LCM), a prominent European metal facility with 50 years of expertise in transforming separated Earth oxides into alloys for permanent magnet production.
Bennett explains that the collaboration holds immense significance for Rainbow Rare Earths, positioning them as a reliable source of separated rare earth oxides.
The deal not only bolsters Rainbow's presence in the Western world's supply chain, reducing Western dependence on Chinese markets, but also establishes them as a key player in the UK's efforts to construct an independent strategic supply chain.
With production slated for 2026, Rainbow anticipates playing a pivotal role in supplying critical components for the green revolution, including wind turbines and electric vehicles, in both Europe and the US.
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