According to the company, it has fulfilled 60% of plant design and plan to complete “detailed engineering” later in 2022. The total estimated timeline for the project is around 40 months from October 2021.
The US Department of Energy (DOE) is funding approximately one-half of the US$44 million project.
Plans are for the plant to use Rare Element’s proprietary processing and separation technology to produce a commercial-grade neodymium/praseodymium (Nd/Pr) rare earth high-purity oxide that can be used in producing high-strength permanent magnets. These magnets can be used in the manufacture of electric vehicles and wind turbines, the company said.