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Offshore wind turbines are an end-use market for steel that goes into foundations and nacelles (boxes for turbine elements), copper for cables, molybdenum for gears and neodymium for permanent rare earth magnets.
“The offshore wind industry consumes about a conservative 220 tonnes of neodymium-praseodymium oxide (NdPr) per GW of installed capacity,” said Anne-Marie Sylvestre, a sustainability consultant for the rare earths industry and former global lead sustainability at Australian producer Lynas Rare Earths.
Sylvestre estimates that NdPr content in the current installed 64.3GW is around 14,150 tonnes.
“If the GWEC’s estimate of 380 GW of new offshore wind installations by 2032 is correct, then the industry will require about 83,600 tonnes of NdPr over the next decade,” she added.
Brussels-based Rare Earth Industry Association (REIA) estimates that the industry would require an average of 30,000 tonnes of rare-earth permanent magnets per year, or a total of almost 290,000 tonnes between now and 2032, based on the GWEC report.
REIA’s estimate is based on capacity of 28 GW being installed each year from 2023 to 2027. This amount then doubles to approximately 52 GW per year from 2028 to 2032.
Current annual consumption of neodymium is around 60,000 tonnes, according to Fastmarkets’ estimates.
“The data indicates that the demand for these magnets will more than double every five years, not accounting for competing demand from onshore-wind installations and electric vehicle (EV) deployment,” REIA said.
Sylvestre also said that her estimates did not consider the additional demand from onshore wind turbines, which use neodymium magnets but in smaller amounts.
Rare earth magnet supply
“Apart from current expanding production capacity, I see recycled NdPr extracted from offshore end-of-life wind turbines as a significant NdPr source within a 10-year timeframe,” Sylvestre said.
She added that there is no reliable method to recycle these materials at present, mainly due to safety, economic, and technical hurdles in retrieving and reusing the magnets.
But recycling is a considerably faster approach compared to initiating entirely new projects, and new developments might potentially reduce the quantities of rare earths needed in magnets, Sylvestre said.'
https://www.fastmarkets.com/insights/offshore-wind-industry-in-need-of-rare-earth-magnets
Dr. Lazarus Chakwera
@LAZARUSCHAKWERA
·
9h
At #InvestInMalawi Forum, we have promoted Malawi as a viable investment destination. Huge opportunities in Agriculture, Tourism, Mining, Health, Education & Infrastructure development. Come, invest in #Malawi.
Come on MKA, put us all out of our misery!!! Tough seeing sub 10p again after last weeks great news. Hopefully news this month as another "save the share price" presentation won't wash.
Yep. Still here, but regret not dumping one tranche when it was briefly over 12p a few weeks ago. Was about to go on holiday and decided to leave it be.
The recycling stuff is very interesting and I have made my opinions clear on that a while ago, but Songwe needs closure now. For cash flow and for BOD credibility IMO.
It is also more likely to keep me here as an investor, rather than just a trader...although I have probably been a shareholder here for too long now to count as a trader!
The old saying about an investor being a trade that went wrong comes to mind :)
I'd imagine the BoD are just as frustrated as us about getting this over the line. Definitely back in the buy zone. We are the same company as at 12p only with what appears fully funded, nailed on recycling entrance to the states and some massive partners to get an unlimited amount of used turbines through the doors. What's not to like?? (Other than the share price)
This is an investment play once the business is generating cash and has no further need of raising capital.
This is AIM, where the mention of a casino is a good simile.
The MDA and then hopefully sale of Songwe at an attractive price will then make this an investment, as far as I am concerned.
I am clearly still long here, and I know how AIM shares rocket and plummet, sometimes on thin air. So I have no issue with that aspect. Anyway, it remains a waiting game for now. GLA.
Well my MKA shares are definitely an investment. The current investment objective is growth. In time this will move more towards income with progress of the various exploration mining refining and recycling projects.