New Delhi approved a 73 billion rupee ($802 million) rare earth permanent magnets manufacturing programme in November. The magnets are used in industries ranging from electric vehicles and aerospace to defence and renewable energy. The mining ⁠ministry and ‌a state-run body have developed the technology to produce permanent magnets with ⁠plans to set up four critical mineral processing plants across as many states, minister Kishan Reddy said at an event organised by Federation of Indian Chambers of Commerce & Industry. India has the world's third-largest reserves of rare earths at 6.9 million tons, as per ‌the U.S. Geological Survey, but only mines a fraction because private companies make limited investments. The country's consumption of ⁠rare earth permanent magnets is expected to double by 2030, but the country meets its demand primarily through imports. China, which controls 90% of the processing of such magnets, restricted shipments last year, sending automobile companies scrambling for supplies. (ICE NEW DELHI)

Fonte notizia: Economic Times