South Africa, Burundi can help plug global rare earths shortfall

China dominates the global market for materials essential for EV batteries, and manufacturers are seeking to diversify their supply chains

A global search for alternative sources of supply for the rare earths needed for electric car batteries has begun, in response to growing concerns about over-reliance on China. Guangdong-based Southern Rare Earth in January raised its prices for heavy rare earths in response to tight spot market availability and stronger magnet sector demand. Prices are likely to keep rising in coming years, analysts at investment bank UBS have said. Electric vehicles need about five times as much rare earth as internal combustion engines equivalents, and UBS predicts that supply of the neodymium and praseodymium (NdPR) rare earths needs to triple by 2030. North America, the US and the UK all need to find ne