Exploring the Heart of Rare Earth Innovation: An Interview with Less Common Metals Ltd

Q. Where does LCM sit in the global supply chain for rare earth materials and how do you differentiate yourself from competitors in this niche market?

A. "LCM is situated in the midstream of the supply chain and is a crucial link to the overall supply chain of permanent magnets. We operate independently from material suppliers and magnet manufacturers, allowing us to maintain flexibility and neutrality in our production processes while delivering high-quality material to our customers.

Our company distinguishes itself by offering comprehensive light and heavy rare earth metal (HRE) production, catering to both small and large scale production needs. With a fully equipped analytical laboratory, we provide precise quality control and material analysis ensuring the product meets our customers’ requirements."

Q.? How are you positioning yourselves to meet the increasing global demand for sustainable technologies like EV and renewable power generation and if you can tell me, what partnerships or collaborations LCM has pursued with major industry players?

A.?"Since late 2023, we have been offering commercial-scale volumes of critical heavy rare earth elements (HREs) like Terbium (Tb) and Dysprosium (Dy) for offtake, which are essential for manufacturing high-performance magnets used in EV motors and renewable energy applications. Additionally, our dedicated facility for producing hydrogen storage alloys positions us to support the growing hydrogen economy by providing solid storage materials for metal hydrides, a key component in clean energy storage solutions.

To further drive innovation and sustainability, we have established several key partnerships and collaborations:

Ford/Ionic Technologies: Together, we are developing a circular supply chain for rare earth elements (REEs) in the UK. This initiative, supported by Innovate UK’s CLIMATES programme, utilizes 100% recycled REEs for the production of rare earth permanent magnets (REPM) for EVs.

REEVALUATE: Leading an Industrial Scrap-to-Magnet initiative with Ionic Technologies and VAC, funded by Innovate UK, to repurpose industrial waste into magnets, contributing to resource efficiency and reducing waste.

REEMELT: In collaboration with HyproMag, we are trialing an innovative oxygen reduction process to recycle end-of-life (EOL) magnets.

MultiMag: Recycling RE oxides from EOL magnets. Funded by the EU’s Horizon 2020 programme.

SUSMAGPRO: Recycling of end-life magnets. Funded by the EU’s Horizon 2020 programme. Project is now completed."

Q.? How does LCM navigate the geopolitical and supply challenges, and what strategies are in place to ensure stable supply?

A. "LCM undertakes four main approaches aimed at ensuring a stable and reliable supply of critical raw materials, these are diversification of supply sources, long-term supply agreements, collaboration with government and industry, and partnerships in circular economy projects."

Q.? Could you explain how you approach sustainability and environmental responsibility, particularly given the often environmentally-intensive processes involved in rare earth production.

A. "For over 30 years, LCM has been committed to a closed-loop circular economy, recycling materials in-house. Accredited to IS0 9001 and ISO 14001, the company continuously improves environmental practices. Recent efforts include replacing factory lighting with low-energy LEDs, reducing energy consumption by 100 MWh, and assessing ways of further reducing energy consumption by fitting variable load devices to furnaces to reduce load when they are not in operation. In addition, waste to landfill has been cut by 50% since 2015 and rainwater is harvested for use in processes."

Q.? Which internal measures are taken to ensure the highest quality standards in production and manufacturing processes?

A. To ensure the highest quality standards in our production and manufacturing processes, LCM follows strict protocols and has a dedicated technical team overseeing all operations. Our commitment to quality is reinforced by our ISO 9001 accreditation, which ensures a robust quality management system, and ISO 14001, which focuses on continuous improvement.

We implement rigorous internal protocols for every stage of production, from raw material sourcing to final product analysis in our onsite laboratory. Our technical team plays a key role in monitoring these processes, ensuring compliance with standards, and addressing any issues to maintain consistency and excellence in output.

Q.? What are the biggest challenges you face in terms of scaling operations or expanding into new markets, and how does the company plan to address them?

A. "One of the biggest challenges we face in scaling operations and expanding into new markets is market readiness, particularly in sectors like electric vehicles (EVs) and achieving net zero goals. As our Chairman, Grant Smith, highlighted at the 20th International Rare Earth Conference, EV demand in the Western hemisphere has consistently fallen short of projections. This is due to factors such as the high price premium of EVs compared to internal combustion engine (ICE) vehicles and the reduction of tax incentives and purchasing subsidies.

To establish sustainable, long-term supply chains for rare earth permanent magnets (REPM) in the West, we need demand-driven growth, supported by strong infrastructure and policies. Additionally, we require realistic expectations of returns on investment (ROI), the development of sustainable raw material sources, and a pricing environment that encourages investment in Western supply chains. Addressing these challenges is key to ensuring our expansion and scaling efforts are both feasible and sustainable."

Q.? If Less Common Metals were to create a "super alloy" to represent the company's personality, what unique traits would it have, and what would you name it.

A. "The super alloy would be called Metallum Prime and there are four traits which come to mind: resilience, precision, innovation and collaboration.

Firstly resilience, built to withstand extreme conditions, symbolising the company’s ability to adapt to industry changes and challenges. Next, precision, reflecting the attention to detail in manufacturing high-performance materials. Then innovation represents continuous advancements and lastly collaboration which shows our enthusiasm to build strong partnerships."

Q.? In a world where rare earth elements have superhero powers, which element do you think would make the best superhero, and what would its special power be?

A. "The best superhero would be Neodymium. It would go by the name of Neo Force and its special power would be magnetic manipulation. Neo Force could control powerful magnetic fields to immobilise enemies and create protective barriers."