Caremag’s plant is partly backed by the Japan Organization for Metals and Energy Security and Japanese trading house Iwatani.
“Our goal is really to sign long-term contracts with people who have long-term views about the security of supply,” Carencotte added.
BROADER ECOSYSTEM
France’s appeal lies in its mix of government support, EU policy alignment – particularly the Critical Raw Materials Act – and access to abundant low-carbon nuclear energy, making it an attractive destination for industrial investment.
The Caremag plant is part of a broader rare earths ecosystem emerging in Lacq.
British company Less Common Metals is investing US$129 million in a nearby plant to produce rare earth metals and alloys.
“France offers a stable and industrially advanced environment with a strong commitment to strengthening European supply chain sovereignty,” Grant Smith, chairman of Less Common Metals, told CNA in a statement.
Belgian chemicals firm Solvay has also launched a rare earth production line for permanent magnets in France, while expanding its west coast plant where it has processed rare earth metals for nearly 80 years.
European companies aim to produce 1,000 tonnes of rare earth magnets a year by 2027.
Although this remains a long way from challenging the 16,000 tonnes that Europe needs from China each year, these recent advances mark a significant step toward greater supply chain resilience.
