MELBOURNE/RIO DE JANEIRO –
Mining giant Brazil has big ambitions to build a rare earths industry, as Western economies press to secure the metals needed for magnets used in green energy and defense, challenging Chinese dominance in the supply chain to break through.
Working in its favor are low labor costs, clean energy, established regulations and proximity to end markets, including Latin America’s first magnet factory that could provide a good buyer for the metals.
But low rare earth prices, technical challenges and nervous lenders are challenging the Latin American country’s hopes of becoming one of the world’s top five rare earth producers.
