Britain is reportedly planning to take steps to start the domestic production of rare earth magnets in a bid to cut its reliance on Chinese imports.
According to reports, a new feasibility study is expected to be published in the coming days, laying out the necessary steps the UK needs to take to produce rare earth permanent magnets.
A future magnet factory could help the UK meet its goal of banning petrol and diesel cars by 2030.
In April, a £100 million chemical engineering project in Humberside, that is believed to become Europe’s first rare earth metals processing facility has been awarded planning permission.
A BEIS spokesperson told ELN: “We are firmly committed to ensuring the UK continues to be one of the best locations in the world for automotive manufacturing.
“We have supported 22 feasibility studies through this funding, including one on the possible magnet plant in Cheshire, and await its findings.”