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Closing the loop on rare earth magnets | Ep. #76
Texas based- Urban Mining Company was founded in 2014 with the goal to transform the world’s supply of Neo magnets by developing the fastest, most practical, and cost-competitive path to manufacturing using alternative resources that are not dependent on China and less costly on the environment.
Before this, only 1% of rare earth magnets were being reused and they could only be separated through melting / use of powerful chemical solvents.
Urban Mining Company has found a sustainable and financially viable way to recycle Rare Earth Elements (REE) from scrap. Reducing CO2 emissions by 11 tonnes for every tonne of magnet produced and reduced energy consumption by 46% when compared to the traditional way of producing NdFeB magnets.
They mine 600,000 tonnes of magnets that are locked inside products a.k.a e-waste that industry and consumers throw away.
To set the context, Neo magnets / neodymium magnet have received worldwide attention as they are the strongest magnets known to date. Their high productivity, affordability, energy efficiency and excellent magnetic properties make it an ideal choice for high-technology applications, such as in wind turbines, hybrid and electric vehicles, air conditioning compressors, fans, mobile phones, hard disk drive, and speakers.
Neodymium-Nd is the essential component of Neo magnets, while Dysprosium-Dy is added in order to enhance the magnet’s ability to operate at elevated temperatures and to increase the coercive force.
Both Nd and Dy are ‘critical metals’.
They are critical because of high global demand, susceptibility to future scarcity, unavailability of substitutes, and low recycling rates. Worse...they have high demand for use in green energy technologies.
Rare earth elements are not as "rare" as their name implies. However, these metals are very difficult to mine because it is unusual to find them in concentrations high enough for economical extraction. Around the world, China’s contribution to REEs has been noteworthy. They dominate the market in its supply at cheap prices.
Tune into the episode to know more about Urban Mining Company's circular business model and understand how they are addressing this monopoly problem.
Source : Geology.com
Keyword : What is a circular economy?
Follow our page- (Circular Business Podcast | The Circular Collective)
Reach out to us on LinkedIn | Facebook | Instagram | Twitter
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By Sreepriya Sridharan
5
11 ratings
Texas based- Urban Mining Company was founded in 2014 with the goal to transform the world’s supply of Neo magnets by developing the fastest, most practical, and cost-competitive path to manufacturing using alternative resources that are not dependent on China and less costly on the environment.
Before this, only 1% of rare earth magnets were being reused and they could only be separated through melting / use of powerful chemical solvents.
Urban Mining Company has found a sustainable and financially viable way to recycle Rare Earth Elements (REE) from scrap. Reducing CO2 emissions by 11 tonnes for every tonne of magnet produced and reduced energy consumption by 46% when compared to the traditional way of producing NdFeB magnets.
They mine 600,000 tonnes of magnets that are locked inside products a.k.a e-waste that industry and consumers throw away.
To set the context, Neo magnets / neodymium magnet have received worldwide attention as they are the strongest magnets known to date. Their high productivity, affordability, energy efficiency and excellent magnetic properties make it an ideal choice for high-technology applications, such as in wind turbines, hybrid and electric vehicles, air conditioning compressors, fans, mobile phones, hard disk drive, and speakers.
Neodymium-Nd is the essential component of Neo magnets, while Dysprosium-Dy is added in order to enhance the magnet’s ability to operate at elevated temperatures and to increase the coercive force.
Both Nd and Dy are ‘critical metals’.
They are critical because of high global demand, susceptibility to future scarcity, unavailability of substitutes, and low recycling rates. Worse...they have high demand for use in green energy technologies.
Rare earth elements are not as "rare" as their name implies. However, these metals are very difficult to mine because it is unusual to find them in concentrations high enough for economical extraction. Around the world, China’s contribution to REEs has been noteworthy. They dominate the market in its supply at cheap prices.
Tune into the episode to know more about Urban Mining Company's circular business model and understand how they are addressing this monopoly problem.
Source : Geology.com
Keyword : What is a circular economy?
Follow our page- (Circular Business Podcast | The Circular Collective)
Reach out to us on LinkedIn | Facebook | Instagram | Twitter