{"text":[[{"start":7.96,"text":"European rare earths refiner Solvay has struck a deal with an Australian company that will allow it to increase supplies for crucial magnet production outside China, calling it an “important step” in diversifying global supply chains."}],[{"start":22.08,"text":"The Belgian chemicals group said on Wednesday it had signed a long-term agreement with Viridis Mining and Minerals which will supply its rare earths operations in La Rochelle, France, from an upcoming Brazilian mine. Shipments to Solvay are expected to start in 2028."}],[{"start":37.7,"text":"The deal comes as competition for non-Chinese rare earths supply could heat up further in the coming weeks as Beijing and Washington negotiate a further extension of a trade truce beyond January. The Pentagon has also said it will stop buying magnets and other critical parts sourced from China in January."}],[{"start":55.24,"text":"Solvay’s plant at La Rochelle is one of the largest rare earth separation and purification facilities outside China. Its products go into the permanent magnets needed for electric vehicles, renewable energy, advanced electronics and defence and medical applications."}],[{"start":70.6,"text":"Philippe Kehren, chief executive of Solvay, said that “customers and policymakers, not only in Europe, also in the US, in Japan” are pushing to find new sources of rare earths crucial for electrification and defence uses."}],[{"start":84.48,"text":"“This is clearly an important step towards this diversification,” he added. China controls mining and refining globally because of its mineral resources and investment in refining and magnet production."}],[{"start":95.96,"text":"The deal includes “certain price floors”, Solvay said, which would support Viridis if rare earths prices fell."}],[{"start":102.52,"text":"The US government put in place a price floor for California company MP Materials and Australian producer Lynas Corp, although this is not common in supply agreements."}],[{"start":112,"text":"Kehren said the Viridis deal would also help the long-term future of its site in La Rochelle, which has been in production for more than 75 years but only last year added a production line that will contribute to European rare earths magnet manufacturing."}],[{"start":125.16,"text":"It also expanded heavy rare earths processing this year with a further investment of up to €20mn. The feedstock to come from Viridis includes neodymium and praseodymium, so-called light rare earths, and heavy rare earths dysprosium and terbium."}],[{"start":142.76,"text":"Rafael Moreno, chief executive of Viridis, said the company had been “in deep discussions with the Koreans, the Japanese, Europe, the US” about rare earths from its Colossus rare earths mine in Brazil."}],[{"start":152.04,"text":"“We’ve had a lot of different government groups come through our facility in Brazil,” he said. “There’s not that many good rare earth mining projects out there. There’s only really three non-Chinese [producing mines] at the moment.”"}],[{"start":164.16,"text":"Moreno said the deal with Solvay — which guarantees at least 70 per cent of output will go to the French company’s La Rochelle site as well as the right of first offer on the remaining production — would also help secure financing for its development. He said the company was in talks with European banks about a funding package that should be finalised this year."}],[{"start":183,"text":"“The European Union has also been quite instrumental in looking to support us,” he said. “And we’re lucky that they have also cascaded that support to a lot of the European banks.”"}],[{"start":193.58,"text":"Under a separate agreement with Solvay, the Belgian company will also license technology and provide technical support to Viridis to process some material on site."}],[{"start":207.44,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1793840900_5929.mp3"}