EMAT seeks to reduce China reliance on rare earth magnets with Pohang facility
Evolution Metals & Technologies (EMAT), a Nasdaq-listed rare earth magnet producer, is making a big bet on Pohang, North Gyeongsang Province, by building a facility capable of producing 10,000 tons of sintered rare earth magnets annually for export to the U.S. and to other global customers seeking to reduce their reliance on China's dominant rare earth supply chain. The company plans to invest…
Evolution Metals & Technologies (EMAT), a Nasdaq-listed rare earth magnet producer, is planning to build a facility in Pohang, North Gyeongsang Province, capable of producing 10,000 tons of sintered rare earth magnets annually. The company aims to export these magnets to the U.S. and other global customers looking to reduce their reliance on China's dominant rare earth supply chain.
EMAT plans to invest around 300 billion won ($224 million) in the Pohang project, including 223.8 billion won for initial production capacity at a 118,000-square-meter site in the Blue Valley Industrial Complex by 2027. The company's CEO, Frank Moon, emphasized the importance of distinguishing between upstream and downstream operations and highlighted the geopolitical issues and customer demand for alternatives to China's supply chain.
Brief written by urgent.news from The Korea Times's own syndicated text. Machine-written — may contain errors; check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.
