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…
Rare earth magnet producer Evolution Metals & Technologies (EMAT) is committing to reducing China's monopoly in the industry with a new facility in Pohang, North Gyeongsang Province, South Korea. The company plans to build a 10,000-ton annual production capacity of sintered rare earth magnets, which will be exported to the United States and other global markets looking to mitigate their dependence on China's rare earth supply chain.
EMAT intends to invest approximately 300 billion won ($224 million) in Pohang, with 223.8 billion won allocated for initial production capacity at a 118,000-square-meter site in the Blue Valley Industrial Complex by 2027.
EMAT and the Pohang city government signed a memorandum of understanding (MOU) on Tuesday to initiate the investment project. The city has agreed to provide administrative support for EMAT's plans. In an interview with The Korea Times, EMAT CEO Frank Moon emphasized the importance of differentiating between upstream and downstream operations within the industry.
He highlighted the significant geopolitical risks and dependencies on China, which weigh heavily on the sector. Moon noted that customers are increasingly seeking alternatives to China's dominant position in the rare earth magnet supply chain.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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