GreenMet, a U.S. company, has announced that it supports the development of cleaner methods for refining and processing minerals domestically. This comes as an alternative to relying on China, especially in light of China's recent ban on technologies related to rare earth refining.
According to a press release from GreenMet, the company is investing in U.S. firms to speed up the commercialization of socially responsible innovations throughout the supply chain. GreenMet emphasizes that it advocates for environmentally friendly technologies within the United States as alternatives to those used in China.
As reported by Reuters, China, which is currently the world's leading processor of rare earths, has broadened its export ban to include technology for producing rare earth magnets. This follows an earlier ban on technology for extracting and separating critical materials. The ban impacts all rare earths, a group of 17 metals vital for magnets used in electric vehicles, wind turbines, and electronics. According to Reuters, this move by China is detailed in their "Catalogue of Technologies Prohibited and Restricted from Export," aiming to safeguard national security and public interest. It forms part of China's wider strategy to tighten export rules on key minerals and heightens tensions with Western countries over mineral control.
In response to this move by China, GreenMet suggests that it seeks to reinforce global dependence on China, particularly when there are no domestic alternatives available. The aim is also to hinder the United States and its allies from reestablishing essential mining, processing, and refining capabilities. According to GreenMet, these anti-competitive tactics form part of a larger initiative by China aimed at consistently disrupting efforts made by both the U.S government and private sector.
Reuters reports that China's decision to protect its rare earth technology is significant considering it accounts for nearly 90% of global refined output. This comes at a time when Europe and the United States are trying to reduce their reliance on Chinese rare earths. Don Swartz, CEO of American Rare Earths, a company developing a rare earths mine and processing facility in Wyoming, said, "China is driven to maintain its market dominance. This is now a race."
Drew Horn, GreenMet's CEO, stated in the release that innovative and promising technological alternatives to China's environmentally damaging methods of processing and refining have been developed in the United States. He said, "GreenMet is proud to be doing its part by investing in and advising U.S. companies that are developing environmentally sound, socially responsible technologies at every stage of the supply chain. The U.S. has everything it needs from mineral to end-use manufacturing domestically; it just needs its mineral policies to align with the imperatives of national security, energy independence and economic stability."
According to information on GreenMet's website, the company aims to bridge private capital, government, and critical mineral innovation. It strives to represent private sector policy interests to ensure reliable and uninterrupted U.S. supply chains for critical minerals. Horn also serves as the founder and president of GreenMet. His background includes experience as a former U.S. official on strategic minerals and energy supply chain development with stints at The White House, ODNI (Office of the Director of National Intelligence), and the Departments of Energy and Defense. He also served in the U.S. Army Special Forces and the U.S. Marine Corps.
