Esperance has received significant attention in recent times following a spate of successful exploration in the region for Rare Earth Elements (REEs), which are some of the most in-demand commodities globally.
Neodymium (Nd) and praseodymium (Pr) in particular are becoming increasingly important in the global economy, with uses including advanced electronics, permanent magnets in electric motors and electricity generators and battery technologies.
To put this demand in perspective, Argus forecasts global EV sales will grow at a 20% CAGR to 2026 (approx. 20 million units per year) and each EV uses 2-5kg of rare earths magnets.
Then if you look at installed wind turbine generating capacity, that’s forecast to grow at a 25% CAGR to 2030, and each direct drive turbine uses around 650kg of rare earth magnets per megawatt of generation capacity.