Global stakeholders launch world’s first rare earth industry association

The global rare earth community welcomed the first association to represent the industry with the launch of the Rare Earth Industry Association (REIA) on June 26. Based in Brussels, the association is backed by EIT RawMaterials, a European R&D funding agency.

Source: Rare Earth Industry Association

The REIA comprises 12 founding members: Grundfos (Denmark), Fujian Changting Golden Dragon Rare-Earth Co. Ltd. (China), Brugger Magnet Systems (Germany), B&C Speakers (Italy), JL Mag Europe (Netherlands), Material Trading Company (Japan), Japan Society of Newer Metals, Talaxis (Singapore), Mkango Resources (UK), RockLink (Germany), Institute of Urban Environment (China) and Carester (France).

The establishment of the REIA comes at a crucial time of trade frictions, which threatens to impact the global rare earth value chain, the REIA stated in its press release.

“The priorities of REIA are to ensure market transparency and sustainability for the rare-earths sector through the development of a well-matched and balanced global stakeholder network,” commented Dr. Badrinath Veluri of Grundfos, who was elected as the inaugural president of the REIA.

“Our members will work collaboratively on a conjoined and coherent approach towards raw-materials policies and issues. We look forward to welcoming additional members to the association,” Dr. Veluri added.