PARIS (Reuters) – Stellantis and the Canadian mining group NioCorp signed a letter of intent on Thursday for an agreement on the supply of rare earths, essential for electric vehicles.
“By working with partners like NioCorp, we are taking another step towards decarbonizing mobility and guaranteeing the strategic supply of raw materials necessary to achieve our electrification objectives,” said Maxime Picat, Purchasing and Supply Chain Director of Stellantis, in a press release.
The letter of intent signed by the two companies provides for the signing of a definitive agreement for the supply over a ten-year period of specific quantities of magnetic rare earth oxides.
Rare earths, essential to many high-tech elements, are used in the manufacture of electric vehicles, wind turbines, portable electronic devices, and even microphones and loudspeakers.
“There is no guarantee that a binding agreement will be reached”, it is however indicated in the press release.
(Written by Camille Raynaud, edited by Jean-Stéphane Brosse)
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