Siemens and Lynas to form a joint venture for magnet production

Siemens and the Australian Lynas Corporation Limited have signed a letter of intent to establish a joint venture for the production of neodymium based rare earth magnets. Siemens requires this kind of magnets for the production of energy-efficient drive applications and wind-turbine generators. Lynas will provide raw materials to the joint venture, predominantly metals containing neodymium, through long term supply contracts. The partnership will secure a sustainable end-to-end supply chain from