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The rise of magnets – from surgery to outer space
Magnets are central to much modern technology and firms are racing to make them more efficient.
One reason why China dominates global production of these magnets is financial incentives, says Ross Embleton, senior analyst for metals & mining - rare earths at Wood Mackenzie. Rare earth permanent magnet material is subject to a 13% VAT discount on export from the country, and provincial governments give support on energy costs, for example, which also helps buoy up magnet-making facilities. When asked about the process, and the grades of magnets produced, chief commercial officer Peter Afiuny declined to go into details, except to say that a small amount of alloy is mixed with recovered material to achieve the desired result.
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