Battery metals lithium and cobalt tend to get the most attention in electric vehicle (EV) discussions, but according to Byron King, rare earths are “the real secret to EVs.”
Speaking at the Prospectors & Developers Association of Canada (PDAC) convention, King, who is editor of Rickards’ Gold Speculator at Agora Financial, said, “first of all, there are rare earths in the batteries; and second of all, the traction motors … those traction motors run on strong rare earth magnets.”
He added, “and you’re talking about moving from a few ounces of rare earths in a car to several pounds of rare earths in a car once you go electric — now, do the math.”
Rainbow Rare Earths Ltd (LON:RBW) is a mining company focussed on production from, and expansion of, the high grade Gakara Rare Earth Project in Burundi, East Africa. With in-situ grades in the range of 47-67% Total Rare Earth Oxide (TREO), Gakara is one of the world’s richest rare earth deposits.