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“MagNex can be produced at 20 percent of the material cost and a 70 percent reduction in material carbon emissions (kg CO2/kg), compared to rare earth element magnets currently on the market.”
A samarium–cobalt (SmCo) magnet, a type of rare-earth magnet, is a strong permanent magnet made of two basic elements: samarium and cobalt.. They were developed in the early 1960s based on work done by Karl Strnat at Wright-Patterson Air Force Base and Alden Ray at the University of Dayton.
Ferrofluid on glass, with a rare-earth magnet underneath. A rare-earth magnet is a strong permanent magnet made from alloys of rare-earth elements.Developed in the 1970s and 1980s, rare-earth magnets are the strongest type of permanent magnets made, producing significantly stronger magnetic fields than other types such as ferrite or alnico magnets.
Of the more commonly available magnets, only rare-earth magnets such as neodymium and samarium-cobalt are stronger. Alnico magnets produce magnetic field strength at their poles as high as 1500 gauss (0.15 tesla ), or about 3000 times the strength of Earth's magnetic field .
The relatively low rare earth content (12% by volume, 26.7% by mass) and the relative abundance of neodymium and iron compared with samarium and cobalt makes neodymium magnets lower in price than the other major rare-earth magnet family, samarium–cobalt magnets. [3]
On May 24, 2024, the Biden Administration announced a 25 percent tariff on rare earth magnets from China, set to take effect in 2026. This marks the first time that critical minerals, including rare earth magnets, have been specifically included in the tariffs. [53] Following the tariffs MP Materials put out a statement listing the tariffs.