July 31 (Reuters) - Belgian chemicals group Solvay (SOLB.BR) , opens new tab said on Wednesday it aims to supply 30% of the European market's needs for permanent magnets with rare earth materials from its facility in La Rochelle, France.

The group confirmed that regular production should start in early 2025 in La Rochelle, the only facility in Europe able to process light and heavy rare earth materials at an industrial level.

Permanent magnets are essential components to power electric vehicles, wind turbines and electronics.

Solvay's announcement follows the EU's Critical Raw Materials Act came into force in May, aiming to secure the bloc's self sufficiency.

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https://www.reuters.com/markets/commodities/solvay-aims-produce-30-eus-needs-critical-components-evs-wind-turbines-2024-07-31/