Rs 1,500 cr incentive scheme in the works for recycling critical minerals

Midwest Advanced Materials to produce rare earth magnets amid supply curbs from China

Following the disruption in the supply of rare earth or permanent magnets after China’s notification on April 4, the mines ministry is planning to introduce a ₹1,500 crore incentive scheme to recycle critical minerals, according to a top official.

 

In parallel, Midwest Advanced Materials (MAM), a Hyderabad-based company that specialises in researching and developing advanced materials and rare earth magnets, is in discussion with the Non-Ferrous Materials Technology Development Centre (NFTDC), Hyderabad, to acquire its technology for extracting and processing rare earth magnets, the official stated. 

The incentive scheme for recycling will focus on critical minerals such as neodymium (a