A key investment to strengthen Europe’s rare earth value chain
The Caremag facility will recycle 2,000 tonnes of magnets and refine 5,000 tonnes of mining concentrates annually, positioning itself as Europe’s first large-scale rare earth recycling facility and the largest western producer of purified heavy rare earth. With an output of 600 tonnes of Dysprosium and Terbium oxides – representing around 15% of the global production – and 800 tonnes of Neodymium and Praseodymium oxides, Caremag will play a vital role in supplying key materials for electric vehicles, wind turbines, and advanced electronics.
Strategic international support drives the project forward
This ambitious industrial project is made possible through the joint support of France and key Japanese partners. The Japan Organization for Metals and Energy Security (“JOGMEC”) and the private firm Iwatani Corporation, through their joint venture, “Japan France Rare Earth Company”, have announced today their decision to invest up to €110 million in equity and shareholder loans in the Caremag plant. This investment includes a long-term supply agreement to provide Japan with heavy rare earth oxides.
The French government is playing a major role in this investment, with financial support provided from the outset in the form of subsidies and repayable advances granted under the France Relance and France 2030 project calls, as well as a Green Industry tax credit granted in July 2024, totaling €106 million.
Finally, the support from the Nouvelle-Aquitaine region and TotalEnergies through its Induslacq platform, along with equity contributions from Carester and its employees (21 of whom are shareholders in Caremag), complete this financing.
An industrial unit integrating the best environmental practices
Looking towards the future, the Caremag plant will create 92 direct jobs, meet the highest environmental standards and leverage Artificial Intelligence to optimize production.
“Caremag will incorporate patented cutting-edge technologies designed to reduce CO₂ emissions while minimising water consumption and ensuring the absence of liquid effluents. Moreover, over 80% of direct CO₂ emissions will be recycled within the process.“ says Frédéric Carencotte, President of Carester. “This project aligns with the European Critical Raw Materials Act and represents a major step towards Europe’s independence in rare earths for permanent magnets.”
About Carester
Founded in 2019 by Frédéric Carencotte and a team of international experts, Carester is a French company specialising in the refining of rare earth elements, critical materials for the energy transition and cutting-edge technologies. With unique expertise and more than 250 years of combined industrial experience, Carester supports mining companies in optimizing their processes and developing innovative solutions to secure Europe’s rare earth supply.
About Caremag
Founded in November 2020 by Carester and its employees, Caremag is spearheading Carester’s industrial project, driven by the belief that recycling will play a key role in the rare earth ecosystem. A pioneer in long- loop recycling, the plant will process end-of- life magnets and mining concentrates while adhering to the best environmental and digital standards.
