Brazil will begin production of rare earth magnets from April 2024, according to the WeChat public number of Zhishen Sino-Portuguese Consulting at the end of last year. The magnets, which will be used in wind turbines, electric car engines and electronic equipment, are currently more than 90 percent made in the country, according to the relevant media.

The magnets will be produced at the Laboratory for the Production of Rare-Earth Magnets (Labfab ITR) of the Development Corporation of Minas Gerais (Codemge), which was acquired by the Federation of Industries of the State of Minas Gerais (FIEMG) with an investment of R$35 million.

The project's initial production of rare-earth magnets is estimated at 5 tons per year, and it is expected that production could triple in the second year of operation.

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