Acron (Veliky Novgorod) is suspending operations at its rare earth element (REE) unit. The Company’s specialists will close it down and preserve all equipment. The REE unit’s employees will be transferred to other units at the facility.
Chairman of Acron’s Board of Directors Alexander Popov explained that the move was prompted by market conditions. ‘We created a complete REE process cycle and developed a high-tech and flexible production operation. However, low REE prices and market volatility made it unprofitable’.
The REE unit, capable of producing 200 tonnes of REE oxides per annum, was launched in 2016 at a total cost of USD 50 million. In 2019, Acron reported on its performance of a government contract that is part of a project to develop industrial technologies for recovering REE bulk concentrate at existing apatite concentrate processing facilities.