08:49 AM EDT, 08/12/2024 (MT Newswires) -- Leading Edge Materials ( LEMIF ) , trading near 52 week lows, earlier on Monday submitted an application for Strategic Project designation for the Norra Karr Heavy Rare Earths (HREE) Project.

"Strategic Project status for Norra Karr would be a catalyst for realizing HREE production in Europe," said Chief Executive Officer Kurt Budge, "with Norra Karr contributing to the EU's needs for a secure, resilient and sustainable supply chain supporting the manufacturing of permanent magnets."

The European Commission has indicated that the first list of Strategic Projects will be announced in December 2024.

EU demand for rare earth metals is expected to increase six-fold by 2030 and seven-fold by 2050. The EU is almost 100% dependent on China for HREEs.