The project at Gakara is “definitely going to work,” Bennett tells The Africa Report from Johannesburg. The discussions concern the mining convention covering royalties and tax, he says, adding that the company’s good relationship with the government gives him confidence. “Burundi is a very good resource and a very good project.”
Rare earths are crucial to energy transition as they are needed for magnets used in hybrid and electric vehicles, as well as wind power turbines. According to an International Energy Agency (IEA) report that was released in May, global demand for rare earths may rise by three to seven times by 2040.
Global scarcity of non-Chinese rare earths puts Burundi in a strong position to renegotiate terms.
But global supply remains dominated by China, making the development of alternative supply chains an urgent task for Western countries. An attempt by China to restrict
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