Nexon Geochem Commits $139 Million to India's 600 Ton Rare Earth Magnet Project

Highlights

• Nexon Geochem, incorporated in March 2025, signed a ₹1,250 crore ($139M) agreement with APEDB to build a 600 metric ton rare earth magnet facility in Kakinada.
• Operations are targeted to begin April 2029, with further expansion planned through April 2035, though financing and raw material supply remain unverified.
• Nexon has a separate research agreement with Russia's Giredmet (Rosatom), raising questions about technology transfer, IP rights, and sanctions compliance.
• The 600-ton Kakinada project must be reconciled with Nexon's earlier 1,200-ton annual magnet ambition announced for fiscal 2033.
• IREL (India) Limited is listed as a raw material partner on Nexon's website, but supply terms have not been independently verified.