The NPR he says that “two groups of scientists—one at Northeastern University of Boston; and the other from his University Cambridge in the United Kingdom — have recently announced that they have succeeded in manufacturing, in a laboratory, a material that does not naturally exist on Earth."
"So far it has only been found in meteorites."
Laura Henderson Lewis, one of the professors on the Northeastern team, said the material found in the meteorites is a combination of two base metals, nickel and iron, which cooled over millions of years as they tumbled like meteoroids through the space. This n procedure created a unique compound with a specific set of characteristics that make it ideal for use in high-tech permanent magnets that are a key component of a wide range of advanced machines, from electric vehicles to space shuttle turbines.
The compound is called tetrataenite, and the fact that scientists have found a way to make it in a lab is a huge deal. If synthetic tetrataenite works in industrial applications, it could make green energy technologies significantly cheaper. It could also shake up the rare earth market, currently dominated by China, and create a seismic shift in the industrial balance between China and the West.
But it will be a long time before tetrataenite is able to disrupt existing markets, reports Laura Lewis.
According to the scientist "there are still many tests that need to be done to see if the laboratory tetrataenite is as durable and useful as the space material".
Even if it turns out this good, it will be five to eight years before anyone can make permanent magnets out of it. Meanwhile, China's competitors are working hard to source rare earths of their own. US invests in mines in Australia, while at the same time looking for materials in Malaysia. On the other hand, the Japanese are researching ways to extract data from mud mined from the seabed.