Europe aims to become the first climate-neutral continent by 2050. In this context, Rare Earth Elements (REE) play a key role in both Europe’s economic landscape and its commitment to environmentally sustainable policies. Particularly, the demand for REE is driven by the production of Permanent Magnets (PM) containing neodymium (Nd), praseodymium (Pr), and dysprosium (Dy) for high energy-efficient electric motors, renewable energy technologies, robotics, as well as aerospace and defence applications. Nevertheless, a significant challenge in the REEs European value chain is the dependency on imports from third countries, notably China. Additionally, the recent European energy crisis has further raised tensions within the EU’s high-tech and green industries.