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One reason would be that Fortran has proven itself in the HPC area. Another one would be that it is a much simpler and easy to learn language than Rust (so can quickly train students, PhDs and so on to improve your simulation code, even when they have no programming background).

In most of the HPC codes I've worked with there are no complicated memory management, most of the things are arrays usually declared and allocated at launch time and that's it, no more memory management after that. So I'm not sure what rust would bring on the table, but maybe I'm just missing it.

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