Rare Earths & Critical Minerals

Lynas reported gross sales revenue of A$310.1 million for the quarter ended Sept. 30, up 55% year-on-year, with average selling price hitting a record A$102.1/kg (up 88%) due to stronger market pricing, bundled light/heavy rare earth sales, and floor-price contracts covering over half its output. NdPr production reached a quarterly record of 2,082 tonnes. Sales volumes fell 17.7% but higher prices and non-Chinese supply demand offset the decline. Read →

Malaysia's Department of Mineral and Geoscience approved the first conditional export of unprocessed rare earth carbonate under eased October guidelines, with a US-majority-owned startup DTEC permitted to ship up to 700 tonnes (first 30 tonnes imminent) to the US for R&D and separation testing. The move tests Malaysia's 16.1 million tonne resource base and aims to attract foreign processing investment while maintaining conditions for local value-add. Read →

Lynas Rare Earths said planned kiln maintenance at its Kuantan, Malaysia refinery will last about one month in the December quarter and cut production. A two-week outage is also scheduled at its Australian mine for electrical works. The company expects stockpiles to meet customer orders without disruption. Read →

Lynas reported gross sales revenue of A$310.1 million for the September quarter, up 55% year-on-year, driven by an 88% rise in average realized price to a record A$102.1 per kg. Floor-price contracts now cover more than half of output; sales volumes fell 17.7%. NdPr production reached 2,082 tonnes. Shares rose 4.2%. Read →

Lynas posted A$310.1 million gross sales revenue for the quarter ended Sept. 30, up 55% from a year earlier on record realized prices and higher production. Average selling price hit A$102.1 per kg. The company flagged lower production in the current quarter due to planned shutdowns at its Malaysian and Kalgoorlie facilities. Read →

France's Interministerial Delegate for Strategic Minerals and Metals Supply Benjamin Gallezot said Western nations could reach acceptable diversification from China's 90% share of specialized rare earth magnets in 3-5 years by accelerating projects from Solvay, Carester and others in Australia, the US, Japan, Brazil and India. G7 nations target reducing reliance on any single non-G7 supplier below 60% by 2030. Magnet manufacturing capacity remains a potential bottleneck. Read →

Malaysia's Ministry of Natural Resources and Environmental Sustainability approved the first export of unprocessed rare earth minerals (up to 700 tonnes of carbonate from Perak by DTEC Mineral and Metal Technology, a US-majority-owned firm) on Oct. 22 under October guidelines easing the 2024 moratorium. Initial 30-tonne shipment heads to the US for R&D on separating heavy rare earths like dysprosium and terbium from ionic clay. DTEC committed to building local processing capacity; Lynas operates Malaysia's main non-Chinese refinery. Read →

Export Finance Australia and the National Reconstruction Fund Corporation conditionally approved up to A$180 million (US$126 million) as part of a proposed A$200 million senior debt facility for Phase 1 of the Donald rare earth and mineral sands project in Victoria. The project targets 9,000 tpa REE concentrate (including NdPr, Tb, Dy) plus heavy mineral concentrate; FID expected by end-2026. Energy Fuels is earning a 49% JV interest to feed its US mine-to-magnet chain alongside its White Mesa processing. Read →

Canaccord data shows ex-China neodymium-praseodymium oxide prices up 23% YTD while its rare earth producer coverage fell 28% on average. Heavy rare earths like dysprosium ($1,074/kg Rotterdam vs $227/kg China) and yttrium ($1,150/kg ex-China vs $9/kg in China) reflect April 2025 licensing restrictions that slashed US yttrium shipments. The $110/kg NdPr floor from Pentagon deals with MP Materials and Lynas now matches market levels, shifting investor focus from price support to execution risk ahead of the January 2027 Pentagon sourcing ban. Read →

China's commerce ministry suspended its outright ban on gallium, germanium and antimony exports to the US effective immediately until November 27, 2026, following the Trump-Xi meeting, though dual-use licensing requirements stay in place. The prior ban had prompted US importers to use workarounds via third countries for uses in semiconductors, fibre optics, ammunition and flame retardants. The move relaxes one layer of controls but leaves broader export licensing intact. Read →

US Treasury Secretary Scott Bessent announced the US-China trade truce extension to January 10, 2027, giving MP Materials, Lynas and USA Rare Earth two extra months before potential tighter controls bite. August Chinese rare earth magnet shipments to the US fell 13% YoY to 512 tonnes and 21% from July. China Rare Earth Group is reportedly in talks to acquire Shenghe Resources, which holds a stake in MP Materials. Read →

China's commerce ministry suspended the US-specific outright ban on gallium, germanium and antimony exports, effective Sunday and running until November 27, 2026. The metals stay on the dual-use licensing list and the military end-user prohibition remains in force. The move eases a prior December 2024 restriction that had caused US shortages and workarounds, following the Trump-Xi trade truce, though broader controls persist. Read →

Phoenix Tailings will build a $375 million commercial-scale rare earth separation facility at Eastman Business Park in Rochester, NY, with state support of up to $3 million in tax credits for at least 90 new jobs. The 500,000 sq ft plant will process up to 18,000 tons of rare earth feedstock annually into over 4,400 tons of separated oxides starting 2027, full production 2028. It is backed by a conditional $500 million US Department of War Office of Strategic Capital loan and aims to reduce reliance on Chinese processing using cleaner waste-recovery methods. Read →

USTR Jamieson Greer said S&P Global's new draft market reports on tungsten, neodymium-praseodymium, antimony, gallium and germanium supply chains and pricing are an important step informing US-led trade negotiations that include price floors. The US also assumed chair of the Forum on Resource Geostrategic Engagement (FORGE) successor to the Minerals Security Partnership, releasing guiding principles for diversified critical mineral supply chains among coalition members. Read →

TSMC is surveying suppliers for rare-earth-free motors in factory automation equipment to mitigate risks from Beijing's export controls on rare-earth materials, magnets and processing technology. Rare-earth magnets power motors in highly automated chip fabs; a shortage could disrupt production for AI, smartphones, data centers and defense customers. The effort is early-stage but aligns with broader US-Taiwan moves to reduce reliance on Chinese critical minerals. Read →

Phoenix Tailings will construct a 500,000-square-foot commercial rare earth separation facility in Rochester's Eastman Business Park, targeting over 4,400 tons of annual separated oxides by 2028 from up to 18,000 tons of feedstock. New York state provides $3 million in tax credits; the Pentagon earlier committed conditional $500 million financing. Operations ramp in 2027, creating at least 90 jobs and advancing US domestic midstream capacity for magnets and defense uses. Read →

Lynas Rare Earths agreed to an all-share acquisition of Meteoric Resources valued at A$968 million ($672 million), gaining the Caldeira ionic-clay project in Brazil, the largest known JORC resource outside China, with substantial NdPr and DyTb content. The deal adds heavy rare earth feedstock diversity for Western supply chains and includes plans to study downstream processing in Brazil; Meteoric shareholders receive 0.0207 Lynas shares per share plus an interim A$110 million loan facility. Read →

Shenghe Resources will transfer 51% stakes in four rare-earth smelting and separation subsidiaries (Leshan Shenghe after carve-out, plus Quannan, Jiangyin Jiahua and Zibo Jiahua) to a China Rare Earth Group unit for an estimated RMB 1.66-1.81 billion ($248-271 million). The move further concentrates control of key processing capacity under the state-owned group, which already influences quotas and feedstock allocation that set oxide and metal prices. Read →

Lynas Rare Earths agreed to acquire Meteoric Resources in an all-share deal worth about A$968 million ($672 million), gaining the Caldeira ionic-clay project in Brazil that holds the largest JORC rare-earth resource outside China, including 802,000 tonnes NdPr oxides and 41,000 tonnes DyTb oxides. The transaction, targeted for March 2027 close, boosts Lynas’ measured and indicated resources by 79% and supports its strategy to expand non-Chinese supply for magnets and heavy rare earths. Read →

China’s one-year suspension of expanded October 2025 export controls (covering additional rare earths, equipment, technology and the 0.1% foreign-content rule) runs until 10 November 2026 under Announcement No. 70, with no extension notice published yet. The April 2025 licensing regime for seven heavy rare earths including dysprosium and terbium remains fully in force; Chinese rare-earth exports fell 9.6% year-to-date through September even as September volumes rose 6.7%. Read →

China's commerce ministry suspended the outright ban on gallium, germanium and antimony exports to the US that took effect last December, with the suspension running until November 27, 2026. The metals stay on the dual-use export control list, so licenses are still required, and the ban on shipments to US military end-users remains. The move follows the recent Trump-Xi trade truce and eases immediate shortages for US semiconductor, defense and other users of these critical minerals. Read →

Shenghe Resources announced plans to transfer 51% equity in four rare-earth smelting and separation subsidiaries (Leshan Shenghe after stripping non-separation businesses, Quannan Xinziyuan Rare Earth, Jiangyin Jiahua New Materials, and Zibo Jiahua New Materials) to China Rare Earth Group Industrial Development Co. The transaction value is approximately RMB 1.6575-1.8105 billion based on a preliminary appraisal of RMB 3.25-3.55 billion; the units will be deconsolidated and accounted for under the equity method. The deal is limited to smelting and separation operations and advances state consolidation of China's rare-earth midstream sector. Read →

The Pentagon’s Office of Strategic Capital plans a $725 million loan to Energy Fuels Inc. to support a new US-based rare earth separation and metallization facility. Combined with private capital, the investment aims to advance a resilient domestic rare earth supply chain under President Trump's mandate. This targets heavy rare earth processing gaps outside China for defense and commercial needs. Read →

More than a dozen unnamed US companies are exploring mining projects and processing investments in Malaysia with local partners. The US Embassy in Kuala Lumpur confirmed the activity as Washington diversifies critical mineral supplies away from China. This accelerates friend-shoring in the permanent-magnet supply chain ahead of the November 10 suspension expiry on China's expanded export controls. Read →

Fastmarkets assessed European antimony metal at $18,300-19,000 per tonne on October 14, unchanged since early September. Weak downstream demand and ample warehouse stocks have created a stalemate with limited liquidity. China's 2024 export controls and July 2026 additions to its list continue to shape two-tier pricing, though recent measures targeted specific firms rather than blanket metal bans. Read →

Lindian reported ore stockpiles at 149,000 tonnes, up 19% from September, with 33kV power line commissioned and transformers on site. Separation circuits are 80-90% complete and operator training has begun. First monazite concentrate production remains targeted for December 2026, adding non-Chinese supply of neodymium-praseodymium and other rare earths. Read →

Washington has initiated 180 projects with $7.6 billion in non-equity investment since 2025, over four times prior levels, and took a 15% stake in MP Materials via $400 million Pentagon purchase. The September US-China summit extended a trade truce only to Jan 10, 2027, leaving rare earths unresolved. MP Materials and Lynas advance domestic separation and magnet capacity while the US seeks allies and recycling to cut China dependence for magnets and defense uses. Read →

Decades of offshoring left China with 91% of magnet rare earth refining and 94% of sintered permanent magnet production. MP Materials restarted Mountain Pass, produced record concentrate in 2025, and launched Texas magnet output, backed by Pentagon equity and offtake. Heavy rare earths like dysprosium remain almost entirely Chinese; Lynas produced just 8 metric tons combined early 2026 against thousands of tons in defense demand. The Nov 10 export control suspension deadline looms. Read →

NdPr oxide prices rose 13-14% in one week and over 40% year-to-date as China's export controls and quotas tighten ex-China supply. Western governments deploy billions, including $1 billion from the US Department of Energy, to accelerate processing outside China. The controls fragment markets, creating scarcity premiums that favor non-Chinese projects like MP Materials and Lynas while pressuring magnet supply chains for EVs and defense. Read →

Lynas Rare Earths presented plans for a rare earth oxide separation plant in Brazil’s Minas Gerais state near Poços de Caldas, tied to its $672 million acquisition of Meteoric Resources’ Caldeira ionic-clay project. Brazil’s Mines and Energy Minister Alexandre Silveira and state development bank BNDES are evaluating financing and support for what could become one of the largest non-Chinese separation facilities. The move expands Lynas’ non-Chinese capacity for NdPr and heavy rare earths like dysprosium and terbium, supporting friend-shoring of permanent magnet supply chains amid China’s processing dominance. Read →

China’s October 2026 industrial guidelines formalize leverage over rare earths and critical minerals including gallium, germanium, antimony and graphite via export licensing and processing controls. The framework maintains the April 2025 licensing regime for heavy rare earths like dysprosium and terbium while the broader October 2025 package remains suspended until at least January 2027. This sustains pressure on Western magnet and EV supply chains while allowing selective managed flows to allies like the EU. Read →

China’s export controls on heavy rare earths including dysprosium, terbium and yttrium since April 2025 have cut exports sharply, driving ex-China prices to large premiums over domestic Chinese benchmarks. CRU data shows yttrium ex-China prices heading toward 78 times Chinese levels in 2026, with similar divergence for dysprosium and terbium amid 99% Chinese heavy rare earth separation dominance. The gap accelerates offtake agreements, government funding and mine-to-magnet projects outside China by MP Materials and Lynas. Read →

Heavy rare earth prices surged with terbium oxide jumping 41% to $5,000, $8,000/kg and dysprosium oxide rising over 33% to $2,500, $3,500/kg in the week to Oct 1. Buyers scramble for non-Chinese supplies ahead of January 2027 Pentagon restrictions banning China-, Russia-, Iran- or North Korea-sourced NdFeB and SmCo magnets for defense procurement. Lynas' acquisition of Meteoric's Brazil project adds dysprosium-terbium feedstock as ex-China demand for heavy rare earths hits 400 tonnes annually. Read →

Malaysia's King Sultan Ibrahim Iskandar bought a 2.25% stake in Singapore-listed Southern Alliance Mining for S$6.1 million. The iron ore miner is expanding into rare earths, including a project in the king's home state of Johor. The move highlights growing interest in non-Chinese critical minerals supply chains. Read →

Pr-Nd oxide prices rose 3,500 yuan/mt and Pr-Nd alloy rose 1,500 yuan/mt on firm raw material prices and downstream demand. Dysprosium oxide held steady while terbium oxide fell 45,000 yuan/mt and terbium metal fell 100,000 yuan/mt. The divergence reflects resilient light rare earth demand versus softening medium-heavy rare earths in the Chinese domestic market. Read →

Arafura Rare Earths secured a binding five-year offtake for up to 850 tonnes per year of NdPr oxide from its Nolans project in Australia’s Northern Territory, up from 500 t/y in a May term sheet. The deal with a global trader tapped under the U.S. Project Vault initiative links pricing to seaborne indices and includes heavy rare earths. First production is targeted for early-to-mid 2029. Read →

The U.S. Export-Import Bank approved a $2.9 billion loan to Perpetua Resources for its Stibnite Gold Project in Idaho, positioned as the first domestic source of defense-grade antimony. The financing falls under the Make More in America Initiative after congressional review. It advances U.S. efforts to secure antimony supply amid China export pressures. Read →

The European Commission selected 46 strategic raw material projects across 16 EU countries covering copper, lithium, nickel, cobalt, manganese, graphite, rare earths and others. The projects require around €21.1 billion in investment and receive faster permitting plus help accessing public and private funding under the Critical Raw Materials Act. The move aims to boost EU mining, processing and recycling capacity and reduce dependence on China for defense, automotive and renewable supply chains. Read →

Treasury Secretary Scott Bessent said the US and China extended their trade truce from Nov. 10 to Jan. 10 2027, giving more time to address economic issues including rare earth shipments. The extension keeps China's suspended October 2025 export controls on hold but leaves unresolved concerns over supply levels and licensing. Stocks of MP Materials, USA Rare Earth and Lynas face a tightened timeline as defense procurement rules tighten in 2027. Read →

Lynas Rare Earths agreed to acquire Meteoric Resources in an all-share deal valued at A$968 million to gain the Caldeira ionic clay project in Brazil. The deposit holds significant dysprosium-terbium reserves, giving Lynas its first major non-Chinese heavy rare earth feedstock source. The move strengthens Western supply options for high-performance permanent magnets ahead of potential tighter Chinese controls. Read →

Lynas Rare Earths agreed to acquire Meteoric Resources in an all-share deal valued at A$968 million ($672 million), gaining the Caldeira ionic-clay project in Brazil with substantial dysprosium-terbium resources. The deal expands Lynas' non-Chinese heavy rare earth feedstock at a time of tight Western supply and gives the company optionality to develop downstream processing in Brazil. Meteoric shares surged on the news while Lynas shares fell as investors weighed technical risks. Read →

House Republicans advanced a four-bill package including the SECURE Minerals Act to create a federally backed Strategic Resilience Reserve Corporation and $2.5 billion stockpile aimed at insulating the US from Chinese export controls expiring November 10. The measures target permitting reform, defense supply chain protection and domestic/partner-country production of rare earths and other critical minerals amid ongoing licensing requirements on dysprosium, terbium and related products. Read →

Malaysia's Natural Resources and Environmental Sustainability Ministry told Parliament that raw rare earth elements may be exported for research and development or processing, subject to conditions including commitments to develop local processing and value-added activities. The statement follows months of consideration amid pressure from state governments and investors, while the broader moratorium on raw exports remains in place from 2025 to 2027 to build domestic midstream capacity. This policy shift could unlock feedstock for non-Chinese supply chains while tying exports to technology transfer and local investment. Read →

USA Rare Earth entered a non-binding Letter of Intent with the US Department of Commerce CHIPS Program for up to $1.6 billion, including $277 million in proposed funding and a $1.3 billion senior secured loan, plus collaboration with the Department of Energy. The support targets the company's mine-to-magnet platform at Round Top, which aims to process heavy rare earths including dysprosium and terbium alongside other critical minerals starting commercial production in 2028. It advances US efforts to reduce reliance on Chinese processing ahead of January 2027 defense procurement restrictions. Read →

The Pentagon’s Office of Strategic Capital plans a conditional $725 million loan to Energy Fuels to build a US-based rare earth separation and metallization facility, advancing domestic heavy rare earth oxide production. The investment supports scaling terbium and dysprosium output at White Mesa alongside the company's monazite feedstock strategy. It directly backs President Trump's mandate for resilient rare earth supply chains ahead of looming China export control deadlines. Read →

Lynas Rare Earths signed a binding scheme to acquire Meteoric Resources and its Caldeira ionic-clay rare earth project in Brazil's Minas Gerais state for A$968 million in shares. The deal adds the largest known non-Chinese ionic-clay JORC resource with 802,000t NdPr and 41,000t DyTb oxides, plus potential for 127t annual DyTb output. It strengthens Lynas as the sole significant Western separator of heavy rare earths amid ongoing Chinese export licensing on dysprosium and terbium. Read →

Lynas completed the all-share acquisition of Meteoric Resources, gaining control of the Caldeira project expected to supply roughly one-third of non-Chinese dysprosium-terbium demand once developed. The transaction preserves Lynas's A$1.2 billion cash balance while adding scale to its Mt Weld and Malaysian operations for light and heavy rare earth oxides. Development requires over US$500 million in capex and positions Lynas to diversify feedstock away from reliance on Chinese-controlled heavy rare earth supplies. Read →

Analysts at Jefferies highlighted that the Caldeira acquisition provides Lynas a material second source of heavy rare earth feedstock outside China, complementing existing production. The deal expands Lynas's measured and indicated TREO resources by 79% and reserves by 26% on a pro forma basis. It supports the company's Towards 2030 strategy for non-Chinese supply chains serving EV, defense, and magnet markets facing restricted dysprosium and terbium exports. Read →

China's Ministry of Commerce spokesman He Yadong confirmed Beijing will continue economic and trade consultations with the US on mutual concerns, including rare earth export controls. He reiterated that the suspension of October 2025 control measures runs through November 10, 2026, per prior Kuala Lumpur consensus, with civilian-use export applications approved per law. The statement followed questions on further extensions and came days after the Trump-Xi summit produced no new rare earth deal, leaving the November deadline in place. Read →

The Trump-Xi summit extended the rare earth trade truce only to January 10, 2027, with no new concessions from Beijing on export licensing or volumes. Chinese customs data showed August US-bound rare earth magnet exports at 512 t, down 21% month-on-month, while heavy rare earth shortages persist under the unsuspended April 2025 controls. Western response centers on deals like Lynas's Meteoric acquisition and other financing or offtake moves to secure non-Chinese supply. Read →