Rare Earths & Critical Minerals

MP Materials posted a narrower Q2 net loss of $20.3 million versus $30.9 million a year earlier, beating adjusted expectations at breakeven after $17.6 million in US government price support payments. Processing revenue in California nearly quadrupled to $94.4 million as the firm stopped China shipments; it also signed a gadolinium supply deal with a US aerospace customer and advanced its Texas magnet plant. The results highlight US policy backing for domestic rare earth output amid ongoing China export restrictions. Read →

The White House invited executives from Rio Tinto, BHP, MP Materials, USA Rare Earth, Energy Fuels and others to a Friday meeting with President Trump to showcase deals advancing US critical minerals production and reduce reliance on China-controlled supply chains. The session follows last year's China export controls on rare earths and magnets; agencies were asked to detail recent MOUs and funding commitments. Attendees include leaders from antimony, copper and rare earth firms essential to defense and EV supply chains. Read →

Lynas reported record quarterly gross sales revenue of A$288.9 million for Q4 FY26, up 70% year-over-year, driven by higher NdPr pricing, heavier rare earth mix and premiums, with average selling price hitting A$98.2/kg. Closing cash reached A$1.209 billion; the firm expanded heavy rare earth capacity in Malaysia despite a 63% cost overrun to A$294 million from non-China equipment sourcing and purity specs, and signed a magnet plant deal. Results underscore Western efforts to build alternatives as China tightens controls on elements like samarium and gadolinium. Read →

The US government announced a year-long ban on exports of scrap tungsten and black mass from recycled batteries. The policy supports friend-shoring and domestic processing of critical minerals amid efforts to secure supply chains. Read →

The Democratic Republic of Congo issued a new mining order banning exports of copper and cobalt concentrates. A new tax framework with a 55% valuation coefficient on by-products takes effect in three months, tightening supply for battery minerals. Read →

Lockheed Martin is negotiating a preliminary deal with NioCorp for 15 metric tons per year of scandium from its Nebraska mine and ongoing talks with Teck Resources and 5N Plus for germanium. These critical minerals support aircraft alloys and infrared sensors. The moves follow a Trump executive order tightening waivers for Chinese suppliers, pushing defense contractors toward domestic sources. Read →

Energy Fuels began construction on a $104 million expansion at its White Mesa Mill to produce commercial volumes of dysprosium, terbium and other heavy rare earth oxides by late 2027-2028. The facility will process Australian monazite feedstock alongside uranium. It aligns with Pentagon support and aims to reduce reliance on Chinese heavy rare earths for high-performance magnets. Read →

Indonesia clarified that its rare earth export ban applies only to pure rare earth products, not trace amounts in derivatives like nickel and tin. This resolves a regulatory gap that had delayed over 100 vessels and withheld surveyor reports. The move resumes shipments of key minerals while prioritizing domestic REE use, reducing compliance uncertainty for exporters. Read →

Indonesia is mapping rare earth elements in mineral exports as part of ongoing regulatory review. Officials confirmed resumption of exports containing trace REE byproducts after clarifying the ban targets standalone products only. Permanent rules on thresholds and verification remain under development. Read →

Every China export control tightening prompts faster global development of alternative rare earth sources and processing. Nearly one-third of production now occurs outside China, with new ionic-clay deposits and separation plants emerging on multiple continents. Heavy rare earths like dysprosium face eroding Chinese leverage as diversification accelerates. Read →

The July 30 Presidential Determination delegates authority to the Secretary of Commerce to impose export restrictions on recoverable critical minerals and materials essential to national defense. These include reclaimed elements from batteries and magnets used in military equipment and advanced systems. The policy strengthens the domestic industrial base by preventing overseas shipment of strategic materials amid ongoing supply-chain vulnerabilities. Read →

President Trump signed a presidential determination under the Defense Production Act authorizing the Commerce Department to issue rules blocking overseas exports of e-waste, old batteries, black mass, and scrap containing rare earths and other critical minerals. The move aims to retain materials domestically for recycling to reduce reliance on China and support national defense needs. US exports nearly 33,000 metric tons of e-waste monthly, much of it with recoverable lithium, tungsten, and rare earths. Read →

Trump signed a July 30 presidential determination delegating authority to Commerce Secretary Howard Lutnick to impose export restrictions on recoverable critical minerals and materials including rare-earth permanent magnets, black mass, and manufacturing scrap. The action targets overreliance on foreign sources, especially China, for defense and industrial supply chains. It follows a GAO report on recycling technologies and aligns with a January 1, 2027 deadline for defense contractors to phase out Chinese minerals. Read →

The determination finds recoverable critical minerals and materials scarce and essential to national defense, authorizing Commerce to issue regulations preventing export of black mass, end-of-life goods, rare-earth magnets, swarf, and scrap. Copper scrap is excluded as already covered elsewhere. It emphasizes risks from import reliance and directs action to secure domestic supply without major civilian market disruption. Read →

The US State Department confirmed support for Harena Rare Earths' $150 million Ampasindava ionic clay project in Madagascar, with the US International Development Finance Corporation pledging up to $4.84 million for pilot testing, lab work and environmental studies. The deposit holds neodymium, praseodymium, dysprosium and terbium for permanent magnets used in EVs, electronics and defense. Harena targets mid-2028 startup and is evaluating US and European refining partners including MP Materials. Read →

Energy Fuels began construction of a $104 million expansion at its White Mesa Mill in Utah to produce commercial-scale heavy rare earth oxides including up to 120 tpa dysprosium and 20 tpa terbium. The expansion, supported by US government loans and grants, adds to existing NdPr capacity and targets completion of Tb/Dy circuits by end-2027. Output will feed downstream metal, alloy and magnet production via planned acquisitions of Australian Strategic Materials and Vacuumschmelze. Read →

The U.S. Army chose REalloys (NASDAQ: ALOY) for exclusive negotiations on an Enhanced Use Lease at Utah’s Tooele Army Depot to build and operate heavy rare earth (dysprosium and terbium) processing facilities, the first such commercial project on a U.S. military base. The company simultaneously closed $100 million in financing for a roughly $130 million war chest, joined the Russell 3000, secured feedstock MOUs covering billions of tonnes from Wyoming, Appalachia and Greenland, and advanced qualification of defense-grade materials ahead of the January 1, 2027 Pentagon ban on Chinese-origin rare earths in weapons systems. The moves embed non-Chinese supply directly into defense logistics and accelerate permanent-magnet supply-chain diversification. Read →

Posco International signed an MOU with Australia’s Meteoric Resources for long-term purchase of rare earth intermediate materials from the Caldeira project in Minas Gerais, Brazil, plus equity investment talks and project agreements. Posco will refine the material into oxides at its facilities and supply permanent magnet makers in Korea and abroad, linking Brazilian feedstock to its existing magnet contracts with North American and European automakers. The deal diversifies Posco’s critical minerals supply away from concentrated sources and bolsters integrated supply for EV motors and defense applications. Read →

Brazil-focused IMC Rare Earths Ltd priced its IPO of 4 million ordinary shares at $5.00 each for $20 million gross proceeds, with shares approved to begin trading July 29, 2026 on NYSE American under ticker IMC. The company targets development of its Itarantim adsorption-clay project in Bahia and Minas Gerais for magnet rare earths including neodymium, praseodymium, dysprosium and terbium aimed at Western EV, wind and defense markets. The listing provides fresh capital to advance an alternative non-Chinese supply source for permanent-magnet feedstocks. Read →

US demand for rare earth magnets reached 48,000 metric tons in 2025 while domestic supply was only 300 tons, with capacity projected at 5,000 tons by year-end. Trump administration pushes to end waivers for Chinese, Russian, Iranian and North Korean minerals by January 1, 2027, but industry executives say infrastructure shortfalls will require continued waivers. Project Vault stockpiling and Pentagon funding target the gap, yet MP Materials and others face multi-year delays in scaling separation and magnet output. Read →

Indonesia's presidential staff office met agencies and industry to fix regulatory gaps causing export delays for alumina and nickel products containing rare earth by-products. No rules yet govern allowable rare earth content in shipments, with rare earths prioritized for domestic use under new agency oversight. Shipments of alumina to Malaysia, India and China plus nickel pig iron to China faced holds amid the uncertainty. Read →

A new report highlights insufficient government-backed financing to attract private capital for Western critical minerals projects amid China dominance. Stronger public support is needed to unlock investment in supply chains for technology and defense materials. The analysis notes persistent shortfalls threaten diversification efforts despite policy focus on rare earths and other minerals. Read →

United States Antimony Corporation submitted a non-binding indicative proposal to acquire all of Larvotto Resources via scheme of arrangement. The offer exchanges 6 USAC shares for every 100 Larvotto shares after USAC bought 10% of Larvotto in the open market. The deal targets one of the largest antimony producers outside China, directly addressing supply concentration for this critical mineral used in defense and batteries. Read →

Mrima Hill in Kenya sits atop a major rare-earth deposit drawing interest from US, Chinese and Australian firms. The site is sacred to the local Digo community and has become a focal point in global efforts to secure non-Chinese rare-earth supplies for magnets and defense. Competition for the asset underscores friend-shoring and stockpiling pushes in critical minerals. Read →

An ASPI analysis highlights Australia’s mineral resources and Japan’s economic-security role as key to G7 plans for safer critical-minerals supply chains. The G7 declaration includes a new Critical Minerals Resilience and Production Alliance aiming to reduce reliance on any single non-G7 supplier to 60% or less by 2030. The framework emphasizes diversification, processing capacity and strategic stockpiling beyond market forces alone. Read →

USA Rare Earth and InfraVia finalized deals for 13.6% stakes each in Carester, funding expansion of its Lacq heavy rare earth separation and magnet recycling plant commissioning late 2026. The move secures oxide output and integrates with USA Rare Earth's Serra Verde Brazil mine and US magnet facility. It advances Western friend-shoring of heavy rare earth supply chains amid China dominance. Read →

Lynas CEO said rare earth prices could rally on growing demand for non-Chinese material, citing the recent US Department of Defense multi-billion dollar deal making it largest shareholder in MP Materials. The pact includes a $110/kg NdPr oxide price floor nearly double Chinese levels. Lynas also reported Q4 output up 47% y/y and average selling prices up 42% y/y. Read →

N.A.N. MagneTech will invest ₹1,250 crore ($150 million) for India's first fully integrated NdFeB permanent magnet facility in Andhra Pradesh, targeting 1,200 tpa initially and 10,000 tpa long-term from Q1 2028. It includes oxide-to-magnet processing, secured Australian heavy rare earth feedstock, and offtake deals with Indian auto makers. The project cuts India's 95% reliance on Chinese magnets for EVs, defense and renewables. Read →

India and Myanmar are expanding cooperation on rare earth mining after Indian delegations visited the country and high-level talks with Myanmar's junta chief. Nearly half the world's heavy rare earths come from Myanmar's Kachin state mines, currently processed in China. Indian firms including IREL and others attended a Mandalay mining forum to explore supplies for EVs, clean tech and defense, seeking to reduce reliance on Chinese-controlled processing. Read →

The IEA's Global Critical Minerals Outlook 2026 states China's 2025 heavy rare earth export controls put $6.5 trillion of annual downstream production outside China at risk across autos, defense and energy if fully enforced. Cobalt prices rose 130% due to DRC export quotas; lithium more than doubled amid supply constraints. The report highlights proliferating export controls, a structural refining bottleneck and falling 2025 investment despite demand growth. Read →

The Democratic Republic of the Congo will lift its cobalt export ban on October 16, replacing it with a quota system running through at least 2027. The 2026 annual quota is 96,600 tonnes, with 87,000 tonnes allocated pro rata to producers and 9,600 tonnes under government discretionary control. The system is expected to reduce ex-DRC stocks to about one month of demand by Q4 2026 and maintain tightness through 2027. Read →

Dozens of Japanese companies highlighted rare earth access risks in recent filings, warning shortages now affect the broader economy beyond the magnet sector. Tokyo is accelerating allied supply deals, recycling and deep-sea mining to counter the cutoffs that began after November 2025 Taiwan comments. Mizuho estimates a full halt could hit Japan's economy harder than the 2010 crisis. Read →

President Trump signed the executive order 'Securing America’s Defence Supply Chains and Ensuring Domestic Acquisition of Critical Minerals' on Monday. It requires all tiers of defense contractors to submit mitigation plans identifying non-compliant sources and shifting away from Beijing-linked materials beginning January 2027. China supplies two-thirds of global rare earth mining and 90% of refining, heightening urgency for friend-shoring amid ongoing export controls. Read →

China shipped zero gallium, dysprosium, terbium or yttrium to Japan in June, extending the freeze tied to a bilateral dispute. Full enforcement of controls risks $6.5 trillion in annual ex-China downstream output; NdPr oxide sits near $125/kg support levels. MP Materials and Lynas $110/kg NdPr floor-price deals with the Pentagon underscore government-backed pricing for non-Chinese producers. Read →

Chinese customs data show no shipments of gallium, dysprosium, terbium or yttrium to Japan in June. The curbs, tied to a diplomatic rift over Taiwan remarks, have throttled supplies since late 2025. Japan, the largest rare earth magnet producer outside China, relies on Beijing for heavy rare earth inputs critical to EV motors and defense applications. Read →

The IEA's Global Critical Minerals Outlook 2026 states that full implementation of China's expanded October 2025 rare earth export controls, suspended until November 2026, could expose $6.5 trillion in annual downstream production outside China across autos, high-tech, defense and energy sectors. It notes prior April 2025 controls on seven heavy rare earths already forced some automakers to cut output. The report highlights supply concentration risks and the economic stakes of the controls on magnet materials including dysprosium and others. Read →

The IEA report details that China's rare earth export controls, if fully enforced, threaten $6.5 trillion yearly in non-Chinese production while graphite curbs could risk over $300 billion. It records price surges in heavy rare earths and strategic minerals from controls, notes modest diversification gains in rare earth refining from US and Malaysia projects, and stresses stockpiling as a buffer amid ongoing concentration in refining. Read →

Reuters reports the IEA warning that full rollout of China's rare earth export restrictions could jeopardize $6.5 trillion in annual downstream output outside China in automotive, defense and energy sectors. The piece notes China expanded controls in October 2025 with licensing rules but delayed full effect for one year, leaving vulnerabilities exposed for Western manufacturers reliant on Chinese-sourced materials. Read →

USA Rare Earth produced commercial-grade dysprosium oxide and neodymium-praseodymium oxide at its Wheat Ridge, Colorado facility from recycled NdFeB magnet scrap sourced from its Stillwater, Oklahoma plant. Scrap is projected to supply up to 30% of future magnetic rare earth oxide feedstock. The milestone advances domestic heavy rare earth separation outside China, where dysprosium prices reached $2,100/kg in North America. Read →

China exported 6,000 kilograms of gallium to Japan in May, the sole overseas destination that month per customs data, marking the first resumption after a four-month suspension. The move coincides with relaxed rare earth magnet shipments globally. Gallium is critical for semiconductors, fiber optics, EV chargers and renewables. Read →

Latest U.S. Section 301 tariffs on Chinese graphite and permanent magnets reached full effect July 15. Importers face higher costs and supply disruptions, accelerating efforts to diversify away from China. Alternative non-Chinese sources will require years to scale. Read →

NioCorp Developments CEO Mark Smith stated that critical mineral trade deals could be announced any day. He highlighted the company's role in establishing a strategic reserve of critical minerals and rare earths. The comments underscore accelerating US efforts to secure non-Chinese supply chains for permanent magnets and other key materials. Read →

Bengaluru-based Vimag Labs secured its fifth Indian patent for a Virtual Magnet Synchronous Motor (VMSM) that generates magnetic fields via software, power electronics, and control algorithms instead of permanent rare-earth magnets. The $5M Series A startup has pilots with two-wheeler and passenger vehicle makers plus a manufacturing MoU with Jendamark, targeting 200-600 kW industrial uses. It addresses China's 91% rare-earth refining and 94% magnet production dominance, with export controls paused only until Nov 2026. Read →

China's broader rare-earth export controls remain suspended until November 10, 2026, following a trade truce. Beijing still listed MP Materials and USA Rare Earth in June, showing selective action even during the pause. The leverage imbalance persists for permanent-magnet supply chains. Read →

China launched Guangyan International Investment, a new Beijing-backed vehicle under the National Development and Reform Commission, to provide equity investments, compliance support and market advice for overseas mining assets including lithium, cobalt, nickel and rare earths. The move counters US and European efforts to diversify supply chains away from Chinese dominance in processing and extraction. It strengthens Beijing's long-term grip on strategic minerals essential for EVs, batteries, semiconductors and defense amid rising geopolitical competition. Read →

Ontario granted Rock Tech Lithium $262,500 via its Critical Minerals Innovation Fund to test crude tall oil, a pulp-and-paper byproduct, as a flotation reagent in lithium processing with partners Thunder Bay Pulp and Paper and Queen's University. The project aims to localize reagent supply, cut emissions and costs, and strengthen Ontario's mine-to-converter lithium chain including the Georgia Lake project. It marks the second CMIF award for Rock Tech and supports broader provincial goals for domestic battery materials production. Read →

Lynas Rare Earths signed a long-term partnership with South Korea's JS Link to develop a 3,000 tonnes-per-annum NdFeB permanent magnet factory in Kuantan, Malaysia, near Lynas' existing advanced materials plant. JS Link will build the facility following a 2025 MoU; Lynas will supply rare earth materials exclusively under a deal running to 2038. The project expands Lynas' downstream capabilities in non-Chinese permanent-magnet supply chains for EVs, wind and electronics. Read →