Rare Earths & Critical Minerals

Some Chinese rare earth suppliers are refusing shipments to US companies since early August, fearing Beijing punishment after sanctions on a US supply-chain monitor and amid broader tensions. US firms face license delays of over six months for some materials, keeping prices near records for items like yttrium used in aerospace and chips. The issue is on the agenda for Xi Jinping’s September 24 Washington visit, with US officials pressing for compliance with prior truces while supply remains tight despite rebounds in some exports. Read →

Volta Metals reported drill results extending its Springer rare earth and gallium system 275 meters below the modeled pit, including 414 meters at 0.41% TREO with gallium credits. The intercepts highlight ongoing exploration success in non-Chinese critical minerals projects. Separate high-grade results came from Defense Metals’ Wicheeda project in Canada, underscoring pipeline development amid supply-chain pressures. Read →

Australia's Lynas Rare Earths, the largest non-Chinese rare earths producer, confirmed it held takeover discussions earlier in 2026 that ended without a deal due to high uncertainty. The talks led Lynas to suspend its CEO search following Amanda Lacaze's June retirement, with interim CEO Pol Le Roux in place and the process ongoing. Lynas continues expanding its global supply chain, including talks for new mine supply and U.S. magnet support, as it reports record prices and profit amid Western efforts to diversify from China. Read →

China's Ministry of Commerce added MP Materials and USA Rare Earth, key U.S. firms backed by Pentagon funding, to its export control list, banning shipments of certain rare earth metals and dual-use items in retaliation for U.S. actions. The move targets heavy rare earths like dysprosium critical for magnets in EVs, defense, and autos, where China dominates supply. It escalates tensions over permanent-magnet supply chains and U.S. friend-shoring initiatives. Read →

Beijing placed MP Materials, USA Rare Earth, and eight other U.S. entities linked to the military on its export control list, halting dual-use rare earth and related exports in response to U.S. restrictions on Chinese firms. The full ban tightens prior licensing rules and affects mine-to-magnet chains for neodymium, praseodymium, and dysprosium. Analysts view it as largely symbolic retaliation but a clear signal on supply chain leverage. Read →

Neo Performance Materials signed a binding term sheet with France's Carester for multi-year supply of dysprosium and terbium oxides from the new Caremag facility. Neo will send magnet-making scrap for recycling and process Carester's mixed carbonate at its Estonian Silmet plant. The deal strengthens Europe's non-Chinese magnet supply chain ahead of commercial production at Neo's facility in H2 2026. Read →

Energy Fuels completed its acquisition of Australian Strategic Materials, adding operating rare earth metals and alloys production in South Korea plus the Dubbo project. The move integrates upstream processing with planned U.S. magnet capacity and follows conditional $725 million U.S. government financing. It advances the company's pivot toward rare earths comprising the majority of future earnings. Read →

Saudi Maaden signed a binding term sheet with MP Materials and U.S. Department of War backing for a rare earth refining and separation JV in Saudi Arabia. Maaden will hold at least 51% with MP and DoW targeting 49% equity; the facility will process global feedstock. The project diversifies supply chains under a new U.S.-Saudi critical minerals framework. Read →

Chinese export licensing on yttrium, in force since April 2025, has slashed US shipments to near zero in recent months and cut overall exports 30%. European yttrium dioxide prices have surged 4,400% since January to $270/kg while Chinese domestic prices hover near $7/kg. The shortage threatens aerospace turbine coatings, semiconductors and high-temperature alloys, with stockpiles outside China estimated at one to twelve months of demand. Read →

Energy Fuels completed the acquisition of Australian Strategic Materials, adding an operating rare earth metals and alloys plant in South Korea plus the Dubbo project. The move strengthens its mine-to-magnet chain with commercial-scale non-Chinese metal production capabilities. It accelerates integration ahead of heavy rare earth oxide output targets at White Mesa Mill in late 2027. Read →

China's controls on rare earth exports forced a US trade truce last year, with the one-year suspension set to expire in November. The editorial notes persistent Western dependence, with China holding 70% mining and 90% processing share, and highlights US moves like the Pentagon's stake in MP Materials and the $12 billion Project Vault stockpile. It calls diversification a strategic necessity for defense, EVs and renewables. Read →

The EU has committed €6 billion to minerals projects this year versus Washington's $40 billion since 2022, including equity stakes and a $110/kg NdPr price floor for MP Materials. US actions like the Pentagon's MP Materials deal and USA Rare Earth's acquisitions accelerate friend-shoring, while European officials cite slower permitting and hesitation. The gap widens risks for EU defense and green tech reliant on non-Chinese rare earths. Read →

Australia’s Lynas Rare Earths reported record FY26 net profit after tax of A$222.4 million, up sharply from A$8 million a year earlier, driven by a 59% rise in average selling prices to A$80.7/kg and higher NdPr and heavy rare earth sales volumes. The result missed analyst forecasts amid rising costs and ramp-up challenges at new facilities. Lynas also signaled plans to expand its global supply chain with new mine supply talks and a potential US magnet processing facility as non-China demand strengthens amid export restrictions. Read →

Cyclic Materials closed a $75 million strategic financing round led by accounts advised by T. Rowe Price, bringing total equity funding to $237 million. The capital will accelerate the company’s Hub-and-Spoke rare earth recycling infrastructure, including breaking ground on an integrated campus in South Carolina in Q4 2026 and expanding its Arizona plant. The move bolsters US domestic capacity to recover rare earths from magnets and e-scrap for AI, defense, automotive and other sectors. Read →

Brazil’s emerging rare earth projects face a timeline of at least 2032 before they can meaningfully challenge China’s control over permanent magnet supply chains. US-backed efforts to secure Brazilian supply have yet to elicit responses from Brasilia even as acquisition talks advance. The development underscores persistent Western dependence on Chinese processing and magnet-making dominance despite friend-shoring initiatives. Read →

USA Rare Earth completed upsized $1.55 billion capitalization of an SPV backed by the US Department of War, including $750 million equity investment, $500 million bank debt commitment, and a forward purchase contract for at least $300 million in rare earth products over five years. The funding meets a key condition for its Serra Verde acquisition, positioning the company to own the only mine outside Asia producing all four magnetic rare earths (Nd, Pr, Dy, Tb) upon closing after the Aug 28 shareholder meeting. Read →

Australia's Lynas Rare Earths reported net profit after tax of A$222.4 million for FY ended June 30, up from A$8 million, on record average selling prices of A$80.7/kg driven by stronger NdPr pricing and heavy rare-earth sales. Interim CEO Pol Le Roux said the company is in talks with ionic clay project developers worldwide for new supply and in early-stage discussions for a US magnet processing facility. The moves come as a one-year suspension of Chinese export controls on medium and heavy rare earths expires in November. Read →

United States Antimony Corp. reported mining at its Stibnite Hill property in Montana has more than doubled to roughly 42 tons of high-grade stibnite ore per operating day since resuming in April, with 576 tons extracted to date versus the prior year's pace. The output strengthens domestic antimony feedstock and reduces reliance on foreign ore for the company's integrated North American operations. The update supports broader US efforts including a $245 million DLA contract to replenish the National Defense Stockpile. Read →

USA Rare Earth entered a non-binding LOI with the US Department of Commerce for up to $1.6 billion including $277 million proposed federal funding and a $1.3 billion senior secured loan under the CHIPS Act, plus a $1.5 billion PIPE raise. The package targets development of the Round Top deposit in Texas to produce rare earths and critical minerals including dysprosium, terbium, yttrium and others starting commercial production in 2028. It also includes collaboration with the Department of Energy to close domestic supply gaps for semiconductors, defense and advanced manufacturing. Read →

Japanese Ministry of Finance data released Aug 19 show dysprosium-iron alloy imports fell 82% and yttrium oxide 74% year-on-year in H1 2026 after China blocked licenses since late 2025. Japan sources nearly all dysprosium and terbium from China despite broader diversification; Shin-Etsu suspended new dysprosium-magnet orders and Mitsubishi Motors' stocks last only to mid-year. The targeted cutoff of heavy rare earth feedstocks pressures EV motor and semiconductor equipment makers while finished Chinese magnets continue to flow. Read →

The April 2026 US-EU MOU and action plan create the first dedicated bilateral framework for critical minerals cooperation covering exploration to recycling. It targets China's 60% mine and 90% refining share of rare earths plus export licensing on heavy rare earths and magnets. Concrete joint projects remain limited so far, with most Western capacity building staying national. Read →

Alcoa broke ground Aug 24 on a gallium recovery facility at its Wagerup alumina refinery in Western Australia. The project, backed by Australia, Japan and US governments plus Sojitz, targets up to 10% of global gallium supply once operational. It strengthens non-Chinese supply for semiconductors and defense amid export controls on the byproduct metal. Read →

On Aug 7 Trump announced conditional loans totaling $3 billion for critical minerals projects via DoD and Ex-Im Bank. Funds target lithium battery materials, rare-earth-free permanent magnets at Niron Magnetics, Australian scandium, Arizona copper, Alabama graphite, and mining education. The move aims to cut reliance on Chinese processing for defense and energy sectors amid geopolitical tensions. Read →

Energy Fuels announced its terbium oxide from Utah's White Mesa Mill passed full qualification for commercial use by one of Japan's largest rare-earth permanent magnet manufacturers outside China. The approval requires no further validation and advances non-Chinese supply for magnets used in EVs, robotics, aerospace and defense. It follows prior qualifications for neodymium-praseodymium and dysprosium products. Read →

China placed export controls on dysprosium and terbium along with other medium and heavy rare earths, requiring corresponding export licenses. The measures continue to constrain global supply of these heavy rare earths critical for high-performance permanent magnets. Read →

Chinese customs data showed 29 metric tons of yttrium oxide shipped to the US in July, the second-highest monthly volume since April 2025 export controls began. Yttrium is used in jet-engine alloys and high-temperature coatings for aerospace. The shipments precede Chinese President Xi Jinping's planned White House trade talks in September, while exports of yttrium and other strategic rare earths to Japan remain tightly restricted. Read →

The Energy Department’s Office of Critical Minerals and Energy Innovation will grant $162 million across nine projects to recover antimony, copper, scandium, rare-earth elements and other byproducts from industrial feedstocks. Four projects advance lab-scale tech to prototypes; five move prototypes toward pre-commercial demonstration. The funding supports domestic supply of defense- and energy-critical materials from waste streams. Read →

China placed MP Materials and USA Rare Earth on its export-control list, barring Chinese suppliers from providing dual-use goods to the firms. The move targets US efforts to build rare-earth supply chains independent of Beijing. Both companies say they have largely eliminated reliance on Chinese equipment and materials. Read →

The US International Development Finance Corporation committed $62.8 million to rare earth projects in Malawi, Angola, Madagascar and South Africa, with most funding for the Phalaborwa project. Private investors largely avoid these projects due to risk and Chinese market intervention concerns. The funding aims to de-risk assets and build Western-aligned supply chains for magnets in EVs, wind and defense. Read →

United States Antimony shares rose 8% to $5.63 after its board authorized up to $100 million in share repurchases, following a revenue guidance cut. MP Materials held nearly flat at $56.92 while USA Rare Earth slipped 2%. Antimony is a key critical mineral outside China and Russia supply dominance. Read →

China controls over 90% of refining for graphite and rare earth elements plus 60% of global lithium and cobalt. Western dysprosium oxide traded 484% above China prices in July 2026. A new financing approach targets non-Chinese heavy rare earth supply chains. Read →

The U.S. Department of Energy selected nine projects for $162 million in funding to recover scandium, copper, antimony, rare earth elements and other critical materials from mine tailings, industrial byproducts and existing facilities. Recipients include Felix Gold’s Alaska antimony project and MIT spinout SiTration for copper and rare earth recovery from waste streams. The awards advance the Trump administration’s push to diversify U.S. supply chains away from China-dominated sources. Read →

The DOE selected nine projects totaling $162 million to advance technologies for extracting critical minerals including rare earths and antimony from mine waste and industrial feedstocks at bench- and pilot-scale sites. Companies such as Anactisis, Still Bright, Nusano, SiTration, Thompson Creek Metals, Felix Gold, DISA Technologies, Alcoa and Trigg Minerals are involved. The funding de-risks commercial production and supports domestic supply security for energy, defense and manufacturing. Read →

The global rare earth market is bifurcating into a Chinese domestic market, a restricted Chinese export market and an emerging non-Chinese supply chain market with distinct pricing. Western buyers must now account for conversion costs, qualification, provenance and supply security rather than relying on Chinese oxide quotes. The MP Materials $110/kg NdPr oxide price floor sets a precedent that sustainable Western prices will exceed Chinese benchmarks due to these added factors. Read →

American Rare Earths and Novex signed an MoU on Aug 17 to convert separated rare earth oxides from Wyoming's Halleck Creek project into metals for permanent magnets. The deal targets NdPr metallization and potential samarium, dysprosium, and terbium output to close a key US supply-chain gap ahead of Jan 2026 defense magnet restrictions on Chinese-origin materials. It advances a full domestic mine-to-magnet chain with Ex-Im Bank interest up to $456 million. Read →

Domestic Chinese rare earth market prices rebounded slightly on Aug 17 after recent softness. Neodymium traded flat at 955,000 CNY/t, down nearly 5% month-over-month but up 38% year-over-year. The update reflects ongoing supply tightness in heavy rare earths and magnet precursors amid export licensing. Read →

Argus provides daily rare earth price assessments including neodymium, praseodymium, and dysprosium benchmarks plus critical minerals coverage. Focus remains on light and heavy elements used in magnets, EVs, and defense amid concentrated Chinese refining and magnet production exceeding 90% globally. Read →

Lynas, the largest non-Chinese rare-earth producer, signed a binding letter of intent for a $96 million, four-year supply of light and heavy rare-earth oxides to the US Department of Defense. The deal sets a $110/kg floor price for NdPr and establishes a framework for final agreement. It bolsters US defense supply chains for permanent magnets used in missiles, UAVs, and fighter jets amid ongoing dependence on Chinese processing. Read →

Energy Fuels shareholders approved the acquisition of Australian Strategic Materials, advancing the company's capabilities in rare-earth mining, metals, and alloys. This follows pilot production of high-purity terbium and dysprosium oxides at its White Mesa Mill using US-sourced monazite. The move strengthens Energy Fuels' integrated mine-to-magnet platform for heavy rare earths critical to high-performance permanent magnets. Read →

MP Materials reported Q2 2026 consolidated revenue and price-protection income of $126.1 million, with NdPr sales volumes up 127% year-over-year to 1,006 metric tons. The magnetics segment generated $16.5 million revenue. US government price-support payments reached $110.9 million cumulative, aiding processed rare-earth output as the company reduces reliance on Chinese processing. Read →

European erbium prices have jumped about 50% since early June and Chinese prices about 40% as buyers build inventories ahead of the November 10 expiration of suspended Chinese export restrictions on erbium and similar elements. Argus rare earths pricing lead Maeve Flaherty said market participants expect reimposition of controls that would cut off supply outside China. Holmium prices rose 25% and ytterbium 75% over the same period amid the uncertainty. Read →

The Bureau of Industry and Security issued a temporary final rule requiring US persons selling black mass from lithium-ion battery scrap and tungsten waste/scrap to allocate 100% of sales to other US persons starting August 27, 2026, unless licensed. The one-year measure under the Defense Production Act aims to secure domestic supply of recoverable critical minerals and materials essential to national defense amid heavy import reliance. Read →

Erbium oxide prices in Europe have risen sharply on stockpiling ahead of the potential November return of Chinese export restrictions suspended for one year. Argus Media data cited in the report shows buyers acting on expectations that controls on erbium and related materials will resume and cut off non-Chinese supply. Read →

China is shifting to more comprehensive, rules-based management of critical mineral exports including rare earths, extending controls to technologies, equipment and the full supply chain. The Ministry of Commerce requires overseas importers to obtain dual-use export licenses. July exports totaled 4,224 tons with first-seven-months volume down 10% year-on-year, prompting overseas buyers to adjust sourcing while Beijing stresses approvals for legitimate civilian needs. Read →

ARECOMS chairman Patrick Mpoyi Luabeya said the DRC will maintain 2026-2027 cobalt export quotas but may reduce them if supply-demand imbalance persists or worsens. The regulator plans to keep the current limits, which cap annual exports at 96,600 tonnes including a strategic reserve. This follows the quota system's introduction to rebalance the market after prior oversupply. Read →

Lynas Rare Earths reached a binding letter of intent for a US$96 million, four-year supply deal with the U.S. Defense Department for light and heavy rare-earth oxides. The agreement includes a $110/kg floor price for NdPr oxide. It advances U.S. efforts to secure non-Chinese supply for defense applications amid ongoing China dominance in rare earth refining and magnets. Read →

China's export controls on yttrium, dysprosium and terbium have created a two-tier market with tighter supply and sharply higher prices outside China for defense, aerospace and industrial buyers. The controls separate licensed and non-licensed buyers, increasing supply-chain risks for permanent-magnet users. This bifurcation underscores the need for diversified non-Chinese heavy rare earth supply. Read →

S&P Global published draft market reports with structural cost benchmarks for antimony, gallium, germanium, NdPr oxide and tungsten to improve transparency. The reports highlight China's dominance, 99% of gallium, 84% of NdPr, 79% of tungsten, and support U.S. efforts for border-adjusted price floors under a proposed Agreement on Trade in Critical Minerals. Reliable benchmarks aim to attract private investment in allied supply chains. Read →

President Trump announced over $2 billion in new U.S. government investments including $150 million for Niron Magnetics rare earth-free magnets and $400 million for Sunrise Energy Metals scandium mine plus funding for graphite, boron and other projects. The moves target domestic and allied production of permanent-magnet materials and battery inputs to reduce reliance on China. Additional workforce investments total over $180 million. Read →

NioCorp released its 2026 Feasibility Study for the Elk Creek project in Nebraska. It projects a 40-year mine life producing ferroniobium, scandium trioxide, titanium tetrachloride, NdPr oxide, dysprosium oxide, terbium oxide and two other rare earth carbonates. The study cites $4.1 billion pre-tax NPV8%, $37.4 billion life-of-mine revenue and diversification away from China-controlled supply chains for defense and tech uses. Read →

Neodymium traded at 965,000 CNY per tonne on August 10, down 1.03% from the prior session. The price is 5.85% lower over the past month yet 47.33% higher year-over-year. China remains the dominant producer of this key permanent-magnet input. Read →

MP Materials posted Q2 revenue of $108.5 million, up 89% year-over-year, driven by NdPr sales. The company secured a long-term gadolinium oxide supply agreement with a U.S. aerospace and defense customer at locked-in pricing. Shares rallied more than 6% as investors focused on U.S. supply-chain and defense initiatives. Read →

The US Department of Defense announced a $400 million conditional loan to Sunrise Energy Metals for the Syerston Scandium Project in New South Wales. The deal creates the world's first primary scandium mine to counter China's dominance in supply and processing, which it restricted for defense uses last year. Scandium strengthens aluminum alloys for aerospace, defense, data centers and semiconductors, advancing US friend-shoring of critical minerals. Read →

China Northern Rare Earth expects 112-121% profit growth to 1.98-2.06 billion yuan; China Rare Earth Resources and Technology saw net profit rise 46.5% to 237 million yuan. Geopolitical moves including US $2B+ critical minerals investments and export curbs have lifted prices 31.7% since August 2025 via AI demand and supply constraints. Analysts note Western de-risking has not yet eroded Chinese producers' near-term earnings power. Read →

India's 72.8 billion rupee program has drawn bidders but firms question small vertically integrated plants versus large-scale specialization needed to compete. China controls 90% of rare earth refining and recently imposed export licensing on medium and heavy rare earths. The initiative seeks to build domestic magnet capacity for EVs and electronics amid supply risks. Read →