Rare Earths & Critical Minerals

Nordic Compass, a business alliance of major regional firms and investors, is evaluating a new workstream on critical raw materials to strengthen European processing capacity for minerals needed by industry. Chairman Jyrki Katainen confirmed the group is mapping actions across capital markets, deep tech, defense, energy, and now potentially minerals. The move supports friend-shoring and diversification efforts outside dominant suppliers. Read →

Lynas Rare Earths agreed to acquire Meteoric Resources in an all-share deal valuing it at A$968 million ($672 million), offering a 68% premium. The deal gives Lynas access to the Caldeira ionic clay rare earth project in Brazil, one of the largest known outside China, with significant neodymium-praseodymium and dysprosium-terbium resources. Lynas plans to advance development with over $500 million in capex and an interim A$110 million facility, expanding non-Chinese heavy rare earth supply for magnets amid Western diversification efforts. Read →

Lynas Rare Earths will acquire Meteoric Resources in an all-share deal worth about A$968 million ($672 million). The transaction provides Lynas, the largest rare earths producer outside China, with a new Brazilian deposit to diversify resources beyond its Australian operations. It supports efforts to build alternative supply chains for critical minerals used in EVs, renewables, and defense. Read →

MP Materials is nearing full run-rate NdPr oxide production at Mountain Pass and has delivered prototype magnets to General Motors for qualification testing. Commercial magnet shipments from its Fort Worth facility are scheduled to begin in Q4 2026 under a long-term supply agreement. The company is also advancing heavy rare earth separation for dysprosium and terbium to support domestic permanent magnet supply chains. Read →

The one-year suspension of China’s rare earth export controls, originally set to expire November 10, 2026, has been extended until January 10, 2027 following the Trump-Xi Washington summit. China controls about 90% of global rare earth processing and magnet fabrication capacity, including 88% of light and 97% of heavy rare earth oxide separation. No joint settlement on critical minerals emerged; the extension provides temporary relief but leaves US defense and electronics manufacturers exposed to future licensing risks ahead of 2027 deadlines. Read →

Falling shares of MP Materials and Lynas Rare Earths reduced the value of Gina Rinehart’s holdings by an estimated A$680 million ($478 million). The drop reflects broader market reaction post-summit amid ongoing uncertainty over Chinese export policies and non-Chinese producer performance. Both companies remain key players in Western efforts to build alternative rare earth supply chains outside China. Read →

President Xi Jinping’s Washington visit ended without a concrete resolution on rare earth and critical minerals supply restrictions. US manufacturers remain exposed as Beijing’s controls persist and non-China capacity builds slowly. The outcome underscores ongoing leverage for China despite US friend-shoring efforts. Read →

Rare earth prices held steady with subdued trading ahead of China’s National Day holiday. Downstream magnet makers completed pre-holiday stockpiling, limiting new deals. Broader sentiment from US-China talks supports light rare earths like Pr-Nd while fundamentals cap upside. Read →

Washington and Beijing waived tariffs on a $30 billion list of goods excluding rare earths and critical minerals. Analysts say the move will not dramatically reshape trade flows or ease supply tensions. Rare earths remain a key unresolved issue in bilateral relations. Read →

German companies are accelerating stockpiles of rare earths and critical raw materials over fears Beijing will retaliate with export curbs if EU trade chief Maroš Šefčovič’s Oct. 8-9 Beijing talks fail to narrow the bloc’s trade deficit. China recently extended suspension of expanded rare-earth controls to Jan. 10 as part of the US truce. The move highlights Europe’s near-total dependence on Chinese heavy rare earths and magnets for autos, wind and defense. Read →

Pr-Nd oxide quotes rose modestly on futures support before pausing midday, while dysprosium oxide and terbium oxide offers held unchanged last week amid thin spot demand and pre-Mid-Autumn Festival caution. Pr-Nd alloy edged higher on raw-material costs; medium-heavy segments stayed flat with subdued inquiries. Market sentiment remains range-bound ahead of the holiday. Read →

Following last week’s Trump-Xi summit, Washington and Beijing agreed to reciprocal tariff cuts on $30B each of non-sensitive goods and extended their trade truce to Jan. 10. The US readout notes ongoing talks to restore rare-earth shipment levels; China’s statement omits rare earths. The two-month extension buys time for broader negotiations but leaves permanent-magnet supply chains exposed. Read →

The U.S. Army selected Vulcan Elements to supply neodymium-iron-boron magnets for its SkyFoundry initiative targeting one million small drones annually at Tobyhanna Army Depot. Vulcan was chosen for its fully China-decoupled supply chain matching high-performance specs for brushless DC motors. This marks Vulcan’s 10th Defense Department contract and highlights accelerating Western efforts to secure domestic permanent-magnet capacity amid China dominance. Read →

Neo Performance Materials signed an MoU with Rainbow Rare Earths for technical support on Phalaborwa’s solvent extraction circuit in exchange for offtake of 40% of annual >99% purity NdPr oxide and 65% of mixed SEG+ heavy rare earth carbonate containing dysprosium and terbium. Test work is underway at Neo’s Estonia facilities. The deal secures non-Chinese feedstock for Neo’s European magnet supply chain ahead of Rainbow’s PFS and planned 2028 production. Read →

Pr-Nd oxide prices rose to 737,000-739,000 yuan/mt, up overall week-on-week and versus the prior Monday start, driven by large-plant purchases and international news improving NdFeB export expectations. Pr-Nd alloy quotes reached 893,000-900,000 yuan/mt. Medium- and heavy-rare-earth prices remained generally weak or stable with limited trading. Read →

Glencore received a $500 million commitment from the US Export-Import Bank to source, procure, and deliver critical minerals including rare earths into VaultCo, the public-private partnership executing Project Vault. The move adds the Swiss trader as a fourth supplier alongside Hartree, Mercuria, and Traxys to build strategic inventories for US industry under the $12 billion initiative. It advances friend-shoring by leveraging Glencore's global network to reduce China dependence for materials used in EVs, defense, and electronics. Read →

US Treasury Secretary Scott Bessent announced a two-month extension of the Busan Agreement truce until January 10, 2027, to allow more time for broader economic talks during Xi's US visit. Asian rare earth shares including Lynas (-2%), Shenghe (-2.1%), and others fell as the extension reduces near-term escalation risk but leaves underlying supply issues unresolved. US officials noted China lags on rare earth delivery commitments, with Chinese rare earth magnet shipments to the US down 20% month-on-month in August per customs data. Read →

The US and China extended their trade truce by two months to January 10 following talks between Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng. The extension postpones potential new China rare earth export limits and maintains flows of critical minerals needed by US factories for cars, semiconductors, and defense equipment. It occurs as Xi arrives for a state visit with Trump, keeping rare earth supplies and tariffs central to negotiations while China continues case-by-case licensing for heavy rare earths like dysprosium. Read →

Xi Jinping arrives in Washington on September 23 for a summit with President Trump focused on trade, AI, and critical minerals. Rare earth export controls and supply reliability remain key unresolved issues from prior agreements, with Beijing's dominance in refining and magnets giving it leverage. The meeting tests whether the US can secure steadier access or extend the current truce before November controls potentially tighten further. Read →

Trump has avoided aggressive tariff or tech-export threats before the Xi summit due to China's control of up to 70% of rare-earth mining, 85% of refining, and 90% of magnet production. US officials note Beijing has met only about two-thirds of rare-earth supply commitments under the prior truce. The mineral chokepoint directly influences negotiation dynamics on trade and tech. Read →

A US-Denmark security agreement granting expanded US access in Greenland boosted shares of Critical Metals and other rare-earth developers by up to 43%. The pact signals US friend-shoring efforts for alternative supplies outside China. Stocks including MP Materials and USA Rare Earth also rose as investors position for summit outcomes on mineral access. Read →

China’s April 2025 export controls on seven rare earths and magnets plus planned Nov. 10 expansions remain in force, constraining supplies to U.S., European, Japanese and Indian manufacturers of cars, wind turbines, semiconductors and military gear. Existing curbs, the November deadline and slashed shipments to Japan are expected to dominate this week’s Trump-Xi meeting with no clear resolution in sight. China dominates global production of these materials essential for permanent magnets and high-tech supply chains. Read →

EU Trade Commissioner Maroš Šefčovič and China’s Commerce Minister Wang Wentao launched a new Trade and Investment Consultations forum to tackle market access imbalances and export controls on rare earths and permanent magnets. Wang reassured that existing controls will not disrupt EU supply chains, while Šefčovič proposed easing licensing for European firms; the sides will meet again at ministerial level in autumn with Šefčovič visiting Beijing to assess progress. Read →

Chinese customs data show rare-earth magnet shipments to the US fell 21% month-over-month in August to 512 tons, remaining below 2024 averages despite eased controls. The decline precedes Thursday’s Trump-Xi meeting in Washington, where critical minerals flows are expected on the agenda, and the November expiration of the US-China trade truce on export licenses. Beijing has positioned additional licenses as potential negotiating leverage while direct exports of controlled heavy rare earths like dysprosium and terbium also lag prior years. Read →

State-owned China Rare Earth Group is negotiating a controlling stake in Shenghe Resources, a move that would consolidate Beijing’s grip on rare earth quotas and give it indirect exposure to Shenghe’s 3% holding in US producer MP Materials. MP Materials, operator of the Mountain Pass mine and recipient of Pentagon investment, has stated that neither Shenghe nor the Chinese government controls its operations. The talks, ongoing since earlier this year, align with Beijing’s long-running state consolidation of the sector and could affect global supply expectations tied to quota allocations. Read →

Lynas Rare Earths reported its highest quarterly revenue in nearly four years, driven by elevated rare earth prices amid ongoing supply constraints outside China. The Australian producer continues expanding non-Chinese magnet supply chains, including a $50 million investment in a South Korean permanent magnet facility. Lynas has benefited from China’s export controls while advancing its own heavy rare earth separation capacity for dysprosium and other magnet materials. Read →

MP Materials reported 41% YoY NdPr production growth and doubled revenue in Q2 2026 despite a planned shutdown. It secured a long-term gadolinium oxide supply agreement with a major US aerospace/defense firm and is commissioning its DyTb circuit for terbium and dysprosium output later this year. Initial commercial magnet deliveries are slated for Q4 2026 to customers including GM and Apple, bolstering non-Chinese permanent magnet supply chains. Read →

The EU's Critical Raw Materials Act targets face delays, with 23 of 60 strategic projects in jeopardy from fragmented financing and permitting bottlenecks. Rare earth projects are limited to five, mostly recycling-focused, despite heavy reliance on China. This contrasts with US deals worth over $40 billion, heightening Europe's vulnerability to Chinese supply controls on dysprosium, terbium and magnets. Read →

Victory Metals received Western Australia's Mining Lease M20/564 on September 11, 2026, covering nearly 2,006 hectares at its North Stanmore heavy rare earth project. The grant follows a native title agreement and supports the PFS showing a 20-year operation with strong dysprosium and terbium potential. It de-risks development of a non-Chinese source for heavy rare earths under export controls. Read →

USA Rare Earth secured a non-binding LOI from the US Department of Commerce for up to $1.6 billion in CHIPS Act support, including $277 million in direct funding and a $1.3 billion loan, plus DOE collaboration on heavy REE separation. The package targets Round Top mine development, heavy REE processing including dysprosium and terbium, and expanded NdFeB magnet capacity to 10,000 tpy. It accelerates US friend-shoring of permanent-magnet supply chains critical for defense and semiconductors. Read →

Ucore Rare Metals received a $4.6 million OTA modification from the US Department of War, bringing total Pentagon funding for its RapidSX technology to $27 million. The expansion adds samarium and gadolinium separation capabilities at the Louisiana Strategic Metals Complex for defense and aerospace magnets. Both elements face high supply risk from China's export controls and were prioritized in US government assessments. Read →

Saudi Arabia announced a 114-million-ton mineralized ore resource at Jabal Sayid containing high concentrations of rare earths, especially heavy elements like dysprosium, plus uranium. The find advances Vision 2030 diversification and builds on a prior Ma’aden-MP Materials-US government refinery JV. It adds potential non-Chinese feedstock for permanent magnets and allied supply chains. Read →

Lynas reported FY profit of A$222M (vs A$8M prior year) and revenue of A$978M on strong NdPr and heavy rare earth pricing, becoming the first commercial supplier of dysprosium and terbium oxides outside China. Mount Weld output faced temporary quality issues now resolved; the company continues seeking permanent CEO after interim leadership and failed takeover talks. Read →

Vulcan Elements and ReElement Technologies formed a $1.4B partnership with the US Defense and Commerce departments to expand domestic rare earth magnet production and recycling. DOD takes warrants in both firms; Commerce provides $50M equity stake in Vulcan. The deal targets 10,000 tpa NdFeB magnet capacity using recycled and primary feedstock to reduce China dependence. Read →

China's licensing regime on yttrium, imposed in April 2025 alongside six other rare earths, has produced only sporadic US shipments since late 2025, with none at all in parts of 2025 and minimal volumes to Japan. Shortages have already forced aerospace coating production stoppages and rationing. The element tops the agenda for the late-September Xi-Trump Washington summit as Beijing maintains controls until at least November 2026. Read →

US and Malaysian investments cut China's rare earth refining share from over 90% in 2023 to 85% in 2025, but its share of other critical minerals refining climbed from 70% to 72%. Graphite, magnet rare earths, yttrium and cobalt remain the most exposed. China suspended expanded October 2025 controls until November 2026 and is expected to use dominance as leverage in talks. Read →

China dominates yttrium supply and has delivered only sporadic licensed exports to the US since October 2025, with shipments halting again after earlier interventions. Japan has received barely any since November 2025. The metal's use in jet-engine thermal coatings and semiconductors makes the curbs a key talking point for the September 24 Xi-Trump summit in Washington. Read →

China’s April 2025 licensing requirements on yttrium and six other heavy rare earths remain in force, with US shipments delivered in irregular, limited volumes including 29 tons in July. The controls have caused repeated shortages for US aerospace turbine coatings and other users, prompting direct White House interventions. The element is now a key pressure point ahead of the September Xi-Trump meeting and the November 10, 2026 suspension expiry. Read →

ANSTO test work on Cobra Resources’ Wudinna project achieved over 97% radium removal, up to 90% actinium removal and 1-30% lanthanum reduction while retaining over 90% of magnet and heavy rare earths. The results support plans for a higher-purity mixed rare earth carbonate product. Further engineering and scoping studies will evaluate the upgraded flowsheet. Read →

China's suspended October 2025 export controls on additional rare earth elements, equipment, and technology are set to resume November 10 unless extended. The measures would require licenses for foreign products using Chinese rare earth tech or materials above thresholds, hitting separation, alloy, and magnet production outside China. Ex-China dysprosium oxide prices reached $1,250-1,675/kg versus $270-330/kg in China, boosting Lynas and other non-Chinese producers but raising input costs. Read →

Lindian Resources and Carester agreed to advance an 8,000 tpa solvent extraction and oxide separation facility in Stepnogorsk, Kazakhstan, with DFS due Q4 2026. The plant will produce separated NdPr oxides and mixed heavy rare earth compounds including dysprosium, terbium, and yttrium from Lindian's SARECO feedstock. Carester secured a 10-year offtake for 70% of output plus RoFR, supplying its French Caremag refinery. Read →

Saudi Maaden signed a binding term sheet with MP Materials and US Department of War backing for a rare earth refining and separation JV in Saudi Arabia. MP and DoW target 49% equity with Maaden holding at least 51%, using MP technical expertise and Saudi/global feedstock. The facility aims to diversify permanent magnet supply chains beyond China dominance. Read →

China recently imposed export controls on MP Materials and USA Rare Earth, targeting US efforts to build domestic sources. MP Materials produced 51,000 tons of rare earth oxide concentrate in 2025 and targets 48,000 tons in 2026; Lynas produced 12,000 tons and targets 16,000 tons. The curbs accelerate non-Chinese capacity expansion amid China's dominance in the 17 rare earth elements essential for permanent magnets in EVs, wind turbines and AI infrastructure. Read →

China's MOFCOM tightened export restrictions on 10 US companies including MP Materials and USA Rare Earth, denying permits for dual-use rare earths and magnets. The full ban replaces prior licensing requirements and also covers lithium and graphite. A second wave on holmium, erbium, thulium, europium and ytterbium shifts to November 10, 2026. Read →

Chinese export restrictions have cut yttrium supplies to the US by about 75 percent this year, with exports stopping in recent months. European yttrium dioxide prices have risen 4,400 percent to $270 per kilogram since January. Aerospace and semiconductor sectors face shortages and rationing risks from the element used in high-temperature coatings and insulators. Read →

Aclara Resources entered a JV with Japan's JOGMEC to explore ionic clay-hosted heavy rare earth deposits in Brazil. JOGMEC will fund up to US$3 million (option for +US$1.5 million) over three years for a potential 30% interest and offtake rights. The deal validates Aclara's assets and creates a direct pathway for Japanese supply of dysprosium, terbium and other heavies outside China. Read →

Brazil's development bank BNDES approved R$77.5 million (US$15 million) financing for Viridis Mining's Colossus rare earth project in Minas Gerais. Funds support a research center, demonstration plant and processing routes for mixed rare earth carbonate. The move advances Brazil's push to develop its large non-Chinese reserves amid global friend-shoring efforts. Read →

China exported 4,735 metric tons of rare earths in August, up 12.1% from July's 4,224 t but 18.2% below August 2025 and below the YTD monthly average. Cumulative Jan-Aug exports fell 11.1% y/y while dollar value rose 53.5%. Some Chinese suppliers are declining US shipments over Beijing repercussions, keeping US supply tight weeks before Xi's Washington visit. Read →

Zimbabwe's Ministry of Mines ordered the immediate suspension of all antimony and tungsten exports, including ores and concentrates, via a July 21 letter confirmed by officials. The policy aims to compel local processing and value addition, following a similar earlier lithium move. It tightens global supply of these critical minerals where China already dominates processing. Read →

USA Rare Earth (USAR) received a non-binding CHIPS Program LOI for up to $1.6 billion, including $277 million in funding and $1.3 billion in loans, plus a $1.5 billion private PIPE. The support targets its Round Top deposit for heavy rare earths and critical minerals including dysprosium, plus magnet capacity expansion. It advances US efforts to build domestic supply chains for defense and semiconductors. Read →

As of September 6, 65 days remain before the suspension of China’s October 2025 rare-earth export controls expires on November 10, 2026. The measures cover additional rare-earth materials, equipment, technology, overseas transactions, superhard materials and specified battery and artificial graphite products. A separate November 27 deadline applies to US-specific restrictions on gallium, germanium, antimony and graphite exports. Lynas reported record FY results with NdPr offtake floors at US$110/kg underscoring Western price-support mechanisms. Read →

Cobalt prices are sliding as Democratic Republic of Congo exports recover under a strict new quota regime after an earlier ban. The country imposed limits since early 2025 to curb a glut and support prices, which had more than quadrupled by April. Payables for cobalt in Indonesian mixed hydroxide precipitate fell to about 67% of benchmark value from 90% in early August, testing Kinshasa’s market-control efforts. Read →

The rare-earth price basket showed a near-flat month with average change +0.31% in September 2026. Dysprosium rose 3.36% domestically while NdPr alloy eased 1.98%. China’s MIIT H2 mining and smelting quota remains unpublished three months late. The November 10 suspension expiry on expanded October 2025 controls is the dominant near-term catalyst for the complex. Read →