[SMM Rare Earth Flash] US rare earth producer MP Materials (NYSE: MP) reported its Q2 2026 results, with Pr-Nd oxide production at 840 mt, up 41% YoY; sales reached 1,006 mt, up 127% YoY, marking the second consecutive quarter with sales exceeding 1,000 mt. The company expects Q3 production to exceed 1,000 mt. In May, the company completed mechanical completion of its heavy rare earth separation line, and plans to start producing dysprosium and terbium within the year. In July, it signed a multi-year supply agreement for gadolinium oxide with a US aerospace and defense manufacturer, with the contract valued at several hundred million dollars. The independent magnet factory in Texas has delivered magnets to General Motors for automotive certification testing, and commercial shipments are expected to start in Q4. Q2 revenue was $108 million, up 89% YoY; net loss narrowed to $20.3 million. The company's cash and short-term investments reached $1.45 billion.

[Pr-Nd Series Under Pressure and Weakening, Medium-Heavy Rare Earths Hold Steady, Magnetic Material Scrap Game Continues] Yesterday, affected by fluctuations in futures prices, bearish sentiment continued to spread in the market. The wait-and-see sentiment among downstream metal plants further intensified, with purchase willingness remaining sluggish; most upstream suppliers have stopped offering prices, while some traders were still selling at low prices, putting market transactions under pressure; in the medium-heavy rare earths sector, the markets for dysprosium oxide and terbium oxide saw relatively small changes, with prices remaining relatively stable.

Zimbabwe's first lithium sulfate plant, built by China owned Prospect Lithium Zimbabwe (PLZ) at Goromonzi, became fully operational in May 2026, mines minister Polite Kambamura confirmed last week. The $400 million facility is Africa's first lithium sulfate plant. Carbonate unit nearing completion, per Kambamura; more sulfate capacity expected sector-wide ahead of the January 2027 concentrate export ban. Policy backdrop: Zimbabwe froze raw mineral exports in February 2026 ahead of the 2027 ban. President Mnangagwa reiterated the stance this week, citing zero tolerance for raw mineral exports going forward. Investment: Over $1 billion in lithium-sector investment logged since February 2026, per policy expert Tedious Ncube figure undisaggregated by project. Scope widens: 13 additional minerals (cobalt, PGMs, rare earths) join the export restriction from January 2027. Kambamura also flagged domestic battery/solar panel manufacturing as a longer-term goal, with no timeline attached. SMM View: Goromonzi's "fully operational" status (May 2026) is confirmed processing capacity log as verified, distinct from the carbonate unit (unconfirmed) and the $1bn investment figure (unverified, project-level breakdown pending).

Zimbabwe's first lithium sulfate plant, built by China-owned Prospect Lithium Zimbabwe at Goromonzi, reached full operational status in May 2026, mines minister Polite Kambamura confirmed last week. The $400 million facility is Africa's first lithium sulfate plant the first beneficiation announcement in Zimbabwe's sector to convert from construction to verified operating capacity. Carbonate unit still pre-commercial. PLZ's lithium carbonate refining facility is reported near completion but unconfirmed operational; more sulfate capacity is expected sector-wide ahead of Zimbabwe's full concentrate export ban, effective January 2027. Policy driver. Zimbabwe froze raw mineral exports in February 2026 ahead of the 2027 ban, forcing producers to build domestic processing capacity or lose export access. The restriction extends to 13 minerals beyond lithium, including cobalt, PGMs, and rare earths, from January 2027. Investment context. Over $1 billion in lithium sector investment has been logged since February 2026, per policy expert Tedious Ncube though the figure is undisaggregated by project and may blend processing and upstream mining capex. Battery manufacturing remains aspirational. Kambamura flagged domestic battery and solar panel production as a longer-term goal, with no capex, partner, or timeline attached. South Africa currently leads Africa's nascent battery-manufacturing capacity. SMM View: Goromonzi is the first verified beneficiation capacity milestone in Zimbabwe's lithium sector log as confirmed, distinct from carbonate and the $1bn aggregate unverified, project-level breakdown pending). Key watch point: whether sulfate or carbonate capacity build keeps pace with the January 2027 export cutoff or risks a supply disruption relevant to our Zimbabwe ban scenario model.

This week, FOB quotations in the ex-China rare earth market generally declined, with varieties such as terbium oxide and terbium metal seeing noticeable drops. However, affected by policies and weak demand, actual transaction volumes were thin, and heavy rare earth prices stayed high. Meanwhile, supply chain restructuring moves were frequent: resources at Namibia's Kameelburg increased by another 35%, Japanese capital officially entered the Lofdal project; Malaysia considered conditionally liberalizing raw ore exports; US-based Energy Fuels advanced the final investment decision for the Donald project in Australia, and Lockheed Martin signed a long-term scandium supply agreement. A survey in Japan showed that 80% of manufacturing executives considered rare earth procurement a major risk, highlighting anxiety in the industry chain.

[SMM Rare Earth Express] Aldoro Resources, a publicly listed firm on the ASX, has announced that the ore resources at its Kameelburg rare earth project in Namibia have increased from 280 million mt a year ago to 804.5 million mt, including maiden Indicated Resources of 162.1 million mt and Inferred Resources of 642.4 million mt, further enhancing the confidence in the project’s resources. The company stated that, based on an average Pr-Nd grade of 0.18%, the Indicated Resources correspond to approximately 200,000 mt of Pr-Nd oxide, laying a foundation for subsequent mine development studies and Phase 3 drilling. Apart from rare earths, the Kameelburg deposit is also rich in critical minerals such as strontium and niobium, with carbocernaite as the primary mineral, offering favorable beneficiation and metallurgical properties and multi-mineral development potential. Meanwhile, Aldoro is advancing its Hong Kong listing plan to broaden international financing channels and accelerate project development.