Australian producer Lynas Rare Earths is working to produce rare earth metals at a plant in Vietnam that will be built by South Korean company LS Eco Energy, with priority initially given to the production of samarium. Lynas said that under a preliminary agreement, it will supply rare earth oxides to LS Eco Energy’s rare earth metal plant expected to be established in Vietnam for further processing.

[SMM Rare Earth Bulletin] Chilean rare earth producer Aclara Resources announced that its rare earth separation pilot plant in Blacksburg, Virginia, has commenced operations. The plant sources mixed rare earth carbonate from the company’s ionic clay deposits in Brazil and Chile, and is designed to produce dysprosium, terbium, and Pr-Nd. It is expected to produce light rare earth oxides for the first time in May 2026 and heavy rare earth oxides in August.

This week, the rare earth market outside China showed a divergent pattern of “cerium up, the rest down.” Driven by price increases in China and rising ocean freight rates, cerium oxide FOB and CIF prices rose by $55/mt and $60/mt, respectively, while FOB offers for mainstream magnetic material raw materials such as praseodymium, neodymium, dysprosium, and terbium were generally lowered by $3-19.5/kg due to lower prices in China and tight supply caused by export controls. Although limited trading volumes supported premiums in markets outside China, expectations of an industrial slowdown in Europe triggered by the Middle East situation may suppress subsequent demand. On industry developments, Lynas’ Malaysia plant started samarium oxide production ahead of schedule, consolidating its position as the only commercial heavy rare earth separator outside China and advancing its 2030 strategy. In Australia, Terrain discovered high-grade magnetic rare earth ore intervals during drilling at its Western Australia project, highlighting significant resource potential.

Australian rare earth producer Lynas announced that its Malaysia plant had successfully produced samarium oxide, making it the only producer outside China capable of separating the three heavy rare earth materials samarium, terbium, and dysprosium. The company is expected to expand its product line to include gadolinium, yttrium, and lutetium over the next two years, and to add varieties such as europium and holmium depending on returns. Recently, Lynas signed a $96 million rare earth supply memorandum of understanding with the US Department of Defense, and reached a supply agreement with Japan's JARE through 2038. Both deals set the lowest price for Pr-Nd at $110/kg. The company's rare earth oxide production reached 6,375 mt in H2 2025, up 19% YoY.

American Rare Earths announced that it has been selected to supply raw material to the US Department of Energy (DOE)'s "Minerals to Materials Supply Chain Research Facility" (METALLIC) consortium. The Halleck Creek rare earth project in Wyoming, held by its subsidiary Wyoming Rare, is currently at an advanced exploration stage, with the Phase 1 Cowboy State mine having a 20-year mine life. The latest resource estimate shows that, at a cut-off grade of 1,000 ppm, total rare earth oxides amount to 547.5 million mt, while 18 channel samples collected in 2025 averaged a grade of 5,471 ppm, with the highest reaching 13,816 ppm. The project has an after-tax net present value of $558 million and an internal rate of return of approximately 24.

[SMM Rare Earth Weekly Review: Rare Earth Prices Pulled Back Significantly, Downstream Inquiries and Procurement Decreased] Affected by fluctuations in futures prices, confidence in the Pr-Nd oxide market dropped sharply. Traders proactively sold off cargoes at low prices, causing transaction prices in the Pr-Nd oxide market to fall rapidly. As of today, Pr-Nd oxide prices had already pulled back to 690,000-700,000 yuan/mt.