[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.

UK rare earth exploration company Harena Rare Earths signed an exclusivity agreement to evaluate the acquisition of Paradigm Critical Minerals’ heavy rare earth and uranium assets in California. The asset is located in San Bernardino County, about 100 miles from Mountain Pass mine, MP Materials’ rare earth mine, the only producing rare earth mine in North America. Historical drilling showed significant potential for the project, with surface exploration identifying a light-to-heavy rare earth ratio of about 50:50 and grab samples with TREO grades of up to around 2%. Uranium grades reached 10 times those of currently operating projects worldwide. Harena will conduct due diligence to advance the transaction, and the project will complement its ionic clay rare earth project in Madagascar.

Gold prices fall due to interest rate gloom and Middle East tensions. US Fed and major central banks likely to maintain current interest rates. Long-term gold outlook positive, seen as a hedge against risks.

[SMM Zinc Morning Comment] Last Friday, the most-traded SHFE zinc 2604 contract opened at 24,205 yuan/mt. In early trading, SHFE zinc briefly rose to a high of 24,255 yuan/mt, then bears added to their positions, sending SHFE zinc fluctuating downward all the way to a low of 24,070 yuan/mt near the close. It finally closed down at 24,080 yuan/mt, down 60 yuan/mt, or 0.25%, with trading volume falling to 37,382 lots and open interest increasing by 1,553 lots to 76,744 lots.

[SMM Morning Meeting Summary: US Dollar Strengthened, LME Zinc Came Under Pressure] Last Friday, LME zinc opened at $3,315.5/mt. At the beginning of the session, bulls and bears were intertwined, and LME zinc briefly rose to a high of $3,316.5/mt. Subsequently, bulls reduced their open interest, and LME zinc fluctuated downward, touching a low of $3,270.5/mt during European trading hours. পরে, the center moved up slightly and fluctuated in consolidation along the daily average line, finally closing down at $3,293.5/mt, down $21/mt, or 0.63%. Trading volume fell to 7,065 lots, and open interest decreased by 1,630 lots to 215,000 lots.

[CleanTech Is About to Sign a 40-Year Operating Contract With the Chilean Government for the Laguna Verde Lithium Project] CleanTech Lithium, an Anglo-Australian company, is about to sign a 40-year contract with the Chilean government to develop the Laguna Verde lithium project in the Atacama Region, enabling it to advance extraction of this mineral at one of the salt lakes opened to the private sector. After reaching agreement with the Ministry of Mining on the terms of the Special Lithium Operating Contract (CEOL), Chile’s Office of the Comptroller General is now expected to approve the document in Q2 2026. CleanTech, its subsidiary Atacama Salt Lakes, and minority shareholders that are among the consortium members established to advance the Laguna Verde project have begun celebrating this new phase, as it provides greater certainty for their investment. [Rio Tinto Begins Commercial Lithium Exports From the Rincon Project] Rio Tinto’s milestone achievement in commencing commercial lithium exports from the Rincon project marked a pivotal moment for the global lithium market. Miners are currently contending with the complex interplay of resource scarcity, geopolitical tensions, and the accelerating popularization of EVs. The traditional supply-chain dependencies that have defined battery materials sourcing for decades are being reshaped by new producers launching commercial operations in previously underexplored regions. These developments signify not merely a slight increase in capacity, but a fundamental shift in how critical minerals move from extraction sites to manufacturing hubs, with implications far beyond quarterly production data. Rio Tinto’s commercial lithium exports from the Rincon project reflected its prudent positioning in one of the world’s most fiercely contested mining regions for this mineral. Following the suspension of the Jadar project in Serbia in 2025, the company shipped 200 mt of battery-grade lithium carbonate from Buenos Aires to Shanghai in March 2026, marking the official start of operations at its core South American lithium asset. The timing of this market entry reflected broader industry dynamics across the Lithium Triangle. Argentina’s regulatory environment has increasingly favoured large-scale international mining operations. In addition, the Rincon project is located in Salta Province, placing Rio Tinto within a geographic cluster that contains significant global lithium resources across Argentina, Chile, and Bolivia. [The Geothermal Plant Behind Europe’s Lithium Push] The town of Landau in der Pfalz, near the French-German border, has long been at the heart of the local winemaking industry. The region is also home to the Upper Rhine Valley brine fields, which contain Europe’s largest lithium resources and have now made it a hub for Europe’s push to advance EV development. The planned integrated geothermal-lithium extraction plant forms part of renewable energy producer Vulcan Energy’s ambition to build a carbon-neutral EV supply chain in Europe. The project will use geothermal wells to extract lithium-rich brine from depths of up to 5 kilometers. The high-temperature brine will be pumped to the surface, where lithium will be extracted before being transported to a plant. There, the lithium will be converted through electrolysis into lithium hydroxide monohydrate (LHM). The brine will then be reinjected underground, while LHM will be delivered to offtakers, including automaker Stellantis, which owns automotive brands such as Citroen and Peugeot. [Liontown's Interim Loss Widens as It Bets on a Recovery in Lithium Prices] Australia's Liontown said on Thursday that its loss widened in H1 due to a non-cash accounting charge, and added that it is evaluating potential expansion options for its Kathleen Valley mine as lithium prices are expected to rise. The miner of this raw material used in EV batteries has been seeing an initial price recovery after nearly two years of weakness. Previously, EV adoption was slower than generally expected, resulting in oversupply. Liontown said in its December quarter report that prices improved, with the selling price reaching $900/mt, up 28% from the previous quarter. As its flagship project transitioned to underground mining, the company sold 190,000 mt of spodumene, a lithium raw material, in H1. Source: https://www.investing.com

Bharat Coking Coal Limited (BCCL), a subsidiary of Coal India, reported a 1.6% decline in coking coal production for February 2026. This minor contraction comes as India designates coking coal as a "critical mineral" to reduce import dependency, even as port traffic for coking coal imports rose 11% in the April-February FY26 period.

[SMM Cast Aluminum Alloy Morning Comment: Overseas ADC12 Prices Surged to USD 3,200, with Import Losses Expanding Sharply] In the overnight session, the aluminum alloy 2604 contract in the night session moved downwards after a higher opening and fluctuated downward. After opening at 23,295 yuan/mt, it rose to 23,420 yuan/mt, then continued to pull back, dipping to a low of 23,000 yuan/mt, and closed at 23,170 yuan/mt in late trading, down 1.07% from the previous close. Open interest continued to decline, with bulls clearly reducing positions; trading volume edged up, and the price center moved lower.

[[Weekly Review of Aluminum Scrap and Secondary Aluminum]]Geopolitical Risks and Cost Drivers Combined: Weekly Increase in ADC12 Prices Reached 1,000 Yuan

Driven by robust demand for AI, the price hikes in the PCB circuit board industry chain continue. According to reports, Japanese semiconductor material giant Resonac has raised the prices of CCL copper clad laminate and adhesive films by 30% starting from March 1. The industry expects that Resonac's price increase will be passed on to high-end manufacturing processes such as MLCC, HDI boards, IC substrates, and high-frequency high-speed PCBs. Moreover, the PCB sector may see a super catalyst – Nvidia's LPU inference chip. The market believes that with the implementation and rapid growth of AI applications, the market for specialized AI inference chips will expand rapidly, bringing about a significant impact on the PCB industry including increased volume and prices, process upgrades, material innovations, and higher concentration. This will enhance the value and importance of PCBs in AI chips, opening up new market size opportunities for the PCB industry.