Search results for Overseas Rare Earth

I. Overseas Market Dynamics: FOB prices for lanthanum oxide remained stable at $870-930/mt, FOB prices for cerium oxide held steady at $1,677-1,762/mt, CIF (Rotterdam) prices for cerium oxide were $2,330-2,340/mt, FOB prices for neodymium oxide remained stable at $128-148/kg, CIF (Rotterdam) prices for neodymium oxide were $180-200/kg, FOB prices for dysprosium oxide stabilized at $271-311/kg, and FOB prices for neodymium metal decreased to $120-140/kg. Overseas rare earth prices were basically stable last week, with no significant fluctuations observed.   II. News Briefs Resource Exploration and Development: Intensive Progress on Global High-Grade Projects Angola's Longonjo Deposit Commences Infill Drilling London-listed Pensana has officially launched a 7,000-meter infill drilling program at the Longonjo rare earth mine in Angola, aiming to provide geological data support for mining operations scheduled to begin in early 2027. Drilling will be conducted on a 10m x 10m grid within the weathered ore zone, focusing on verifying the extension of high-grade ore bodies enriched with Pr-Nd. Previous exploration indicated the ore body could extend up to 100 meters below the current resource boundary. If the infill drilling is successful, the resource is expected to increase from 313 million tons to 1 billion tons, with the total rare earth oxide (TREO) grade remaining stable at 1.43%, positioning Longonjo as one of the largest rare earth deposits under development globally. To enhance efficiency, Pensana has deployed an on-site containerized laboratory equipped with an X-ray fluorescence analyzer for real-time cost control. Greenland and Saudi Arabia Collaborate on Tanbreez Project Development Nasdaq-listed Critical Metals Corp. signed a non-binding agreement with Saudi Arabia's TQB Group, planning a $1.5 billion investment to build an integrated rare earth processing facility in Saudi Arabia for treating concentrate from the Tanbreez project in Greenland. The joint venture will cover the entire industry chain from mine to magnets, with 25% of Tanbreez's production already earmarked for this facility, and the remaining capacity secured through offtake agreements (e.g., with Ucore and REalloy). This move highlights how Western companies are adopting a "resource country + processing country" model to mitigate geopolitical risks while leveraging Saudi capital advantages to accelerate supply chain closure. Resource Expansion in Australia and North America US-based Energy Fuels announced an expansion plan for its White Mesa plant in Utah, with a capital expenditure of $410 million, aiming to increase annual Pr-Nd oxide capacity from 1,000 mt to over 6,000 mt , while adding new annual capacity for terbium (66 mt) and dysprosium (240 mt). If Madagascar's monazite raw material is used, the cost of Pr-Nd oxide can be reduced to $29.4/kg , making it one of the lowest-cost suppliers globally. During the same period, although Australia's Lynas saw a 40% QoQ decline in production in Q4 2025 due to maintenance and power issues, its Malaysian heavy rare earth plant has commenced operations, with dysprosium and terbium production increasing to 26 mt. Samarium metal production is expected to begin in Q2 2026.   International Cooperation: US and Europe Lead Supply Chain Alliance Formation US Strengthens Partnerships in the Americas and Asia The US is actively promoting rare earth cooperation with Brazil, with officials from both sides holding preliminary talks to discuss a critical minerals agreement. Brazil has the world's second-largest rare earth reserves, but development remains limited. The US plans to leverage Brazil's resource potential through technology transfer and investment. Additionally, critical minerals agreements between the US and Japan, Australia, Thailand, and others have been implemented. For example, US-Japan cooperation covers rare earth supply and next-generation nuclear power technology, while Australia has received $8.5 billion in project investment support. EU Pursues Resource Autonomy and Engagement with Brazil During her visit to Brazil, European Commission President Ursula von der Leyen emphasized advancing critical minerals agreements for lithium, nickel, rare earths, and others, aiming to reduce dependence on single countries. The EU is also funding the "MaLaR" project, which explores the recovery of lanthanides from nuclear waste, using graphene oxide adsorption technology to improve recovery efficiency and reduce reliance on primary raw materials. Emerging Resource Countries Show Increased Activity India's Coal India subsidiary BCCL plans to seek rare earth cooperation opportunities in Australia, Russia, Chile, and other countries, and collaborate with domestic enterprises (such as IREL) to build a local industry chain. Vietnamese Prime Minister Pham Minh Chinh presided over the formulation of a national rare earth strategy, emphasizing deep processing and technological autonomy. Kazakhstan, leveraging the super-large deposit in the Karaganda region (reserves of 20 million mt), is attracting cooperation from Japanese and French enterprises to strengthen its position in the supply chain.   Corporate Dynamics: Vertical Integration and Breakthroughs in Recycling Technology  Mergers and Capacity Integration US-based Energy Fuels plans to acquire Australia's Strategic Materials (ASM), integrating the latter's metal plant in South Korea with planned alloy capacity in the US to create the largest mine-to-metal-to-magnet integrated enterprise outside China. Upon completion of the transaction, ASM shareholders will hold approximately 5.8% of Energy Fuels' shares, strengthening its market share in sectors such as automotive and robotics. Large-Scale Application of Recycling Technology The University of Birmingham's rare earth recycling plant has officially commenced operations, utilizing hydrogen processing technology (HPMS), with single-batch processing capacity increased to 400 kg and annual production capacity reaching 100-300 mt of magnets. US-based ReElement Technologies has purified samarium oxide with a purity exceeding 99.9% from scrap, and is collaborating with Vulcan Elements and POSCO to build an integrated recycling production line, supported by a loan from the US Department of Defense.  European Localized Capacity Layout ​ American Rare Earths (USAR) through its subsidiary LCM Europe built a 3,750 mt per year rare earth metals plant in Lacq, France , adjacent to Carester's rare earth oxides plant, taking advantage of the French tax credit policy (a 45% investment tax credit for equipment) to reduce costs. This move aligns with the objectives of the EU Critical Raw Materials Act, aiming to have 10% of rare earths sourced from local recycling and mining by 2030

Overseas Market Dynamics Price Side: FOB lanthanum oxide prices held steady at $870-930/mt, FOB cerium oxide prices remained stable at $1,677-1,762/mt, CIF (Rotterdam) cerium oxide prices were at $2,330-2,340/mt, FOB neodymium oxide prices were raised to $120-140/kg, CIF (Rotterdam) neodymium oxide prices were at $170-190/kg, FOB dysprosium oxide prices were increased to $270-310/kg, FOB neodymium metal prices were adjusted down to $111-131/kg. Transaction Side: FOB Lanthanum Oxide/FOB Cerium Oxide/CIF (Rotterdam) Cerium Oxide Prices Remain Stable: No significant changes were observed recently in both supply and demand. Supply side, major producers maintained stable production; demand side, application demand in traditional sectors such as catalysts and glass additives remained steady. Market inquiries and transactions were relatively sluggish, thus prices held firm. FOB/CIF Neodymium Oxide Prices Rise Slightly: The main momentum for this increase came from the domestic Chinese market. Domestic neodymium oxide prices rose steadily due to persistently tight spot supply, coupled with the impact of relevant Chinese policies, collectively pushing up FOB costs. Meanwhile, overseas Christmas holidays gradually ended, leading to an increase in inquiry frequency. FOB Dysprosium Oxide Prices Increase Slightly: On one hand, rising domestic dysprosium oxide prices drove up export prices; on the other hand, at the beginning of the new year 2026, international instability increased the transaction cycle for heavy rare earth oxides (dysprosium oxide), raising export risks for sellers. This was further compounded by a decline in the US dollar exchange rate, increasing the burden on sellers, leading to raised quotations. FOB Neodymium Metal Prices Adjusted Up Slightly: The slight price increase is attributed to rising domestic neodymium metal prices, supported by cost factors. However, overseas buyers' procurement demand for neodymium metal itself is relatively small, thus the price increase was not significant.   Overseas Market News Updates I. Overseas Rare Earth Project Progress Critical Metals' board of directors formally approved the construction of a multipurpose storage and pilot plant in Qaqortoq, Greenland, to support its Tanbreez rare earth project. The plant will adopt a turnkey contract model, covering engineering, permitting, logistics, and commissioning, and is expected to be put into use by May 2026 at the latest. The company also completed the acquisition of a local residential property, converting it into a permanent office and operational base to strengthen its local presence in the Arctic region. The Tanbreez project, one of the world's largest medium-heavy rare earth deposits, has pre-sold 75% of its production to US and European markets, with the remaining 25% offtake agreements planned to be finalized in Q1 2026. Australian miner Viridis Mining & Minerals and Meteoric Resources received preliminary approval from the Minas Gerais State Environmental Policy Council for their rare earth projects in Brazil. Viridis's Colossus Project is expected to require an investment of $358 million, while Meteoric's Caldera Project will invest $297 million, bringing the total investment to approximately $655 million. The companies are currently awaiting final license approval and plan to make a final investment decision in H2 2026. Japan's Agency for Marine-Earth Science and Technology announced that it will conduct deep-sea rare earth test mining operations around Minamitorishima from January 11 to February 14, using the drilling vessel "Chikyu" to extract rare earth mud from a depth of 5,500 meters. The test aims to verify a daily mud lifting capacity of 350 mt, and if successful, larger-scale trials will begin in 2027. II. Enterprise Cooperation and Supply Chain Layout US permanent magnet manufacturer Mulberry Industries signed a non-binding memorandum of understanding with rare earth developer Ramaco Resources to supply customized rare earth oxide mixtures from the Brook Mine in Wyoming, covering elements such as samarium, neodymium-praseodymium, and dysprosium/terbium. Mulberry will use these materials to expand its 10-year rare earth reserves for the production of permanent magnets for national defense, aerospace, and EV applications. Ramaco's Brook Mine is the first new rare earth mine in the US in over 70 years, with mining operations already initiated and a pilot processing plant under construction. III. Policy and International Collaboration Dynamics G7 finance ministers plan to hold a meeting in Washington on January 12 to discuss rare earth supply security, with topics potentially including the establishment of a rare earth price floor mechanism. The move aims to reduce G7 countries' reliance on single sources of supply in the areas of rare earth permanent magnets and battery metals. IV. Technology R&D and Industrial Innovation Swedish-Swiss company ABB and US-based Noveon Magnetics are promoting "green boundary diffusion technology," which enriches rare earth elements on the surface or edge regions of magnets, reducing the rare earth usage in high-performance magnets by up to 70%. The technology has not yet been scaled up due to high costs. The US National Academy of Sciences released a report titled "Meeting Future US Mineral Resource Needs," highlighting the country's heavy reliance on imports for resources such as graphite, manganese, and rare earths, and proposing recommendations to strengthen mineral resource surveys and utilize AI exploration technologies to enhance supply chain resilience.

I. Asia Region Dynamics Vietnam Passes Rare Earth Export Ban Vietnam's National Assembly passed the amended Law on Geology and Minerals on December 11, classifying rare earths as a national strategic resource and prohibiting the export of rare earth raw ore. The new legislation will take effect on January 1, 2026, requiring that rare earth exploration, mining, and processing activities comply with the national strategic plan, with participation permitted only for government-authorized enterprises. Vietnam's rare earth reserves are approximately 3.5 million mt, ranking sixth globally. Malaysia Promotes Rare Earth Industry Coordination Malaysia's Deputy Minister of International Trade and Industry, Liew Chin Tong, emphasized on December 10 the need to strengthen policy coordination between the federal and state governments to comprehensively develop the rare earth industry chain. Malaysia's rare earth reserves are about 16.1 million mt, but 94% of the resources are located in permanent forest reserves, restricting mining. The government plans to promote the construction of downstream processing capacity through incentive mechanisms and international cooperation. Japan Accelerates Seabed Rare Earth Development Japan's Minister of Economic Security, Norimi Onoda, announced on December 5 that the country will commence a rare earth exploration drilling project offshore of Minamitorishima in January 2026, aiming to build a rare earth supply system that does not rely on specific countries. This move is seen as a key initiative for Japan to ensure its economic security. II. North America Supply Chain Layout US Rare Earth Project Advances Production Timeline USA Rare Earth has moved forward the commercialization timetable for its Round Top heavy rare earth project in Texas by two years to 2028. The company plans to start its Colorado processing plant in early 2026 and complete the final feasibility study in 2027. US-Canada Enterprises Sign Supply Agreement US magnet producer REAlloys signed a five-year rare earth procurement agreement with the Saskatchewan Research Council (SRC) of Canada, with commercial production scheduled to commence in December 2026, targeting an annual capacity of Pr-Nd alloy (400 mt), dysprosium oxide (30 mt), and terbium oxide (15 mt). The project received C$101 million in funding support from the Canadian government. US Government Supports Critical Minerals Project Australian mining company Tronox received a combined $6 billion financing intent from the US Export-Import Bank and Export Finance Australia for the construction of a rare earth processing facility in Western Australia, which is planned to produce mixed rare earth carbonate. III. Europe and Other Regions Progress Sweden Calls for EU to Strengthen Rare Earth Self-Sufficiency Mikael Staffas, CEO of Swedish mining company Boliden, pointed out that the EU needs to accelerate the development of its self-sufficiency capability in critical minerals. The European Commission recently approved €3 billion in funding for 25 critical mineral projects to reduce reliance on China's rare earths. Namibia Rare Earths Project Economic Assessment Released Namibia Critical Metals announced pre-feasibility study results for the Lofdal heavy rare earth project, with a pre-tax net present value projected to reach $1.25 billion (high-demand scenario), producing 119 mt of dysprosium and 17.8 mt of terbium annually. The project, in collaboration with Japan's JOGMEC, aims to secure long-term supply for Japan. Lynas Corporation's Stock Price Fluctuations Driven by the U.S.-Australia critical minerals agreement, Lynas's stock experienced significant volatility this year, rising to a peak in October before pulling back to around $10. The company is accelerating efforts to address supply chain challenges and enhance global competitiveness. IV. International Cooperation and Capital Trends U.S.-Australia Sign Critical Minerals Agreement The United States and Australia signed an agreement in October, planning to jointly invest $3 billion in critical mineral projects, targeting to leverage $53 billion in extractable resource value. The U.S. Department of War is expected to invest in building a gallium refinery with an annual capacity of 100 mt. China-Malaysia Rare Earth Cooperation Negotiations Continue China and Malaysia are in early-stage negotiations over rare earth processing projects, with Malaysia's sovereign wealth fund Khazanah potentially partnering with Chinese state-owned enterprises to establish a plant, but both sides still need to resolve issues related to raw material supply and environmental protection regulations.

Policy and Strategic Dynamics The US Department of Energy announced through its Office of Critical Minerals and Energy Innovation's Rare Earth Demonstration Facility Program that it will provide up to $134 million in funding to support commercial feasibility verification projects for the recovery and refining of rare earth elements from unconventional raw materials such as mine tailings and electronic waste. To support this initiative, the US will solicit non-binding letters of intent by December 10, with the full application deadline on January 5, 2026. However, the US's policy of setting a rare earth price floor has not received support from all allies. The UK Industry Minister Chris McDonald explicitly stated that the UK has chosen not to emulate the US's support mechanism of setting a price floor for rare earth enterprises. The core consideration is that the UK can already successfully attract sufficient investment to develop its domestic supply chain, but it will continue to monitor the implementation effects of the US policy. In Asia, India's cabinet formally approved a rare earth permanent magnet industry support plan totaling 72.8 billion rupees (approximately $815 million). The plan aims to build an entire industry chain for sintered NdFeB magnets with an annual capacity of 6,000 mt through competitive tender. Meanwhile, Vietnam's Minister of Agriculture and Environment Tran Duc Thang confirmed that the country possesses one of the world's largest rare earth reserves and stated that a national rare earth strategy is under development, expected to be released by the Prime Minister in early 2026. The core objective is to establish a closed manufacturing chain to restrict the export of raw materials. Resource Exploration and Project Progress In terms of resource exploration, Canada's Amarlock Company announced the discovery of high-grade rare earth ore in southern Greenland, with a total rare earth oxide content of up to 2.31%. The company is considering developing this resource but acknowledges challenges such as harsh polar environments and lack of infrastructure, and plans to commence drilling next spring. Australia's Strategic Materials Company disclosed its Q3 results, showing that it shipped a total of 40 mt of rare earth metal during the quarter, with NdFeB production of 16.7 mt and shipments to customers of 13.9 mt. The capacity of the company's metal processing plant in South Korea is continuously increasing, and it plans to raise the annual capacity of rare earth metal alloy from 1,300 mt to 3,600 mt. Additionally, Rainbow Rare Earths Company reported progress on its Phalaborwa project in South Africa. The project has successfully produced high-purity mixed rare earth products and is scheduled to be completed and operational by 2027. The company emphasized that its technology does not require traditional mining; instead, it extracts rare earths by processing phosphogypsum scrap generated from historical phosphate production, aiming to become a supplier of responsibly sourced rare earths for Western markets. R&D and Cooperation In the field of R&D, the US Department of Energy's Advanced Research Projects Agency provided $3 million in funding to a research team at the University of California, Davis , for developing a bio-based process aimed at using genetically modified acid-resistant microorganisms to selectively capture rare earth elements from acidic mine and industrial wastewater, with the goal of achieving lower-cost and more environmentally friendly recovery. Meanwhile, the CEO of Momentum Technologies testified before the US House of Representatives, introducing their proprietary membrane solvent extraction technology as a domestic processing solution to address the vulnerability of the US critical mineral supply chain. International Cooperation and Market Layout In terms of international cooperation, the US Center for Strategic and International Studies released a report stating that the US has the potential to become an international rare earth processing hub, recommending a dual-track strategy: rapidly building domestic processing and magnet manufacturing capabilities while collaborating with trusted allies such as Australia, Saudi Arabia, and Canada to establish a global processing network. Kazakhstan , with its newly discovered super-large rare earth deposit in the Karaganda region, is accelerating efforts to attract foreign investment for cooperation. The state-owned Tau-Ken Samruk company has signed technical agreements with institutions from the US, Japan, and France, aiming to build a complete industry chain from mining to processing.

Against the backdrop of the current US-China rivalry, China's export control policies on rare earths have prompted Western countries to deeply recognize the strategic importance of rare earth elements. To reduce their reliance on China, the West is actively attempting to build a complete rare earth industry chain, from mining to magnet manufacturing. However, the development cycle for rare earth resources is lengthy, and China holds an absolute technological advantage and economies of scale in rare earth mining, separation, and smelting. This makes it extremely difficult for the West to achieve breakthroughs in the industry chain in the short term, unable to meet their urgent immediate needs. Confronted with this dilemma, Western enterprises and governments are channeling more resources into the field of rare earth recycling, viewing it as a crucial pathway to alleviate short-term supply pressures and enhance supply chain resilience. Several companies have begun deploying strategies to recover rare earth elements from waste materials such as discarded electronic products and industrial magnets, attempting to compensate for the shortfall in raw material supply through a circular economy model. Recently, recycling companies including the US-based HyProMag, Australia's IonicRE, and Canada's Cyclic Materials have entered into new raw material supply and technical cooperation agreements with industry chain partners, driving the transition of rare earth recycling from pilot projects to commercial scale. These collaborations cover multiple stages, from scrap collection and technical processing to high-end magnet production, aiming to significantly increase the rare earth recovery rate from the current level of less than 1%. In June, a US-India joint venture launched a magnet recycling project aimed at improving the efficiency of ReElement chromatographic separation technology. The project is expected to process 2,000 metric tons per year of retired magnets from electric vehicles and wind power equipment, with a projected recovery rate of up to 90%. In the following months, the rare earth recycling strategy led by US companies gradually became clearer and more established. HyProMag expanded the scope of its raw material agreements to include new sources such as electric motors and wind turbine rotors. The company formed a joint team with electronics recycler ILS to accelerate procurement progress at its Fort Worth, Texas plant. Over its 40-year operational period, the plant plans to recycle 750 metric tons of sintered NdFeB magnets and 807 metric tons of NdFeB by-products annually. HyProMag also plans to expand its operations to Nevada and South Carolina using a hub-and-spoke model, aiming to triple its recycling capacity. Australia's IonicRE has signed an agreement with US Strategic Metals (USSM) to produce rare earth oxides using recycled magnets. IonicRE will provide recycling technology through its UK subsidiary Ionic Technologies to produce Pr-Nd oxide and heavy rare earth elements (dysprosium, terbium, samarium, gadolinium, and holmium) with a purity exceeding 99.5%. Canada's Cyclic Materials has entered into an exclusive ten-year agreement with German magnet producer VAC to specifically handle magnet production scrap from VAC's new plant in Sumter, South Carolina. Cyclic Materials expects its recycling process to reduce carbon emissions by 75% compared to raw ore mining. The company is constructing a facility in Mesa, Arizona, with an annual processing capacity of 25,000 mt of scrap magnets, which is expected to commence operations in early 2026. Rare earth supply security has become a strategic priority for the US and European countries. The EU's Critical Raw Materials Act requires that 15% of the EU's rare earth capacity be achieved through recycling by 2030. This policy direction provides clear market expectations and development momentum for European rare earth recycling enterprises. The US is actively promoting the development of the rare earth recycling industry, primarily motivated by the desire to reduce dependence on rare earths from a single country, establish a multi-channel rare earth supply landscape, and safeguard the expansion of key industries such as military applications. A rare earth recycling plant, jointly established by France and Japan in Lacq, France, is expected to produce 800 mt of light rare earths and 600 mt of heavy rare earths annually upon commissioning, accounting for approximately 15% of global production. This output will meet about 20% of Japan's future demand for dysprosium and terbium. Rare earth recycling technology continues to advance, evolving from traditional hydrometallurgy toward more efficient and environmentally friendly methods. The EU's "nano-droplet emulsion separation" technology requires only hundreds of purification steps and achieves 95% selectivity. The HyProMag project, a collaboration between the UK and Germany, uses hydrogen processing technology to recover NdFeB magnets from electronic waste with a purity exceeding 99%. Meanwhile, industrial collaboration models for rare earth recycling are also being innovated. The cooperation between Cyclic and VAC has established a closed-loop model of "production-recycling-reproduction." This partnership not only addresses the issue of scrap treatment but also provides a stable source of raw materials for new magnet production, reducing risks across the entire supply chain. The sustainable procurement requirements for rare earth magnets from end-users such as automakers like General Motors have further driven the development of the recycling industry. VAC's Sumter plant will prioritize supplying magnets for multiple EV models of General Motors over the next decade, and such long-term collaborations ensure demand stability for the recycling industry. Currently, overseas rare earth recycling, much like mining at the ore end, is still in the early stages of technological research and exploration, with commercial operations still a long way off. Coupled with various variables such as international politics, the rare earth recycling industry may seem distant and elusive. However, as global industrial technology continues to advance, rare earth recycling will gradually move forward.

I. Supply Chain Collaboration and Capacity Layout European rare earth processor Solvay Group announced two key supply agreements this week, aimed at strengthening rare earth supply chain collaboration between Europe and the US. Its agreement with US magnet manufacturer Noveon involves four rare earth elements—neodymium, praseodymium, dysprosium, and terbium—for manufacturing sintered NdFeB permanent magnets; the agreement with Permag focuses on samarium oxide supply, which will be converted into samarium metal by UK-based Less Common Metals for use in high-temperature resistant magnets. Solvay plans to increase capacity at its La Rochelle plant in France in phases: Pr-Nd and samarium oxide production is expected to commence soon, while dysprosium and terbium production is scheduled to start within 2026. CEO Philippe Kehren noted that the US market, due to stronger fiscal support and higher customer readiness, has become the current focus of cooperation, while Europe still needs to address the issue of a "customer base that guarantees sales volume and price levels." Additionally, Solvay is collaborating with Canada's Cyclic Materials to extract rare earth residues from recycled batteries and magnets, targeting to meet 30% of Europe's rare earth demand by 2030. Domestic US capacity construction is advancing simultaneously. MP Materials announced it will begin producing heavy rare earth elements by mid-2026, with an annual capacity of approximately 200 mt of dysprosium and terbium, to support its plan for an annual production of 10,000 mt of NdFeB magnets. The company's Pr-Nd oxide production reached 721 mt in Q3, up 21% QoQ, and it expects to return to profitability in Q4. US rare earth magnet manufacturer Noveon has an annual capacity of 2,000 mt (expandable to 10,000 mt) and plans to build a new plant in South Korea, with customers including enterprises like Denso and General Motors.   II. Resource Development and Project Breakthroughs In the resource development sector, US critical minerals developer Critical Metals' Tanbreez rare earth project in Greenland obtained a key environmental permit, clearing a major regulatory hurdle before production. The project is expected to produce 85,000 mt of rare earth concentrate annually at full operation, with production anticipated to start in 2026. Meanwhile, deep-sea rare minerals company applied to the US National Oceanic and Atmospheric Administration for a seabed exploration permit, aiming to develop Pacific rare earth resources. This move follows the US-Japan agreement on the Minamitorishima deep-sea rare earth cooperation plan, reflecting increased Western attention to non-traditional rare earth sources. Capital markets responded positively to rare earth projects. Critical Metals' stock price rose over 64% year-to-date and surged 176% in the past three months; recent US government equity investments in mining companies like Trilogy Metals further stimulated speculative enthusiasm for rare earth concept stocks.   III. Low-Carbon Technology and Circular Economy On the technological innovation front, Australian rare earth producer Lynas is collaborating with electrochemical technology company Solidec to deploy a pilot project for on-site hydrogen peroxide generation at its Australian plant. The technology only requires water, electricity, and air, reducing the carbon footprint of rare earth processing by 90%, and aims to address chemical supply chain bottlenecks in rare earth production. Additionally, Australian rare earth company Ionic Rare Earths signed a memorandum of understanding with US Strategic Metals, planning to build a recycling facility in Missouri to extract magnetic rare earth oxides such as neodymium and praseodymium from secondary resources, further strengthening the circular supply chain layout.   IV. Geopolitical Policies and Market Impact China recently strengthened export controls on rare earth items and related technologies, requiring that re-exports of products containing Chinese rare earth components overseas must obtain a license, and explicitly incorporating technology controls into the policy. This has already driven up overseas rare earth prices; for example, the price of dysprosium metal rose from $335/kg to $780/kg, and is expected to potentially exceed $900/kg in the near future. The EU faces a significant gap in rare earth processing capacity, with internal processing in 2024 meeting only 38% of demand, while rare earth trade between the US and Australia increased by 67% YoY, reflecting an accelerated diversification of Western supply chains. The US is driving supply chain restructuring through both policy and capital. The Trump administration invested in enterprises such as MP Materials and Critical Metals, and set a floor price for rare earth purchases; the US and Australia signed an $8.5 billion rare earth agreement, including the construction of refining facilities in Australia and funding from the US Department of Defense for a gallium refinery. These measures highlight the US strategic shift from "filling gaps through imports" to "filling gaps through mining within controlled areas."

US Rare Earth Developments US rare earth magnet startup Vulcan Elements plans to build a magnet production facility with an annual capacity of 10,000 mt. The plant will focus on recycling magnets and electronic waste. Funding for the plant will consist of a $620 million direct loan from the US Department of Defense, $50 million from the US Department of Commerce, and $550 million in private capital. Vulcan is partnering with ReElement Technologies to process discarded magnets, electronic waste, and mining concentrates into high-purity rare earth oxides. As part of the financing conditions, the US Department of Defense will receive warrants in Vulcan and ReElement, while the US Department of Commerce will receive $50 million worth of equity in Vulcan. In August this year, Vulcan signed an agreement with Energy Fuels to supply Pr-Nd oxide and dysprosium oxide for magnet production, and also entered into an offtake agreement with ReElement for light and heavy rare earth oxides. US critical mineral producer Energy Fuels stated during its Q3 earnings call that monazite provides it with a structural advantage in terms of rare earth ore supply. The company expects that the two-phase development of its White Mesa rare earth oxide processing plant in Utah will achieve a target annual production of 6,294 mt of Pr-Nd oxide, 80 mt of terbium, and 288 mt of dysprosium by 2028. Energy Fuels currently has an annual monazite supply capability of 40,900 mt, sourced from the Donald project in Australia, the Toliara project in Madagascar, the Bahia project in Brazil, and US chemical producer Chemours. In September this year, the Pr-Nd oxide processed by the company passed all quality assurance tests for use in EV motors. US magnet producer Noveon Magnetics signed an agreement with South Korea's Kangwon Energy to build a rare earth permanent magnet plant in South Korea with an annual capacity of 2,000 mt. The plant is expected to begin production in 2027, supplying automakers, renewable energy developers, national defense, and electronics manufacturers. Noveon signed supply agreements for heavy and light rare earths with Australia's Lynas Rare Earths in October last year and began supplying magnets to General Motors in July this year. Canadian rare earth producer Ucore Rare Metals has agreed to supply rare earth oxides, including neodymium, praseodymium, terbium, dysprosium, samarium, and gadolinium, to German magnet producer Vacuumschmelze (VAC) for its new plant in the US. Ucore will supply materials to VAC's South Carolina plant from its planned Louisiana Strategic Metals Complex and its commercial demonstration facility in Ontario, with both parties set to finalise a long-term agreement within nine months.   Australia and Greenland Project Updates Australia's Lynas Rare Earths reported that total rare earth oxide production for the July-September quarter reached 3,993 mt, up 32% YoY and up 24% QoQ. The company achieved its first shipment of heavy rare earth during this period, producing 9 mt of heavy rare earth. Lynas is scheduled to commence production of samarium in H1 2026, and the expansion work at its heavy rare earth separation plant in Malaysia will begin in December. The company stated that following China's announcement of strengthened rare earth export controls in October, end-user demand increased significantly. US rare earth developer Critical Metals announced that its Tanbreez rare earth mine project in southern Greenland obtained a key environmental permit, with the mine closure plan report and geochemical verification work approved by Greenland's Environmental Agency for Mineral Resource Activities. The Tanbreez project is estimated to contain resources of 45 million mt, with heavy rare earth accounting for 27% and a net present value of approximately $3 billion. Amaroq Minerals discovered rare earth mineralization within the Nunarsuit license area in southern Greenland, with samples from the Irua pegmatite belt showing total rare earth oxide grades of 2.31%, comprising heavy rare earth (27%) and magnet rare earth elements (21%). The company plans to conduct drilling verification in 2026.   Russia and India Strategic Planning Russian President Vladimir Putin has instructed the government cabinet to approve a long-term development roadmap for rare and rare earth metal mining and production by December 1. The Russian government plans to increase annual rare earth metal production to 50,000 mt by 2030 and reduce the import proportion from the current 75% to 45%. India's Ashwani Magnets announced the official commissioning of India's first domestic rare earth metal plant, with a monthly capacity of 15 mt, capable of meeting 20%-25% of India's neodymium-praseodymium alloy demand. The Indian government plans to expand the incentive scheme for rare earth magnet manufacturing to 70 billion rupees (approximately $788 million) to accelerate the establishment of domestic capacity.   Malaysia Cooperation and Technology Development The Malaysian government, in collaboration with South Korea's JS Link and Australia's Lynas Rare Earths, is investing 600 million ringgit to build a super magnet manufacturing plant in Pahang, planning a sintering facility with an annual production of 3,000 mt of NdFeB permanent magnets. In May this year, Lynas successfully produced the first batch of heavy rare earth element products at its advanced materials plant in Kuantan, becoming the only producer outside China capable of large-scale production of such materials. US company Niron Magnetics announced an expansion of its partnership with the City of Satire to establish the first comprehensive production facility focused on producing high-performance iron nitride permanent magnets free of rare earths. The first phase of the project will involve building a 190,000 square foot manufacturing plant, creating 175 full-time jobs.   South Africa Project Financing Progress London-listed Rainbow Rare Earths reported that its Phalaborwa project in South Africa received $50 million equity support from the US International Development Finance Corporation through TechMet and Ecora Resources. The project produces rare earth elements by processing phosphogypsum waste, eliminating the need for traditional mining, and is expected to be positioned at the low end of the global cost curve. The company plans to complete the final feasibility study in 2026 and achieve commissioning and production in 2027.

I. Vietnam Strengthens State Control Over Rare Earths, Advances Legislation and Centralization The Standing Committee of Vietnam's National Assembly reviewed a draft amendment to the Law on Geology and Minerals, proposing to classify rare earths as a "special strategic resource." The draft explicitly stipulates that the central government holds exclusive authority over the exploration, mining, and processing of rare earths, with local agencies having no power to intervene. The bill requires that only state-designated or approved enterprises may operate in the rare earth industry and strictly prohibits the export of unprocessed rare earth ore. The government will directly fund geological surveys and exploration to ensure the environmental protection and sustainability of resource development. Vietnamese officials emphasized the strategic value of rare earths for sectors such as semiconductors, renewable energy, defense technology, and EV batteries. Deputy Prime Minister Tran Hong Ha stated that a central regulatory agency will be established to oversee technology transfer and development across the entire rare earth industry chain. The draft law is expected to be submitted for approval at the 10th session of the National Assembly.   II. UK's Pensana Abandons Saltend Rare Earth Project, Shifts Focus to US Market UK-listed miner Pensana has terminated its plan for a rare earth oxide separation plant at the Humber Freeport in Hull, UK (originally valued at £250 million). The project was intended to process Pr-Nd resources from the Longonjo mine in Angola to supply magnetic materials for the European EV and wind power industries. Pensana Chairman Paul Atherley stated that the decision to abandon the project was due to the US government's commitment to purchasing rare earths from its Mountain Pass mine in the US at guaranteed prices, while European governments failed to provide similar support.   III. US Rare Earth Corp Achieves Key Processing Technology Breakthrough in Wyoming US Rare Earth Corp (ASX: ARR) has achieved a breakthrough in hydrometallurgy technology at its Halleck Creek project in Wyoming, successfully completing impurity removal and neutralization tests. The experiments used magnesium oxide as a neutralizing agent, achieving over 99% removal of impurities such as iron, aluminum, and silicon, while minimizing rare earth losses and significantly simplifying downstream processing. This technology clears a major obstacle for large-scale development, and the company plans to develop the Halleck Creek project into a flagship rare earth mine in North America.   IV. Angola's Cula Rare Earth Mine Completes Drilling, Assesses Resource Potential London-listed miner Pensana has completed a preliminary drilling program at the Cula carbonatite complex in Angola, located approximately 30 kilometers north of its flagship Longonjo mine. The drilling involved eight sites deployed along the complex, successfully collecting samples for mineralogical and metallurgical analysis to assess its future potential for rare earth production. The company stated that the drilling was completed before the rainy season, and initial study results will be released in the coming weeks.

After US rare earth producer MP Materials (hereinafter referred to as "MP Company") suspended the export of rare earth concentrate to China, its exclusive domestic dealer Shenghe Resources (600392.SH) accelerated its layout of overseas rare earth resources. Shenghe Resources announced tonight that in order to promote the development of the Ngualla rare earth mine project as soon as possible and further consolidate the resource foundation for the company's development, its wholly-owned subsidiary Ganzhou Chenguang Rare Earth New Materials Co., Ltd. (hereinafter referred to as "Chenguang Rare Earth") plans to acquire 100% equity of Peak Rare Earths Limited (hereinafter referred to as "Peak Company"). According to the announcement, Shenghe Resources spent a total of AUD 158 million (approximately RMB 742.6 million) on this acquisition. According to the "Valuation Consulting Report" issued by Beijing Tianjian Xingye Asset Appraisal Co., Ltd., based on the valuation of Peak Company's total equity value using the comprehensive income method and market method as of the valuation base date of December 31, 2024, the total equity value of Peak Company ranges from AUD 170 million to AUD 196 million (approximately RMB 799 million to RMB 921.2 million). Shenghe Resources stated that the company adheres to the rare earth business as its core and insists on both domestic and international resources and markets. If this project can be successfully implemented, it will help promote the development of the project as soon as possible, further consolidate the resource foundation for the company's development, and optimize the company's global business layout. The announcement shows that Peak Company is an Australian publicly listed firm headquartered in Perth, Western Australia, and listed on the Australian Securities Exchange (code: PEK). The core asset of Peak Company is the Ngualla rare earth mine project located in Tanzania, which is jointly owned by Peak Company and Tanzania with 84% and 16% equity respectively, and owns Mamba Mining and Mamba Smelter. It is reported that the Ngualla rare earth mine project is located in southern Tanzania. According to the JORC (2012) standard, with a cut-off grade of 1%, the ore resource is 214 million mt with an average grade of 2.15%, equivalent to 4.61 million mt of REO. The rare earth reserve is 18.5 million mt with an average grade of 4.8%, equivalent to 887,000 mt of REO. The proportion of Pr-Nd oxide in rare earth oxides is about 21.26%. The project has obtained a special mining license (mining right), and the mining right holder is Mamba Mining. Financial data shows that in 2023 and 2024, Peak Company achieved revenues of 0 yuan, with net losses of RMB 53.8917 million and RMB 48.9456 million respectively. As of December 31, 2024, the company's total assets were approximately RMB 403 million, and the owner's equity was RMB 386 million. Shenghe Resources emphasized that the acquisition of Peak Company's equity does not constitute a related party transaction. However, a reporter from Cailian Press noticed that Shenghe Resources and Peak have a close relationship. As early as February 2022, Shenghe Resources (Singapore) Co., Ltd., a holding subsidiary of Shenghe Resources (hereinafter referred to as "Shenghe Singapore"), invested 179 million yuan to acquire a 19.9% stake in Peak from Appian. In April 2023, the Ngualla rare earth mine project was granted mining rights by the Tanzanian government. In August of the same year, Shenghe Resources and Peak Rare Earths signed an off-take agreement, stipulating that the company would purchase 100% of the rare earth concentrate, at least 50% of the intermediate rare earth products, or the final separated rare earth oxides produced by the Ngualla project, with the agreement lasting for seven years. At the same time, the two parties also signed a non-binding memorandum of understanding, in which Peak proposed to appoint Shenghe to provide the EPC (engineering, procurement, and construction) plan for most of the engineering works of the Ngualla project, as well as project financing solutions. In May 2024, Shenghe Resources disclosed on its investor relations platform that PEAK was expected to make a final investment decision in the second half of the year and commence project construction, with the project expected to be completed and put into operation by the end of 2025 or early 2026. In the initial stage of the project, it was estimated that the annual output of rare earth concentrate, equivalent to 18,000 mt of oxides, would be produced, corresponding to approximately 4,000 mt of Pr-Nd oxide. Two months later, Shenghe Resources, Shenghe Singapore, and Peak signed a term sheet on investment, funding, and development to support the development of the Ngualla project, mainly covering investment, funding, and development solutions for the Ngualla project. The company would subscribe to a 50% stake in the newly issued shares of Ngualla Group UK Limited for approximately 96 million Australian dollars. This company holds an 84% stake in the Ngualla project. In January this year, Shenghe Resources again stated on its investor relations platform that Peak expected the Ngualla project to be completed and put into operation in 2026.