[SMM Research] Nigeria remains a key supplier of tantalum concentrate, with exports largely priced on an FOB basis and driven by strong Chinese demand. Concentrate grades vary widely, with higher Ta₂O₅ content commanding significant premiums. Artisanal mining dominates supply, while informal trade continues to limit market transparency. SMM's research indicates that first-hand market intelligence remains essential for assessing pricing, quality and evolving supply chains.

【SMM Tantalum & Niobium Express】Global Advanced Metals (GAM), a leading high-purity tantalum and niobium producer in North America, officially put its upgraded new metallurgical purification process into operation at its Boyertown, Pennsylvania production base in June this year. This integrated optimized purification process revolutionizes the traditional electron beam melting and solvent extraction workflows, enabling precise control of trace oxygen, carbon and metallic impurities in tantalum and niobium feedstocks. Verified through multiple batches of industrial trials, the yield rate of superconducting-grade niobium for fusion magnet components has increased by 18 percentage points compared with the original process. Superconducting-grade niobium requires extremely low impurity content to ensure an ultra-high residual resistance ratio, making it an indispensable core raw material for the ITER Nb₃Sn superconducting coils. GAM has signed a multi-year fixed supply framework agreement with General Atomics, the US domestic manufacturing general contractor for ITER. The new process simultaneously improves the purification efficiency of semiconductor-grade high-purity tantalum ingots, cutting the single-batch production cycle by 22% and significantly reducing material loss. Currently, the global supply of niobium dedicated for fusion applications is tight, and this technological upgrade enables GAM to expand its stable supply capacity for ITER and other large-scale particle accelerator projects. The company stated that it will further expand its purification production lines by 2027 to meet the surging market demand for superconducting metals driven by the global fusion energy and high-end semiconductor industries.

[SMM Express] Research on Rwandan tantalum concentrate market indicates that most concentrate transactions are negotiated on a spot basis, with prices typically determined by buyer demand rather than long-term supply agreements. According to market participants, contract prices are frequently renegotiated after delivery to reflect prevailing market conditions, highlighting the short-term nature of the country's tantalum concentrate trade. Findings also show that 22–30% Ta₂O₅ concentrates are among the most actively traded grades and that Chinese smelters remain the primary buyers of Rwandan material. Market prices are reported to fluctuate mainly in response to demand for concentrate and the quantity of material available for sale. Weak demand, lower prices and limited working capital are noted to be among the main challenges facing the sector. These market observations suggest that Rwanda's tantalum concentrate trade continues to be influenced by downstream purchasing activity in China, with spot market dynamics remaining the principal driver of pricing and trading activity.

[SMM Express] Free on Board (FOB) remains the predominant pricing basis for Nigerian columbite-tantalite (coltan) concentrate exports, with most shipments priced at major export terminals including Onne Port in Rivers State and Apapa Port in Lagos. FOB pricing is widely used in transactions between Nigerian exporters and international buyers as it provides a transparent basis for valuing concentrates before freight and insurance costs are added. Market participants indicate that sales to Chinese trading companies and processors are frequently negotiated on a Cost, Insurance and Freight (CIF) basis for delivery to China, with the corresponding FOB value derived after deducting ocean freight and marine insurance costs. Meanwhile, smaller domestic and regional transactions may be concluded on Ex Works (EXW) or truck-delivered-to-port terms before cargoes enter formal export channels. The continued dominance of FOB pricing reflects established international trade practices for critical mineral concentrates and facilitates price benchmarking across global tantalum markets. As demand for transparent and traceable supply chains increases, standardised pricing mechanisms are expected to remain important in supporting efficient trade and market confidence.

According to foreign media reports, recently, the state-owned enterprise Mutapa Energy Resources of Zimbabwe announced that its Sandawana lithium mine project confirmed 39.9 million mt of JORC-compliant lithium resources, of which 28.7 million mt are measured resources, accounting for about 72% of the total. It is reported that the resources confirmed at the Sandawana lithium mine project this time cover only about 30% of the approximately 3,800-hectare mining right area. The first phase of exploration for the project lasted 11 months, completed 103,000 meters of drilling and 33,000 sample analyses, with a cumulative investment of $24 million.

[SMM Express] China continues to dominate the export market for Nigerian tantalum concentrates, accounting for an estimated 80%–90% of formal export volumes. Most shipments are purchased by Chinese trading companies and processors, with downstream refining concentrated in major processing hubs such as Jiangxi, Fujian and Guangdong. Europe remains an important secondary destination, with tantalum concentrates supplied to processors and commodity traders serving markets in Germany, Estonia, Belgium and the Netherlands. Smaller volumes are also routed through trading hubs in Malaysia and Singapore before entering downstream supply chains, while interest from the United States is increasing as efforts to diversify critical mineral supply chains continue. A notable share of Nigerian columbite-tantalite production is also understood to move through informal cross-border trade routes before entering formal international markets. These unofficial flows make it more challenging to accurately monitor export volumes, pricing and end-market destinations, highlighting the importance of improved supply chain transparency in the global tantalum market.

[SMM Express] Nigeria's recent columbite-tantalite (coltan) market has been primarily supplied by artisanal and small-scale mining operations, with 20–30% Ta₂O₅ concentrates accounting for the largest share of production and trade. Higher-grade concentrates containing 30–40% Ta₂O₅ are produced through basic beneficiation and generally command premium prices, while 40%+ Ta₂O₅ material remains relatively limited but is highly valued by downstream processors. Market observations indicate that buyers, particularly tantalum processors, generally prefer concentrates containing 30% Ta₂O₅ or higher, as these reduce processing costs and improve refining efficiency. Material grading below 25% Ta₂O₅ typically trades at a discount owing to the additional upgrading required before refining. Nigerian coltan is commonly produced as a mixed columbite-tantalite concentrate, containing both tantalum pentoxide (Ta₂O₅) and niobium pentoxide (Nb₂O₅). The relative proportions vary by mining area, with some deposits yielding niobium-rich concentrates while others contain higher tantalum content.

[SMM Express] Energy Transition Minerals (ETM) has completed the acquisition of the Penouta tin-tantalum-niobium mine in north-west Spain, marking a significant step towards expanding Europe's domestic supply of critical minerals. Following the acquisition, the company is progressing a new exploitation concession required to restart mining operations. Supporting environmental, rehabilitation and operational studies are expected to be completed between late 2026 and the first half of 2027 as part of the regulatory approval process. The Penouta project is one of Europe's few advanced tin, tantalum and niobium assets and is expected to strengthen regional supply chains for strategic minerals used in electronics, renewable energy technologies and advanced manufacturing. The acquisition also reflects growing efforts to diversify critical mineral supply away from traditional producing regions and improve supply security within Europe. Subject to regulatory approvals, the project could contribute to increasing European production of tantalum and niobium while supporting broader initiatives to develop resilient and sustainable critical mineral value chains.

[SMM Express] Mining sectors across Central and East Africa are facing a changing operating environment as governments increase focus on resource nationalism, local content requirements and domestic mineral processing. Countries across the region are seeking to capture more value from their mineral resources by encouraging in-country beneficiation and strengthening state participation. Policies in Tanzania, Mozambique, Zambia and Ethiopia highlight a broader shift away from exporting raw materials towards developing local processing capacity. The region remains critical to global mineral supply chains, with the Democratic Republic of Congo (DRC) dominating cobalt exports, the Central African Copperbelt supporting major copper production and significant deposits of lithium, tantalum, niobium, tungsten and graphite found across several countries. However, mining investment continues to face challenges including security risks, regulatory uncertainty, infrastructure limitations and operational constraints. Several countries are also expanding strategic mineral classifications, which could lead to tighter export controls, increased royalties and greater government involvement.

【SMM Tantalum & Niobium Flash News】 Kazera Global, a company listed on London's AIM market, has disclosed that its Aftan tantalum-lithium project in Namibia has attracted massive cross-border capital investment and acquisition intentions. Leveraging the local sound and transparent mineral traceability system, minerals from this mining area can obtain conflict-free certification, giving it a strong compliance advantage over mining areas in Central Africa. 13 ore-bearing pegmatite veins have been proven in the mining area, boasting sufficient exploration potential, while water-saving dry separation technology can be adopted to control costs. Currently, global demand for tantalum metal continues to rise, with enterprises across the entire industrial chain entering the bidding competition one after another. Multiple institutions have submitted acquisition proposals, and the company is selecting the optimal cooperation plan to maximize shareowner returns.