SMM, August 21: US-based critical minerals refiner Nth Cycle has been selected by the US Department of Energy to enter award negotiations for up to $100 million in funding to build a commercial-scale black mass refining facility, Project Shield, in the southeastern US one of the first of its kind domestically. The facility will refine up to 24,000 t/y of domestic black mass, the material recovered from shredded spent lithium-ion batteries, into high-purity nickel MHP and battery-grade lithium carbonate using Nth Cycle's proprietary OYSTER electroextraction system. The award addresses a structural gap in US recycling capacity: following the US Department of Commerce's recent one-year export ban on black mass, insufficient domestic refining has left China dominant in its processing. Nth Cycle already holds a ten-year offtake term sheet with Trafigura for 2,000 t of contained nickel and 1,500 t of lithium carbonate, adding to its existing Ohio operations. Project Shield is targeted for 2029, aided by a modular build model roughly 70% less capital-intensive than traditional refineries. SMM View: DOE backing for Nth Cycle reflects growing US urgency to build domestic lithium and nickel recycling capacity independent of Chinese midstream processing, with the black mass export ban tightening feedstock supply at home and locked-in offtake demand strengthening the case for battery recycling as a key pillar of western raw material security.

【Nth Cycle to Go Public via SPAC Merger, Expanding U.S. Black Mass Refining】 U.S. critical minerals refiner Nth Cycle has entered into a definitive business combination agreement with Kensington Capital Acquisition Corp. VI, with the combined company expected to list on the New York Stock Exchange at an implied enterprise value of approximately $585 million. Nth Cycle’s OYSTER electrochemical refining platform processes black mass from end-of-life lithium-ion batteries and battery manufacturing scrap to recover critical materials including nickel and lithium. The transaction is expected to support the company’s expansion of domestic critical mineral and battery material refining capabilities in the U.S.

【US DOE to Provide $500 Million for Lithium, Cobalt and Battery Materials Projects, Nth Cycle to Receive $100 Million for Black Mass Processing】 The U.S. Department of Energy will provide a total of $500 million in grants to seven companies to support domestic lithium, cobalt and battery materials projects. Battery recycler Nth Cycle will receive $100 million to develop a facility for black mass processing, while Princeton NuEnergy will receive $50 million to reprocess cathode battery materials. The funding also covers lithium extraction, cobalt refining, electrolyte chemicals and silicon-based anode materials, as the U.S. seeks to strengthen its critical minerals and battery supply chains and build a domestic battery and black mass recycling ecosystem.

On August 13, 2026, the Ministry of Heavy Industries of India officially launched the technical bid evaluation for the "Sintered Rare Earth Permanent Magnet Manufacturing Promotion Plan" (REPM), with 20 bids vying for up to five licenses. On the surface, it appears to be a fierce "20-for-5" competition, but when examining the industry's fundamentals, the real protagonist of this story is not the 72.8 billion rupees (about $765 million) in subsidies, but the "three clocks" running simultaneously in India—the policy clock is already pointing to mass production in 2028, the commercialization clock of state-owned enterprise IREL points to 2029–2030, and the certification clock of downstream clients is measured in "years." The desynchronization of these three clocks is the most intuitive footnote to the fact that it is still too early for India's rare earth industry chain to develop.

NALCO is expanding beyond aluminium production by developing technologies to recover critical minerals and value-added products from industrial waste.

[SMM Flash] Criminal organisations in the Amazon are increasingly positioned to expand from illegal gold mining into coltan, cassiterite, lithium, nickel, niobium and rare earth elements as demand grows for minerals used in batteries, semiconductors, defence, AI and clean-energy technologies. Existing networks controlling territory, clandestine airstrips, river routes and money-laundering channels can be adapted to support illicit mineral extraction and trade. In June 2026, Brazil’s Federal Police identified an illegal mining site in Pará where nearly 80 kg of gold was reportedly extracted over three years. The growing concern is that illegally sourced minerals can be mixed with legally mined material and laundered through forged documentation, intermediary companies and cross-border trade, making their origins difficult to detect. In April 2025, Colombian authorities seized nearly 49 tonnes of coltan and tin reportedly extracted from areas controlled by armed groups and destined for illegal export to China. Strengthening mineral traceability, financial intelligence, border controls and international cooperation will therefore be critical to protecting emerging critical-mineral supply chains from criminal infiltration.

[SMM Magnesium Survey: Panther Metals Achieves 38% Magnesium Recovery at Dotted Lake Project, Adding Potential New Supply Source for North American Critical Minerals] Panther Metals achieved a cumulative magnesium recovery of approximately 38% in the first phase of metallurgical testing at the Dotted Lake project in Ontario, Canada, using Extrakt's patented leaching technology, and confirmed that the ore body is rich in critical minerals such as nickel and cobalt. The project has moved from pure geological exploration to a potential strategic supply source, in line with North American critical minerals localization policy direction, but further technical and economic studies are needed before commercialization can proceed.

[SMM Flash] The coltan-rich Rubaya mining area in eastern Democratic Republic of Congo remains central to the region’s conflict and the global race for critical minerals. Reuters reporting from the area found that M23 controls the mines and has established an organised system covering mining, transportation and taxation. Rubaya is reported to produce a significant share of global coltan, from which tantalum is extracted for electronics, aerospace and medical applications. The reporting also highlighted harsh artisanal mining conditions, including the involvement of children, limited safety equipment and intense physical labour, while M23 reportedly collects taxes on production and controls who can trade the ore. The mineral trade is increasingly intertwined with diplomatic efforts to end the conflict. A US-backed peace process between the DRC and Rwanda and Qatar-mediated talks between the DRC and M23 are seeking to establish a lasting settlement, with access to the DRC’s vast mineral resources also attracting Western investment interest. However, analysts cited by Reuters stressed that peace agreements alone may not be sufficient without stronger mineral traceability to prevent smuggling and conflict financing. The DRC is also seeking to diversify investment and reduce its dependence on China, which remains deeply involved in the country’s copper and cobalt supply chains.

[SMM Analysis: Morocco Phosphate Chemical Industry Analysis – Resource Endowment, Export Pattern and Capacity Expansion] Morocco’s phosphate ore reserves account for approximately 68% of the global total, with a grade as high as 33% (P₂O₅). Mining is mainly open-pit, offering significant cost advantages. Exports are shipped via four major ports: Casablanca, Safi, Jorf Lasfar, and Laayoune, with Safi Port emerging as a strategic hub. In 2025, raw ore exports reached 6.80 million mt, with India as the largest buyer. OCP dominates the entire industry chain, and phosphate fertiliser capacity has been expanded to 16 million mt/year. Under the SP2M plan, the target is to reach 20 million mt/year by 2027, and its influence on global fertiliser pricing continues to strengthen. Key points to watch: pace of capacity release, port logistics bottlenecks, and changes in export flow directions.

[SMM Research] This study looks at South Africa's Bushveld Complex, the region behind most of the world's Platinum. It covers where the belt is, what comes out of it, who mines it, why it matters and what the years ahead may hold.