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17 July
CuFe Limited
Investor Insight
CuFe Limited’s multi-commodity exposure offers a compelling diversified investment opportunity into high-growth markets.
Overview
CuFe Limited (ASX:CUF) is a multi-commodity exploration and development company with interest in a number of projects situated throughout mature mining jurisdictions in Western Australia and the Northern Territory. The company's value proposition is predicated on its high-grade mature copper/gold project at Tennant Creek as well as its exposure to iron ore, gold and niobium. Its exploration portfolio includes mature copper targets at Tennant Creek and greenfield exploration ground near WA1 Resources' (ASX:WA1) recent niobium discovery.
CuFe’s Tennant Creek project hosts a mineral resource estimate of 10.35 million tons (Mt) at 1.53 percent copper and 0.92 grams per ton (g/t) gold for 159 kt copper and 302 koz gold. CuFe currently owns a 55 percent interest in over 240 kilometres of highly-prospective tenure in the Northern Territory.
The company is progressing a scoping study in collaboration with Emmerson Resources and Tennant Minerals through a strategic alliance focused on establishing a multi-user processing facility and exploring operational synergies in the Tennant Creek region.
CuFe is also evaluating the Yarram project and nearby Camp Creek tenement, both of which benefit from proximity to the Darwin port, enhancing their potential for low OPEX operations.
Company Highlights
- CuFe Limited is an ASX-listed, copper, gold, iron ore and niobium exploration and development company with a multi-commodity portfolio of assets.
- The company's assets are in mature mining regions in Western Australia and the Northern Territory, with access to extensive pre-existing infrastructure.
- CuFe's projects are highly prospective for copper (Tennant Creek, Bryah Basin), iron ore (Yarram, Camp Creek, Robertson Range), gold (North Dam, Tambourah, Nullagine) and niobium (West Arunta).
- Two of these projects have existing JORC resources: Tennant Creek (55 percent CuFe owned) and Yarram (50 percent CuFe owned).
- The company is led by a proven and experienced in-house team with expertise in identification, discovery, evaluation, deployment and operations.
Key Projects
Copper
Tennant Creek
CuFe’s Tennant Creek project is located in the highly prospective Gecko-Goanna copper-gold corridor of the Northern Territory. A mature project comprising three high-grade copper and gold mineral resources, it contains a combined JORC 2012 mineral resource of 10.35 Mt at 1.53 percent copper and 0.92 g/t gold for 159 kt copper and 302 koz gold.
The project benefits from nearby infrastructure including grid power, a gas pipeline, the Stuart highway and rail line to Darwin. The Orlando deposit was recently re-estimated, showing a significant increase of 89 percent in contained copper and 120 percent in gold.
The strategic alliance with Emmerson Resources and Tennant Minerals is currently progressing a scoping study on shared plant options, with further workstreams including mine scheduling, metallurgy, logistics and cost modelling.
Gecko and Goanna deposits are also undergoing re-evaluation to identify resource growth opportunities, with further drilling planned during the 2025 field season.
Bryah Basin JV Projects
JV tenements within Bryah Basin
Through wholly owned subsidiary Jackson Minerals, CuFe holds a 20 percent interest in approximately 800 square kilometres of highly-prospective tenements near the former DeGrussa mine and Doolgunna project. These tenements are under joint ventures and farm-ins with several partners, notably the Morck Well and Peak Hill projects. CuFe is free-carried to a decision to mine.
Gold
North Dam
Located 50 kilometres south-southeast of Coolgardie and near major gold deposits like Wattle Dam and Spargos Reward, the North Dam project is transitioning focus back to gold. Future fieldwork will include geophysical surveys and auger drilling to test gold-bearing east-west structures.
Tambourah
The 100 percent owned Tambourah Tenure contains historic gold workings and known gold-bearing quartz reefs. CuFe’s 2024 review identified potential for high-grade mineralisation, supported by historical drill data and recent sampling results up to 11.9 g/t Au. A field campaign and subsequent drilling are planned in 2025.
Niobium
West Arunta
The 100 percent owned West Arunta project consists of four tenements (E80/5925, E80/5950, E80/5990 and E80/6052) located in the highly-prospective region of the same name. The tenure is known to be prospective for carbonatite-hosted niobium and rare earth element mineralization and has IOCG potential. Spanning roughly 250 square kilometres, it is located approximately 70 kilometres north of several prominent recent discoveries by WA1 and Encounter Resources (ASX:ENR).Total magnetic intensity (TMI) and location of target areas within E80/6052
CuFe has completed native title arrangements to commence work on the ground and this is expected to occur during the 2025 field work season for the region (April to November). In the meantime Southern Geoscience Consulting has undertaken a geophysical review of publicly available airborne magnetic data for the tenements including re-processing of said data and 3D unconstrained inversion modeling. Analysis of the total magnetic imagery revealed three anomalous areas across the package, resulting in nine target anomalies for further investigation and exploration.
Iron
Yarram
Yarram is a mature iron ore project located just 110 kilometres from Darwin Port. It hosts a high-grade DSO resource of 5.6 Mt at over 60 percent Fe, plus an additional 7.1 Mt of lower-grade ore with beneficiation potential.
Geotechnical and metallurgical studies support its suitability for lump product blast furnace feed. CuFe is investigating near-term production strategies, including low-cost strip mining of the Captain Morgan deposit.
Camp Creek
Recently granted, Camp Creek lies 5 km southwest of Yarram and shares similar logistical advantages. Exploration is planned to follow up on magnetic anomalies and historic iron ore assays that suggest potential for Yarram-style mineralisation.
Robertson Range
Located within the Bryah Basin region, this project is undergoing staged field exploration. Initial rock chip samples showed over 60 percent Fe, and the next phase includes drilling to test continuity at depth.
Management Team
Tony Sage - Executive Chairman
Tony Sage is an entrepreneur with over 36 years of experience in corporate advisory services, funds management and capital raising, predominantly within the resource sector. He is based in Western Australia and has continued to be involved in managing and financing listed mining and exploration companies with a diverse commodity base.
Sage has developed global operational experience within Europe, North and South America, Africa, Oceania, Asia and the Middle East. He is currently non-executive chairman of ASX-listed Cyclone Metals (ASX:CLE) and Executive Chairman of European Lithium (ASX:EUR) and NASDAQ listed Critical Metals (NAS:CRML).
Mark Hancock - Executive Director
Mark Hancock has over 30 years’ experience in key financial, commercial and marketing roles across a variety of industries with a strong focus on natural resources. During his 13 years at Atlas Iron Ltd, Hancock served in numerous roles including CCO, CFO, executive director and company secretary. He has also served as a director on a number of ASX listed entities and is currently a director of Centaurus Metals Ltd and Strandline Resources Ltd.
Hancock holds a Bachelor of Business (B.Bus) degree, is a Chartered Accountant (CA) and is a Fellow of the Financial Services Institute of Australia (F FIN).
David Palmer - Non-executive Director
David Palmer is a geologist and company director with more than 38 years’ experience in the global exploration industry, the majority of his career has been with Rio Tinto Exploration, focused on copper/gold, base metals, industrial minerals, uranium, iron ore,and diamonds throughout Australia and the Asia/Pacific.
Amongst other senior positions, Palmer led the business development, mineral title and indigenous engagement functions and was part of the management team that discovered the world-class Winu Cu-Au deposit. He holds a Bachelor of Science (First Class Honours) from the University of Newcastle.
Scott Meacock - Non-executive Director
Scott Meacock has a wealth of experience as external counsel acting in, and advising on, complex corporate and commercial law transactions and disputes for clients in a wide range of industry sectors including natural resources and financial services.
Meacock currently serves as the chief executive officer and general counsel of the Gold Valley Group. He holds a Bachelor of Laws (LLB) degree and a Bachelor of Commerce (BComm) degree from the University of Western Australia.
Matthew Ramsden - GM Development
Matthew Ramsden is an experienced geologist and project developer commencing his career in Tasmania before stints in the Pilbara with Rio Tinto and Atlas Iron, where he played a key role in the development and ramp-up of six iron ore mines.
He joined CuFe in 2021 to commence the JWD iron ore mine and now has oversight over the company’s exploration and development projects.
Ramsden is a member of the Australasian Institute of Geoscientists.
Siobhán Sweeney - Geology Manager
Siobhán Sweeney brings over 13 years’ geology experience to the CuFe team, from greenfields exploration to resource development with a strong focus on target generation and development of iron ore projects. During her eight years at Atlas Iron, Sweeney was instrumental in developing critical iron ore projects in the Pilbara such as Miralga Creek and Corunna Downs. Her background in managing complex and challenging exploration programs has been key to delivering successful projects.
Since joining CuFe in July 2021, Sweeney has been tasked with developing and implementing mine geology processes during the start-up phase of the JWD mine. Most recently she has delivered a successful exploration drill campaign to further define the Yarram iron ore deposit.
Sweeney is a member of the Australian Institute of Geoscientists and holds a Bachelor of Science degree (hons) in geology from the National University of Ireland Galway.
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Multi-commodity exploration and development assets in Western Australia and Northern Territory with a focus on copper, gold, iron ore and niobium.
17 July
Increase in Indicated Portion of Mineral Resource at Orlando
30 January
Orlando Copper / Gold Mineral Resource Doubles
21 July
Rick Rule's Top 3 ASX Mining Stock Picks for Investors
Rule Investment Media proprietor Rick Rule has shared his top three ASX mining stocks.
In an interview with the Investing News Network at this year's Rule Symposium, the veteran investor and speculator underlined his appreciation for companies focusing on “off-the-radar” sectors.
“I love tier-one deposits in out-of-favour commodities,” he explained.
Read on for the three ASX companies that Rule listed as his favourites.
1. Meteoric Resources (ASX:MEI)
Meteoric Resources' flagship asset is the Caldeira rare earth ionic clay project.
The Brazil-based property has a global mineral resource estimate of 740 million tonnes at 2,572 parts per million (ppm) total rare earth oxides (TREO) at a 1,000 ppm TREO cut-off grade.
Through the project, the company aims to become the world’s lowest-cost producer of rare earths products.
“I believe Meteoric holds a deposit of at least AU$20 billion in-situ reserves and resources, set to be constructed in the best quartile worldwide,” Rule explained in the interview.
Rule said Brazil is relatively stable, and noted that Caldeira is in proximity to roads, power, workers and water.
However, he warned that Meteoric is a risky investment that requires patience.
“Bottom line on this, I could easily lose half my money if I'm wrong, and there's going to be lots of volatility," he said. However, Rule believes that if things go right, Meteoric could provide a 10, 20 or 30 to one return.
2. Sovereign Metals (ASX:SVM,OTCQX:SVMLF)
The second stock mentioned by Rule was Sovereign Metals, a rutile and graphite developer in Malawi. The firm describes itself as the next largest, lowest-cost and lowest-carbon producer of the two critical minerals.
“Those are also commodities that are off the radar screen,” Rule said. "Nobody cares about graphite. Very few people can spell rutile. And again, it's an enormous deposit."
Sovereign’s flagship project is the Kasiya rutile-graphite project, which holds 17.9 million tonnes of rutile; according to the company, it is the world’s largest-known rutile deposit.
It is also the world’s second largest-known flake graphite deposit, with 24.4 million tonnes of graphite.
On June 10, testwork by Japanese firm Toho Titanium (TSE:5727) confirmed that natural rutile from Kasiya is suitable for high-performance titanium metal production. “It is of a quality that can be used without any issues,” the announcement reads, with the project’s rutile exceeding the 95 percent rutile grade requirement.
Rule underlined that both Australians and North Americans are overlooking Sovereign.
3. Centaurus Metals (ASX:CTM,OTCQX:CTTZF)
Centaurus Metals, which is also in Brazil, is the third ASX stock shared by Rule.
“It’s a junior and it's in the nickel business,” he said, adding that investors currently hate nickel. “I believe (Centaurus holds) the best undeveloped sulphide nickel deposit in the world."
Centaurus acquired its Jaguar nickel sulphide project in Brazil's Carajás mineral province from mining giant Vale (NYSE:VALE) in April 2020. The company says the project is the “cornerstone” of its ambition to build a diversified Brazilian critical minerals business with best-in-class ESG credentials.
Jaguar’s resource estimate stands at 138.2 million tonnes at 0.87 percent nickel for 1.2 million tonnes of contained nickel.
One more ASX mining stock pick from Rule
Toward the end of the interview, Rule mentioned Emerald Resources (ASX:EMR).
“I have a huge position in Emerald, but I probably wouldn’t enter it today. Still, I have huge built-in gains,” he said.
“That’s something people can take a look at, only if they’re not as fond of hate as I am.”
Watch the full interview with Rick Rule above.
Don’t forget to follow us @INN_Australia for real-time news updates!
Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
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18 July
Top 5 Australian Mining Stocks This Week: American Rare Earths Jumps On Halleck Creek Results
Welcome to the Investing News Network's weekly round-up of Australia’s top-performing mining stocks on the ASX, starting with news in Australia's resource sector.
This week, rare earths focused explorers and developers appear on the top list, alongside gold-antimony and hydrogen companies.
Among these is the week's top performer American Rare Earths (ASX:ARR), which released leach recovery results from metallurgical testing at its Halleck Creek project in Wyoming, US, and is progressing optimization work and test mining.
In resource news, gold prices rose on Wednesday following news reports that US President Donald Trump planned to fire Federal Reserve Chair Jerome Powell, but trimmed gains after Trump denied the claim.
Market and commodity price round-up
The S&P/ASX 200 index opened at 8,570.40 on Monday (July 14) and closed at 8,639.00 on Thursday (July 17), marking a 0.8 percent increase over the period.
As for precious metals, gold demonstrated a 0.77 percent fall in US dollars, going from US$3,354.74 on July 14 to US$3,328.90 on July 17 at 5 p.m. AEST. On the other hand. gold increased 0.8 percent in Australian dollars, moving from AU$5,102.33 to AU$5,142.94 over the same period.
Silver pulled back in US dollars through Thursday, starting the week at US$38.41 in US dollars and closed at US$37.77, a 1.67 percent decrease. In Australian dollars, ended the period flat, going from AU$58.39 to AU$58.35.
Top ASX mining stocks this week
How did ASX mining stocks perform against this backdrop?
Take a look at this week’s five best-performing Australian mining stocks below as we break down their operations and why these mining stocks are up this week.
Stock data for this article was retrieved at 4 p.m. AEST on July 17 using TradingView's stock screener. Only companies trading on the ASX with market capitalizations greater than AU$10 million are included. Mineral companies within the non-energy minerals, energy minerals, process industry and producer manufacturing sectors were considered.
1. American Rare Earths (ASX:ARR)
Weekly gain: 75 percent
Market cap: AU$220.73 million
Share price: AU$0.455
American Rare Earths is a rare earth exploration and development company advancing its flagship Halleck Creek rare earths project in Wyoming, US. The project’s Cowboy State Mine area is currently in the pre-feasibility and test mining stage.
On Wednesday (July 16), the company announced the results of an extensive leach testing program undertaken on allanite-enriched mineral concentrate from Halleck Creek, reporting “strong leach recoveries and low impurities.”
American Rare Earths reported on Friday that mineral processing optimisation tests at Halleck Creek are underway. Test mining at Halleck Creek's Cowboy State Mine area is also scheduled to commence.
Shares of the company peaked at AU$0.475 on Thursday, a day after the announcement of the leach testing results.
2. Critical Resources (ASX:CRR)
Weekly gain: 66.67 percent
Market cap: AU$13.85 million
Share price: AU$0.005
Critical Resources is an exploration company developing lithium and rare earths projects in Australia and Greenland.
Its flagship project is the Mavis Lake lithium project in Canada, located near Dryden in Northwestern Ontario.
In Australia, its main focus is the Amoco gold-antimony project in Armidale, New South Wales.
On July 10, the company commenced a soil geochemistry program at Amoco, marking a step towards a maiden drill program.
“The systematic multi-element geochemical survey is being supported by modern geochemical assay techniques, which have led to significant improvements in the detection limits of critical pathfinder elements,” CEO Tim Wither said.
The soil mapping program is expected to be completed by the end of July, while final assay results are anticipated in late August.
Shares of the company peaked at AU$0.005 on Wednesday.
3. Rokeby Resources (ASX:RKB)
Weekly gain: 60 percent
Market cap: AU$19.62 million
Share price: AU$0.016
Rokeby Resources, previously named Inca Minerals, is an exploration company focused on Australian gold and antimony projects across Queensland, Western Australia and the Northern Territory.
The company completed its name change on Thursday, and announced an ASX ticker symbol change from ICG to RKB effective July 21.
Rokeby is currently exploring its flagship Hurricane project in North Queensland, located in the Hodgkinson Province.
The company reported rock chip sampling results at Hurricane on Wednesday, including a peak antimony sample grading 6.53 antimony and 6.44 grams per tonne (g/t) gold and a peak gold sample grading 69.5 g/t.
“The results extend the footprint of known high-grade gold and antimony mineralisation, building on previous sampling that confirmed the presence of a significant orogenic system,” Rokeby said.
The company is now performing field preparations at Hurricane, with drilling to commence upon site work completion.
Shares of Rokeby hit their highest point of the week on Thursday at AU$0.016.
4. Provaris Energy (ASX:PV1)
Weekly gain: 53.85 percent
Market cap: AU$14.76 million
Share price: AU$0.02
Provaris Energy is a compressed hydrogen transport and storage solutions company with projects in Norway.
It also used to hold a green hydrogen project in the Tiwi Islands, part of Australia’s Northern Territory. However, in a July 10 article by Renew Economy, Provaris told the publication it has officially dropped its Tiwi hydrogen project due to a slow process for economic and land agreements, alongside a waning offtake interest from Singapore.
The company has transferred its focus and technical learnings to its FjordH2 project in Norway and its proprietary gaseous hydrogen containment tank. It is progressing its H2Neo carrier and H2Leo barge, which use the technology, towards “final marine classification and approvals, along with critical safety studies.”
The company’s share price began gaining earlier this week following a Monday report on the stock by RaaS Research. The firm stated it believed Provaris was significantly undervalued based on its analysis of the company’s business, with its tank technology providing upside. RaaS estimated a net asset value range of AU$83 million to AU$147 million, translating to AU$0.11 to AU$0.19 per share.
5. RareX (ASX:REE)
Weekly gain: 50 percent
Market cap: AU$24.84 million
Share price: AU$0.027
RareX is a critical minerals company focused on rare earths, niobium and gallium.
The company’s assets include the Cummins Range rare-earth-phosphate, Khaleesi niobium-gallium and Mount Manbridge heavy rare earths projects in Western Australia, and the Mrima Hill rare-earth-niobium project in Kenya.
RareX has been re-assaying its previous drill cores from Cummins Range after discovering gallium oxide grades of up to 6,826 grams per tonne in historical drill cores in late March.
In late June, the company reported that the first 15 holes of the re-assaying confirmed the significance of the gallium resource, with consistent results including 60 meters at an average grade of 99 g/t gallium oxide.
Its most recent project news came on July 7, when it shared news from the first few days of exploration at the Mount Manbridge project.
On Thursday, RareX halted trading at its request pending an important announcement related to a capital raising. Trading is scheduled to commence on Monday.
Don’t forget to follow us @INN_Australia for real-time news updates!
Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: American Rare Earths and Provaris Energy are clients of the Investing News Network. This article is not paid-for content.
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16 July
Apple, MP Materials Ink US$500 Million Deal to Build US Rare Earth Magnet Supply Chain
Apple (NASDAQ:AAPL) and MP Materials (NYSE:MP) have signed a US$500 million supply agreement to manufacture rare earth magnets in the US from 100 percent recycled materials.
Under the deal, MP will deliver recycled magnets starting in 2027 to support “hundreds of millions” of Apple devices, including iPhones, iPads and MacBooks. Announced on Tuesday (July 15), the deal marks a major step forward in Apple’s plan to build more sustainable domestic supply chains for its core technologies.
“American innovation drives everything we do at Apple, and we’re proud to deepen our investment in the US economy,” Apple CEO Tim Cook said in a press release. “Rare earth materials are essential for making advanced technology, and this partnership will help strengthen the supply of these vital materials here in the United States.”
The two companies spent nearly five years developing recycling technologies capable of meeting Apple’s stringent performance and environmental standards. Now, MP will build a commercial-scale recycling line at its Mountain Pass site to process magnet scrap and recovered components from decommissioned products.
To fulfill Apple’s requirements, MP will also expand its Fort Worth, Texas, facility — dubbed “Independence” — creating dozens of new roles in manufacturing, as well as research and development.
“We are proud to partner with Apple to launch MP’s recycling platform and scale up our magnetics business,” said MP CEO James Litinsky in a separate Tuesday press release. “This collaboration deepens our vertical integration, strengthens supply chain resilience, and reinforces America’s industrial capacity at a pivotal moment.”
MP's share price soared 20 percent following the news, pushing its market cap to near US$10 billion.
Analysts view the deal as a validation of MP’s strategy to build a fully domestic rare earth magnet supply chain and as a boost to national efforts to reduce reliance on China, which controls roughly 70 percent of global rare earths supply.
MP currently operates the only active US rare earths mine at Mountain Pass. Rare earth magnets produced from its materials power devices ranging from consumer electronics and electric vehicles to wind turbines and defense systems.
MP teams up with defense department
Just days before the Apple deal, MP secured a US$400 million preferred equity investment from the US Department of Defense (DoD), making the Pentagon its largest shareholder.
The funds will support a second magnet manufacturing plant — called the 10X facility — which is slated for commissioning in 2028 and will increase MP’s annual magnet output to 10,000 metric tons.
The government has also committed to purchasing 100 percent of the magnets produced at the new plant for 10 years, guaranteeing a floor price of US$110 per kilogram for neodymium-praseodymium oxide.
If market prices fall below that level, the DoD will pay the difference. Once production begins, the government will also receive 30 percent of any profits above the guaranteed price.
With operations spanning mining, separation, metallization and magnet production, MP is currently the only US firm with end-to-end capabilities for rare earth magnet manufacturing. The company is also expecting a US$150 million Pentagon loan to enhance its heavy rare earths separation capabilities at Mountain Pass.
MP’s Independence facility in Texas, alongside the upcoming 10X plant, anchors its downstream production strategy. The recycled feedstock used for Apple’s magnets will be sourced from post-industrial waste and retired electronics — reducing environmental impact while reinforcing resource resilience.
Apple, for its part, is pressing ahead with its US$500 billion US manufacturing initiative.
Earlier this year, it announced plans for a new artificial intelligence server factory in Texas and signaled continued interest in reshoring key parts of its production ecosystem.
Don’t forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
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16 July
Updated Announcement -Metallurgical Test Holes
11 July
Rare Earths Firm MP Materials to Get US$400 Million Defense Department Investment
The US Department of Defense (DoD) will become the largest shareholder in MP Materials (NYSE:MP) after agreeing to purchase US$400 million worth of preferred stock in the company.
MP Materials is known for owning and operating the only US rare earths mine.
The rare earths producer said the proceeds from the investment will fund the expansion of its processing capabilities at the Mountain Pass mine in California and support the construction of a second magnet manufacturing facility in the US.
The materials mined and processed by MP Materials are critical to the production of permanent magnets used in military systems, including the F-35 fighter jet, drones, and submarines.
The US has depended heavily on foreign imports for these materials — primarily from China, which accounted for about 70 percent of rare earth imports in 2023, according to the US Geological Survey.
In a press release issued on Thursday (July 10), MP Materials described the agreement as a "transformational public-private partnership." The company also said the deal will "dramatically accelerate the build-out of an end-to-end US rare earth magnet supply chain and reduce foreign dependency."
The investment gives the Pentagon newly created preferred stock convertible into common shares, along with a 10-year warrant to buy additional stock at US$30.03 per share. If fully converted and exercised, the DoD would own 15 percent of MP Materials, based on current share counts as of Wednesday (July 9). That would exceed the 8.61 percent stake held by CEO James Litinsky and the 8.27 percent stake held by BlackRock Fund Advisors.
Litinsky emphasized that the deal does not equate to government control of the company. “This is not a nationalization,” he told CNBC. “We remain a thriving public company. We now have a great new partner in our economically largest shareholder, DoD, but we still control our company. We control our destiny. We’re shareholder driven.”
MP’s new magnet facility, called 10X, will increase the company’s magnet manufacturing capacity to 10,000 metric tons annually once it begins commissioning in 2028. The exact location of the facility has not yet been disclosed.
The Pentagon has committed to purchasing 100 percent of the magnets produced at the 10X facility for 10 years.
Additionally, the DoD will guarantee a minimum price of US$110 per kilogram for MP’s neodymium-praseodymium oxide, a key material for magnet production.
If market prices fall below that level, the Pentagon will pay the difference quarterly. In return, once the new facility is operational, the government will receive 30 percent of any upside above US$110 per kilogram.
To further support the buildout, MP Materials expects to receive a US$150 million loan from the Pentagon within 30 days to expand its heavy rare earth separation capabilities at Mountain Pass, the only active rare earth mine in the US.
It is also commissioning a magnetics facility in Texas, known as Independence, to bolster its downstream processing capabilities.
As the only domestic miner with vertically integrated capabilities and a clear path to rare earth magnet production at scale, MP Materials now sits at the center of the Biden-to-Trump era effort to bring critical minerals supply chains back to American soil.
Don’t forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
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