The Conversation (0)
March 24, 2025
McLaren Minerals Limited (ASX: MML) ("McLaren" or "Company"), is pleased to provide an update on the drilling program at its wholly owned McLaren Titanium Project.
Highlights
- Drilling has consistently intersected visible heavy minerals
- Additional 10m of mineral hosting sediments identified in northern area
- Metallurgical sample collected and dispatched for test work
- Pressurised saline water encountered in several holes on northern drilling lines
- Gypsum occurrence confirmed in north-western corner of EL69/2388
- First parcel of analytical samples has been dispatched to Perth for analysis
McLaren Minerals are currently exploring the McLaren Deposit located approximately 40km west of Balladonia in Western Australia by means of Air Core drilling and surface geological investigations. The 2025 exploration program is progressing well and is approximately 40% complete.
The drilling program, targeting infill drilling to a previously interpreted mineral sands strandline, should be complete by mid-April. Onsite geologists have confirmed visual mineralisation within targeted sediments and are encouraged by the consistent nature of mineralising orientation. It should be noted that visual estimates recorded during drilling activities and laboratory results do not always align.
Heavy Mineral Consistently Intersected
Drilling consistently intersected sediments hosting Heavy Minerals (HM) and it is interpreted to occupy paleo marine sediments below modern cover and are predictably identified within the elevated topographic feature. The mineral hosting sediments are observed to gently rise in an easterly orientation and overlay crystalline basement displaying a consistent heavy mineral assemblage dominated by Ilmenite and observed to contain a relatively low level of trash minerals. It is noted that a vertical extension to the historical drilling has been identified in the northern area, with current drill holes intersecting an additional 10m of mineral hosting sediments to those previously interpreted. Heavy Mineral present in the metallurgical sample grid is consistent along strike within the mineralizing beds and displays predictable mineral composition. Figure 1 below displays visual confirmation of HM observed during metallurgical test holes within the current 2025 infill drilling activities.
Figure 1: HM in drillholes - Left Image MM01, central image MM06, right image MM57
Metallurgical Sample
The samples of mineralised sediments required for metallurgical test work at IHC Mining laboratory in Queensland have been collected and dispatched. The samples were taken from 69 drillholes with those holes broadly representative of the first 5 years of planned operations (Please see Figure 2 below).
The sample equated to approximately 6 tonnes of material and will be used to validate the flowsheet designed by IHC and to complete follow up tests to allow development of a slimes management strategy for McLaren. As per previous test work (ref APS ASX Announcement 24 Sept 2024) slimes settling was achieved using addition of 3% gypsum, resulting in significant improvement in flocculant dosing rates, down to 150-200g/t.
The test work produced final products of:
- Ilmenite of a suitable grade to be classified as sulphate ilmenite
- Rutile of a typical quality with 95.7% TiO2, 1.49% Fe2O3,
- Zircon of a typical standard zircon quality, noting levels of U + Th at 265ppm were considered very low.
Water Encountered
In very positive news, pressurised water has been encountered in 3 holes being drilled in the north-western part of the known deposit area. In these holes saline water flowed freely from the hole while the rods were downhole, and in the second hole the water flow continued after rods were withdrawn and until the hole was plugged.
The groundwater occurs within a gravel terrace draping basement clays and occurs at shallow depth (approximately 20m). The crystalline basement below saprolite clays display an amount of alteration consistent to a shearing environment. The location is identifiable in regional geophysics data adjacent to a small-scale faulting feature striking approximately north south. It is likely that the gravel terrace was formed in a fluvial drainage feature, eroding and incising the softer sheared zones in the basement, later confined by overriding cover units. Further investigation will be required to determine whether the water is of sufficient volume and quality to support operations.
Click here for the full ASX Release
This article includes content from McLaren Minerals Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
07 April
Rare Earths Stocks: 9 Biggest Companies in 2025
Rare earth elements (REEs) are crucial for technologies like smartphone cameras and defense systems.
A select few from the group of 17 are also vital to clean energy transition industries such as electric vehicles (EVs) — neodymium and praseodymium are found in the permanent magnet synchronous motors used in EV drive trains.
China's dominance in rare earths production and reserves has prompted countries like the US, Canada and Australia to boost their own mining and processing efforts to secure their supply chains.
In May 2024, the former US government announced a 25 percent tariff on imports of Chinese rare earth magnets beginning in 2026, aiming to both protect American industries from China's trade practices and support domestic production of rare earths. One form of magnet that the tariffs will affect is sintered neodymium-iron-boron (NdFeB) magnets, crucial for EV motors and wind turbines.
This marks the first time rare earth magnets are included in Section 301 tariffs, signaling a significant move in the US-China trade conflict. The initiative is part of broader efforts to bolster US energy and national security.
Two months later, China's State Council introduced regulations to tighten control over the country's rare earth resources. Taking effect on October 1, 2024, these new rules impose strict oversight on REE mining, smelting and trading. They also ban the export of technology for extracting and separating rare earths and for making rare earth magnets.
New US President Donald Trump has escalated the trade war between the two countries significantly since he took office on January 20, 2025, announcing cumulative tariffs of 54 percent on imports of Chinese goods. This includes the 34 percent imposed on China on April 2 when Trump announced varying tariffs on nearly every country in the world.
The tariff drew a strong rebuke from China as it announced tight export controls on seven rare earth minerals: samarium, gadolinium, terbium, dysprosium, lutetium, scandium and yttrium. This move will cause a significant hit to defense and renewable energy supply chains globally.
Trump's push to obtain an agreement with Ukraine that would give US mining companies access to rare earth mineral deposits in the country, alongside his stated goal to annex Greenland for its rare earths largess have also brought much attention to the sector.
Meanwhile, the EU is also seeking to reduce its reliance on Chinese rare earths through a new law enacted in May 2024, which aims to significantly boost domestic production of critical minerals, including rare earths, by 2030.
These recent escalations could be a boon to rare earth minerals and rare earth magnet stocks operating in the space outside of China. To help paint a better picture of the REE landscape, the Investing News Network has compiled a list of the biggest rare earths stocks by market cap on US, Canadian and Australian stock exchanges.
Data was gathered on April 7, 2025, using TradingView’s stock screener.
US rare earths stocks
The US is striving to secure stable domestic supply of REEs outside China, a matter that has become even more pressing in 2025 due to the escalation of the US-China trade war and China's new rare earth mineral export restrictions.
The nation has vast rare earths reserves and is the second largest global REE producer thanks to its sole operating mine, Mountain Pass. However, it currently lacks sufficient processing facilities.
American rare earths companies are working to address this imbalance, presenting investment opportunities for those looking to capitalize on the market's growth potential. Learn more about MP Materials, Energy Fuels and NioCorp Developments, the three largest US rare earths stocks by market cap, below.
1. MP Materials (NYSE:MP)
Market cap: US$3.92 billion
Share price: US$23.99
MP Materials, the largest producer of rare earths outside China, focuses on high-purity separated neodymium and praseodymium (NdPr) oxide, heavy rare earths concentrate, lanthanum and cerium oxides and carbonates.
The company went public in mid-2020 after acquiring the Mountain Pass mine in California, the only operational US-based rare earths mine and processing facility. In Q3 2023, MP Materials began producing separated NdPr, marking a significant milestone. The company plans to increase rare earth oxide production by 50 percent within four years.
In April 2024, MP Materials was awarded US$58.5 million to support construction of the first fully integrated rare earth magnet manufacturing facility in the US. This funding, part of the Section 48C Advanced Energy Project tax credit, was granted by the Internal Revenue Service and US Department of the Treasury after the evaluation of around 250 projects based on their technical and commercial viability, as well as their environmental and community impact.
Located in Fort Worth, Texas, the facility began producing the NdFeB magnets crucial for EVs, wind turbines and defense systems this January with first commercial deliveries expected by the end of the year. MP Materials is sourcing raw materials from its Mountain Pass mine for an end-to-end supply chain with integrated recycling.
MP released its full-year 2024 results on February 20, reporting record production of NdPr oxide at 1,294 metric tons (MT) and rare earth oxides (REO) in concentrate production at 45,455 MT.
2. Energy Fuels (NYSEAMERICAN:UUUU,TSX:EFR)
Market cap: US$725.33 million
Share price: US$3.45
Energy Fuels is a leading US uranium and rare earths company that operates key uranium production centers, including the White Mesa mill in Utah and the Nichols Ranch and Alta Mesa projects in Wyoming and Texas. It acquired the Bahia rare
The company finished construction of Phase 1 REE separation infrastructure at White Mesa in early 2024, and in June reported successful commercial production of separated NdPr that meets the specifications required for REE-based alloy manufacturing. The company believes it is the first US company in decades to achieve commercial-scale, on-spec rare earths separation from monazite. The Phase 1 REE separation circuit is now operating at full capacity.
Following its 2023 acquisition of the Bahia heavy mineral sands project in Brazil, Energy Fuels made multiple deals in 2024 with the aim of acquiring feedstock for White Mesa.
In early June of last year, Energy Fuels executed a joint venture that gives it the option to earn a 49 percent stake in Astron's (ASX:ATR) Donald rare earths and mineral sands project in Victoria, Australia. Donald is expected to begin production as early as 2026, and will supply the White Mesa mill with 7,000 to 8,000 MT of monazite sand in rare earths concentrate annually in Phase 1, with plans to expand output in subsequent phases.
In October 2024, Energy Fuels acquired Australian mineral sands company Base Resources, which owns the Toliara project in Madagascar. According to the company, the Bahia, Donald and Toliara projects "have the combined ability to produce up to 43,000 metric tons of monazite per year."
In its financial results for the year ended on December 31, 2024, Energy Fuels reported production of about 38,000 kilograms of separated NdPr from its REE separation circuit at the White Mesa Mill.
Energy Fuels inked a memorandum of understanding with South Korea-based POSCO in mid-March for the potential creation of a non-China REE supply chain for EVs and hybrid EV drivetrains for US, EU, Japanese and South Korean auto markets.
3. NioCorp Developments (NASDAQ:NB)
Market cap: US$94.1 million
Share price: US$2.01
NioCorp Developments is advancing its Elk Creek project in Nebraska, which features North America's highest-grade niobium deposit under development, with significant scandium production capacity.
An updated 2022 feasibility study highlights an extended mine life, improved ore grades and enhanced economics for niobium, scandium and titanium. Metallurgical testing has demonstrated the asset's ability to produce high-purity magnetic rare earth oxides at a recovery rate of 92 percent or higher.
In April 2024, NioCorp announced plans to explore the feasibility of integrating the recycling of permanent rare earth magnets into its proposed Elk Creek critical minerals project in Southeast Nebraska. An assessment will be undertaken to better understand the technical and commercial viability of recycling post-consumer NdFeB magnets back into separated rare earth oxides, which could then be utilized in the production of new NdFeB magnets.
The initial phase of this investigation involved bench-scale testing and was successfully completed in October 2024.
The Elk Creek project is fully permitted for construction. NioCorp is working to secure financing to move the project forward, and the US Export-Import Bank advanced its application for financing to its next stage of due diligence in February.
Canadian rare earths stocks
As part of Canada's Critical Minerals Strategy, the government has allocated C$3.8 billion in federal funding for opportunities across the critical minerals value chain, from exploration to recycling.
REEs are among the minerals listed as critical.
Additionally, the government has designated C$7.5 million to support the establishment of a rare earths processing facility in Saskatoon, Saskatchewan. In mid-September 2024, the Saskatchewan Research Council (SRC) announced that the facility reached commercial-scale production, making it the first in North America to achieve this milestone.
The SRC plans to produce 400 MT annually by early 2025.
Learn about Aclara Resources, Ucore Rare Metals and Mkango Resources, the three largest Canada-listed rare earth stocks by market cap, below.
1. Aclara Resources (TSX:ARA)
Market cap: C$106.68 million
Share price: C$0.53
Aclara Resources is advancing its Penco Module project in Chile, characterized by ionic clays abundant in heavy rare earths. Its objective is to generate rare earths concentrate via an environmentally friendly extraction process. This approach aims to eliminate the need for a tailings facility, minimize water use and ensure the absence of radioactivity in the final product.
Aclara and Vacuumschmelze penned a memorandum of understanding in early July 2024 to jointly pursue a "mine-to-magnets" solution for ESG-compliant permanent magnets. The partnership seeks to develop a resilient, ESG-focused supply chain for these critical components.
Aclara successfully concluded a semi-industrial pilot plant program for Penco Module in 2023, yielding 107 kilograms of wet high-purity heavy rare earths concentrate from 120 MT of ionic clays.
The company submitted a new environmental impact assessment (EIA) for the project in June 2024 that features an improved design addressing environmental and social concerns, and it moved to the next stage in August. At the end of March 2025, it submitted a further report addressing technical observations and comments on its EIA from government agencies and local stakeholders, respectively.
Aclara is also advancing its Carina Module project in Brazil, which it discovered in 2023. In December of that year, Aclara disclosed an initial inferred resource for the project, saying it encompasses approximately 168 million MT grading 1,510 parts per million total rare earth oxides and 477 parts per million desorbable rare earth oxides.
In August 2024, Aclara released an updated preliminary economic assessment for Carina Module featuring initial capital costs of US$593 million and sustaining capital costs of US$86 million. Later in the month, the company signed a memorandum of understanding with the State of Goiás and Nova Roma to expedite the Carina Module project, emphasizing its importance for local development and Brazil's critical minerals supply.
Aclara says it is fully financed to pursue its aims of achieving production by 2028. Its plans for 2025 include progressing permitting at both its rare earth projects, starting pilot plant activities at Carina by Q2 2025 and completing a pre-feasibility study by Q3 2025.
2. Mkango Resources (TSXV:MKA)
Market cap: C$84.83 million
Share price: C$0.32
Mkango Resources is positioning itself to be a leader in the production of recycled rare earth magnets, alloys and oxides via its 79.4 percent stake in Maginito with partner CoTec Holdings (TSXV:CTH,OTCQB:CTHCF).
Its mineral assets include the Songwe Hill rare earths project in Malawi, which is targeting neodymium, praseodymium, dysprosium and terbium, and its Pulawy rare earths separation project in Poland. The company also holds a diverse exploration portfolio in Malawi.
At the end of July 2024, Mkango's wholly owned subsidiaries and the government of Malawi signed a mining development agreement for the Songwe rare earths project confirming the fiscal terms for its development, including a 10 percent interest to Malawi's government and exemption from custom and excise duties imports and exports.
Maginito owns HyProMag, a firm focusing on rare earth magnet recycling. HyProMag is the licensee of the Hydrogen Processing of Magnet Scrap (HPMS) process, which demagnetizes and liberates rare earth magnets from scrap.
A pilot plant using a long-loop recycling process underpinned by the HPMS process was commissioned in July 2024, and commercial operations are anticipated to start in Q1 2025. Additionally, Maginito is expanding HyProMag’s recycling technology to the US through the joint venture HyProMag USA, with a positive feasibility study completed in November 2024. While the feasibility study was based on two HPMS vessels, HyProMag announced in March 2025 that conceptual studies are underway to expand the capacity to three vessels and the addition of "long-loop chemical processing" to compliment the HPMS short-loop recycling process.
In an August 2024 update for investors, Mkango reported that HyProMag will receive 350,125 euros to develop its eco-friendly NeoLeach technology, which will further upgrade metals recovered with HPMS. The funding is part of the 8 million euro GREENE project from the European Commission’s Horizon Europe Programme, which aims to improve the resource efficiency and performance of rare earth permanent magnets.
Mkango completed a C$4.11 million private placement in early February 2025 to help fund the advancement of its rare earth magnet recycling projects in the UK and Germany. The next month, the company provided an update on the construction of its UK magnet recycling and manufacturing facility, which is on track to begin initial commercial production by the end of Q2 2025.
In late March 2025, the European Commission designated Mkango's Pulawy project in Poland as a strategic project under the Critical Raw Materials Act.
3. Ucore Rare Metals (TSXV:UCU)
Market cap: C$77.1 million
Share price: C$1.06
Ucore Rare Metals is focused on the exploration and separation of rare earths in Canada and the US.
The company owns the Bokan-Dotson Ridge rare earths project in Alaska and is developing a strategic metals complex for processing heavy and light rare earths in Louisiana. Ucore acquired an 80,800 square foot brownfields facility in Alexandria, Louisiana, for developing its first commercial REE processing facility in January 2024.
In Canada, Ucore's Ontario-based RapidSX demonstration plant, operated by Kingston Process Metallurgy, was commissioned to evaluate the techno-economic advantages, scalability and commercial viability of the RapidSX technology platform for separating and producing REEs like praseodymium, neodymium, terbium and dysprosium. This initiative was supported by a US$4 million award from the US Department of Defense, granted to Ucore's subsidiary, Innovation Metals.
In late April 2024, Ucore reported that it tested a mixed rare earths carbonate from Defense Metals' (TSXV:DEFN,OTCQB:DFMTF) Wicheeda project and confirmed it was suitable for commercial-scale processing at Ucore's planned facilities. According to the release, "(Wicheeda) is a source of material that can become a fundamental economic and technical component to Ucore’s plan of developing multiple SMC’s across North America."
On July 9 2024, Ucore announced the execution of a non-binding memorandum of understanding with Cyclic Materials that aims to to qualify Cyclic's recycled rare earth oxide product in Ucore's process. This will start with the use of initial trial quantities from Cyclic to support Ucore's rare earths demonstration program at its RapidSX facility. The agreement positions Cyclic Materials as a potential long-term source for Ucore's planned facilities in the US and Canada.
In mid-August 2024, Ucore and Meteoric Resources (ASX:MEI,OTC Pink:METOF) signed a memorandum of understanding for Meteoric to supply 3,000 MT of total rare earth oxides from its Caldeira project in Brazil to Ucore's Louisiana strategic metals complex. A similar deal was established with Australia’s ABx Group (ASX:ABX) in early September. It will see ABx supply Ucore with mixed rare earth carbonates from its ionic adsorption clay rare earths resource in Northern Tasmania.
At the start of 2025, Ucore was awarded C$500,000 via its partnership with Ontario’s Critical Minerals Innovation Fund to help finance the advancement of the company’s RapidSX Commercial Demonstration Facility.
Australian rare earths stocks
Australia ranks among the globe's top rare earths producers and possesses the fourth largest rare earths reserves. The nation is notable for hosting the largest supplier of rare earths outside of China.
Learn more about Lynas Rare Earths, Iluka Resources and Arafura Resources, the three largest ASX-listed rare earths stocks focused stocks by market cap.
1. Lynas Rare Earths (ASX:LYC)
Market cap: AU$6.83 billion
Share price: AU$7.54
Well-known ASX-listed rare earths stock Lynas Rare Earths is the leading separated rare earths producer outside of China, with operations in Australia, Malaysia and the US. In Western Australia, Lynas operates the Mount Weld mine and concentrator and is ramping up processing at its Kalgoorlie rare earths processing facility.
In mid-2023, Lynas received AU$20 million from the Australian government's Modern Manufacturing Initiative. This funding supports the Apatite leach circuit project at Lynas’ Kalgoorlie facility.
The company marked a pivotal moment in December 2023, when the Kalgoorlie facility achieved its first production milestone, signaling the transition from commissioning to full-scale operations. Additionally, Lynas is establishing a light rare earths processing facility and a heavy rare earths separation facility in Texas, US.
The company processes mined material at its separation facility in Malaysia. In late June 2024, Lynas announced plans to begin production of separated dysprosium and terbium products at its Malaysian operations in the 2025 calendar year.
In August, the firm reported a 92 percent increase in mineral resources and a 63 percent rise in ore reserves at the Mount Weld site. According to the company, mineral resources have expanded from 55.4 million MT to 106.6 million MT at a grade of 4.12 percent total rare earth oxides; meanwhile, ore reserves have grown from 19.7 million MT to 32 million MT at a grade of 6.44 percent total rare earth oxides.
The new estimates include significant increases in contained heavy rare earths and support a mine life of over 20 years at expanded production rates. Additionally, stored tailings were added to the ore reserves as the operations have the ability to reprocess them to recover additional rare earth minerals.
Lynas’ new large-scale downstream Kalgoorlie rare earths processing facility came online in November 2024. According to the company, the facility is a key part of its 2025 growth plan.
In its H1 2025 fiscal year results, Lynas reported sales revenue of AU$254.3 million an increase of AU$19.5 million year-over-year despite a decrease in average China domestic NdPr prices.
CEO Amanda Lacaze attributed this to a 22 percent increase in NdPr production volume.
2. Iluka Resources (ASX:ILU)
Market cap: AU$1.55 billion
Share price: AU$4.42
Iluka Resources is advancing its Eneabba rare earths refinery in Western Australia with backing from the Australian government, which aims to bolster the country’s footprint in the global rare earths market. The company also owns zircon operations in Australia, including Jacinth-Ambrosia, the world's largest zircon mine.
Iluka secured an AU$1.25 billion non-recourse loan for Eneabba under the AU$2 billion Critical Minerals Facility administered by Export Finance Australia, and the Australian government agreed to an additional AU$400 million in funding in December 2024. This funding will support the development of Eneabba as a fully integrated refinery capable of producing both light and heavy separated rare earth oxides. The facility will process material from Iluka’s own feedstocks and third-party suppliers, with initial production expected to commence by 2027.
Additionally, Iluka is progressing its Wimmera project in Victoria, focusing on mining and beneficiation of fine-grained heavy mineral sands in the Murray Basin. This project aims to supply zircon and rare earths over the long term. A definitive feasibility study for Wimmera is scheduled for completion by the end of 2025.
On February 19, 2025, Iluka released its 2024 full-year results, which included AU$1.13 billion in revenue, a year-over-year decrease of 9 percent. Looking forward, the company stated, "The implementation of tariffs on Chinese imports in Europe and other regions – considered favourable to Iluka’s customers – is expected to impact trade flows from H1 2025."
3. Arafura Resources (ASX:ARU)
Market cap: AU$381.97 million
Share price: AU$0.16
Arafura Resources, an Australian rare earths firm, has secured government funding to advance its Nolans rare earths project in the Northern Territory. Arafura is currently working toward a final investment decision for Nolans, which is shovel ready. Nolans is envisioned as a vertically integrated operation with on-site processing facilities.
A 2022 mine report updates Nolans' expected lifespan to 38 years, targeting an annual production capacity of 4,440 MT of NdPr concentrate. The project's definitive feasibility study highlights significant concentrations of neodymium and praseodymium, alongside all other rare earths in varying quantities.
Arafura has inked binding offtake agreements with Hyundai Motors (KRX:005380), Kia (KRX:000270) and Siemens Gamesa Renewable Energy. Additionally, the company has a non-binding memorandum of understanding with GE Vernova's (NYSE:GEV) GE Renewable Energy to collaborate on establishing sustainable rare earths supply chains.
In its update for the June 2024 quarter, Arafura said it had secured conditional approval for over US$1 billion in debt funding for the Nolans project.
In late August 2024, Arafura signed a memorandum of understanding with Canada’s SRC to process rare earths from Arafura’s Nolans project into dysprosium and terbium oxides at SRC’s facility in Saskatchewan. The collaboration aims to support global supply chain diversification for energy transition technologies.
The company received a AU$200 million investment commitment from Australia's National Reconstruction Fund in January 2025. Arafura said it is expecting to make a final investment decision in the first half of 2025.
In March 2025, Arafura announced a binding offtake agreement with Traxys Europe through which Arafura will supply a minimum of 100 MT per year of NdPr oxide over a five-year term from the Nolans project. Arafura has the option to increase the offtake to a maximum of 300 MT per year at its discretion.
Don’t forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
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07 April
China Escalates Trade War with "Precision Strike" on US Rare Earths Access
In a move that could severely disrupt global supply chains, China announced on Friday (April 4) that it will implement tight export controls on seven critical rare earth elements.
According to Reuters, the rare earths affected by the new restrictions — samarium, gadolinium, terbium, dysprosium, lutetium, scandium and yttrium — are crucial for the production of everything from electric vehicles and smartphones to military systems like fighter jets, missiles and satellites.
China, which produces about 90 percent of the world's rare earths, has long held a dominant position in global supply, and these latest controls could further destabilize already fragile international supply chains.
A "precision strike" on US defense capabilities
Mark A. Smith, CEO of NioCorp Developments (NASDAQ:NB), a company working to create domestic supply of critical minerals in the US, called China's actions a "precision strike" against the Pentagon's supply chains.
In a press release, he emphasized the far-reaching impact of rare earths export curbs on US defense technologies.
"This is a precision strike by China against Pentagon supply chains that enable our most powerful weapons and defense systems," Smith said on Friday. "These aren’t just metals — they’re bottleneck elements, and without them, much of the Pentagon’s advanced hardware risks slipping from superiority to obsolescence."
The rare earth elements targeted by China are not just vital for defense, but are integral to other industries too. From renewable energy technologies to high-end electronics, the list of affected products is extensive.
NioCorp began to explore the possibility of recycling rare earths last year, alongside the feasibility of recycling post-consumer rare earth magnets to reduce reliance on Chinese imports.
As the US military continues to modernize its technology, including hypersonic weapons and advanced satellite systems, the lack of access to these elements could have long-term supply implications.
This latest round of trade tensions comes in the wake of US President Donald Trump’s aggressive tariff policies and the imposition of a 54 percent tariff on Chinese imports. In March, Trump invoked wartime powers under the Defense Production Act to address the nation’s reliance on foreign critical minerals.
The US Department of Defense has already been involved in efforts to develop domestic rare earths production capabilities, and this move from China may serve to accelerate those initiatives.
China has increasingly wielded its dominance over critical materials as a weapon in trade war situations with the US in the past few years. Most recently, the country implemented similar curbs on minerals like gallium, germanium and graphite — all of which are key to high-tech and defense applications.
While the recent export restrictions will not result in an outright ban, they will subject shipments to greater scrutiny, with controls targeting exports of materials used in both civilian and military applications.
Growing calls for domestic production
The potential economic fallout from China's restrictions is substantial. Its dominant role in the global rare earths market means that the US and its allies have few alternatives when it comes to sourcing these materials.
Ucore Rare Metals (TSXV:UCU,OTCQX:UURAF), a company focused on developing North American rare earths processing facilities, has stressed the need to establish a more independent and resilient supply chain.
Pat Ryan, CEO of Ucore, which is developing its proprietary RapidSX rare earths refining technology, acknowledged the urgency of addressing these vulnerabilities.
"China's recent announcement highlights the urgent need for a robust and independent rare earth supply chain in North America," Ryan maintained in a Friday press release.
"Ucore's RapidSX technology offers a transformative solution to this challenge, and we are committed to advancing our strategic initiatives to ensure a stable and secure supply of critical rare earth elements."
Ucore has secured key funding for its initiatives, including a US$4.28 million deal with the Canadian government to demonstrate the commercial viability of its technology, and a US$4 million contract with the US Department of Defense.
The company is also working to develop a rare earths processing facility in Louisiana, which could significantly reduce North America’s reliance on foreign sources.
Don't forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
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26 March
EU Deems Mkango and Euro Manganese Projects "Strategic" Under Critical Raw Materials Act
Resource companies Mkango Resources (TSXV:MKA,OTC Pink:MKNGF) and Euro Manganese (TSXV:EMN,ASX:EMN,OTCQB:EUMNF) received boosts this week when their respective assets were designated "strategic projects" under the EU's Critical Raw Materials Act (CRMA).
On Monday (March 24), the European Commission released a list of 47 strategic critical raw materials projects. Located across 13 EU member states, they cover one or more segments of the raw material value chain.
They also account for 14 of the 17 strategic raw materials included in the CRMA.
Among them are Mkango’s Pulawy project, which has been recognized for its role in supplying rare earth oxides, and Euro Manganese’s Chvaletice project, a contributor to the European battery materials supply chain.
Mkango Resources’ Pulawy rare earths separation project
Mkango's Pulawy project is expected to play a role in establishing a secure European supply chain for neodymium, praseodymium, dysprosium and terbium, which are used to make electric vehicles and wind turbines.
On February 17, the company signed a land lease agreement through its Polish subsidiary, Mkango Polska, in collaboration with Grupa Azoty Puławy. It facilitates the construction of a rare earths separation facility in Puławy, Poland.
The proposed facility aims to produce 2,000 metric tons per year of neodymium and praseodymium oxides, plus 50 metric tons per year of dysprosium and terbium oxides. Lanthanum cerium carbonate will also be produced at the site.
With strategic project status, Pulawy will benefit from expedited permitting processes under the CRMA, ensuring that Poland’s regulatory authorities adhere to a maximum 15 month timeline for processing and refining projects.
The project will also gain access to coordinated support from the European Commission, member states and financial institutions, facilitating financing opportunities and connections with potential offtakers.
Aside from its work at Pulawy, Mkango is focused on developing sustainable sources of rare earth elements, as well as leading in recycled rare earth magnet production through its subsidiary, Maginito.
Maginito holds an interest in HyProMag, which focuses on rare earth magnet recycling in the UK and Germany, and Mkango Rare Earths UK, which specializes in long-loop rare earth magnet recycling.
Euro Manganese's Chvaletice manganese project
Euro Manganese's Chvaletice manganese project, located in the Czech Republic, aims to become a major supplier of high-purity manganese for the European battery industry. The CRMA lists high-purity manganese as a strategic raw material, essential for electric vehicle batteries and the broader clean energy transition.
The Chvaletice project stands out as a waste-to-value initiative, focused on reprocessing old mine tailings rather than developing a new mine. The project represents the only sizable manganese resource within the EU, positioning Euro Manganese as a key player in the region’s battery materials supply chain.
With strategic project designation, Chvaletice will benefit from streamlined permitting processes and access to financial support from institutions such as the European Investment Bank and the European Bank for Reconstruction and Development. It will also be eligible for funding from the European Development Fund and Cohesion Fund.
The Czech government has recognized the Chvaletice manganese deposit as a strategic resource, reinforcing the project’s importance in ensuring Europe’s supply independence. In March 2024, the asset received environmental and social impact assessment approval from the Czech Ministry of Environment. In January of this year, Euro Manganese secured a determination of mining lease permit, marking a key milestone in the project's permitting process.
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Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
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25 March
Top 10 Countries by Rare Earth Metal Production
Rare earth metal production was on the rise again in 2024, jumping to 390,000 metric tons worldwide — that’s up threefold from 132,000 metric tons in 2017.
Rare earths are critical in electric vehicles, renewable energy, military applications and high-tech industries. Demand for rare earth metals such as neodymium, dysprosium, praseodymium and yttrium is increasing alongside technological advancements, particularly as artificial intelligence technology gains further importance.
Ongoing tensions between the US and China, along with other geopolitical factors, are impacting the outlook for rare earths investing. Since China is the world’s largest producer of rare earths by far, the fraught relationship between the countries is directing attention to global supply chain disruption in the rare earths industry.
In 2024, 70 percent of US rare earths imports originated from China. While the United States is the second largest producer of rare earths, it trails China significantly, and its known rare earth reserves make up just 2 percent of total global reserves.
With that in mind, it’s worth being aware of rare earths production by country. Here’s a look at the 10 countries that mined the most rare earths in 2024, as per data from US Geological Survey (USGS).
1. China
Rare earths production: 270,000 metric tons
In 2024, China's domestic output of rare earths was 270,000 metric tons, up from 255,000 metric tons the previous year.
As mentioned, China has dominated rare earths production for quite some time. While China dominates global production of the vast majority of the 17 different rare earth elements, its output is heavily concentrated in light rare earths, specifically the magnet rare earths neodymium and praseodymium.
The largest rare earth mining company in the world is China Northern Rare Earth High-Tech (SHA:600111), which owns the prolific Bayan Obo rare earth mining complex in Inner Mongolia.
Chinese producers must adhere to a quota system for rare earths production. Interestingly, this system has led China to become the world’s top importer of rare earths since 2018.
The quota system is a response to China’s longstanding problems with illegal rare earths mining. For more than a decade, the country has taken steps to clean up its act, including shutting illegal or environmentally non-compliant rare earths mines, and limiting production and rare earths exports.
China’s rare earths industry is controlled by state-owned miners, in theory allowing China to keep a strong handle on production. However, illegal rare earths extraction remains a challenge, and the Chinese government continues to take steps to curb this activity.
The Chinese government is set to introduce even tougher regulations requiring companies involved in the mining, smelting and trading of rare earths to maintain detailed records of product flow and input this data into a traceability system. These new regulations took effect in October of 2024.
2. United States
Rare earths production: 45,000 metric tons
The US produced 45,000 metric tons of rare earths in 2024, up from 41,600 metric tons in the previous year.
Rare earths supply in the US currently comes only from the Mountain Pass mine in California, which is owned by MP Materials (NYSE:MP). Mountain Pass is producing high-purity neodymium and praseodymium (NdPr) oxide, a key material for high-strength neodymium iron boron (NdFeB) magnets.
The mine has had an interesting decade. Previously owned by Molycorp, the mine was put on care and maintenance in 2015 due to low rare earths prices and Molycorp filing for bankruptcy. Mountain Pass re-entered production in Q1 2018 under its new ownership.
The US is a major importer of rare earth materials. The USGS estimates the value of US rare earth imports for 2024 at US$170 million, down from US$186 million in 2023. The country has classified rare earths as critical minerals, a distinction that has come to the fore due to trade issues between the US and China.
Aiming to bolster its domestic supply, in May 2024, the US Biden administration announced a 25 percent tariff on rare earth magnet imports from China that would go into effect in 2026.
New US President Donald Trump is keen on securing the nation's critical minerals and rare earths supply chain, going so far as to threaten annexation of Greenland and Canada, both home to significant reserves of rare earths and other critical minerals. He also made access to rare earths a major sticking point in a defense deal with Ukraine.
3. Myanmar (also known as Burma)
Rare earths production: 31,000 metric tons
Myanmar produced 31,000 metric tons of rare earths in 2024. This was a decrease of more than 27 percent from the 43,000 MT of rare earths Myanmar mined in the previous year, but still up more than 158 percent from the 12,000 the nation produced in 2022. Supply was down that year due to a temporary halt in production associated with the turmoil following the 2021 military coup.
Myanmar's rare earths industry is plagued with controversy as much is reportedly carried out by unregulated small-scale miners and linked with armed militia groups with no environmental best practices or remediation plans in place. Ironically, the act of mining these metals critical for clean energy technologies such as EVs and wind turbines is itself fraught with environmentally destructive practices that are harming the waterways, wildlife and vegetation in Myanmar.
China, who shares a border with Myanmar, obtains 70 percent of its medium to heavy rare earths feedstock from its neighbor, including dysprosium and terbium. Myanmar's rare earths production, and hence China's feedstock supplies, experienced further disruptions in late 2024. Myanmar’s Kachin Independence Army seized two towns in Kachin state, near China’s Yunnan province, which are critical suppliers of rare earth oxides to China. This includes Panwa, a key rare earths mining hub.
4. Australia
Rare earths production: 13,000 metric tons
In 2024, Australia's rare earths production came in at 13,000 metric tons, down from 16,000 metric tons in the previous year. That's compared to the 24,000 metric tons produced in 2021. The country holds the world's fourth largest rare earths reserves and is poised to increase its output.
Through Geoscience Australia's Critical Minerals Research and Development Hub, the Government of Australia is looking to accelerate development of the nation's rare earths resources. Additionally, the government's National Reconstruction Fund has committed AU$200 million for the development of Arafura Rare Earths' (ASX:ARU,OTC Pink:ARAFF) Nolans rare earths project in the Northern Territory, as well as AU$400 million to Iluka Resources (ASX:ILU,OTC Pink:ILKAF) for the construction of its Enneaba rare earths refinery in Western Australia.
The leading producer of rare earths outside of China, Lynas Rare Earths (ASX:LYC,OTC Pink:LYSCF) operates the Mount Weld mine and concentration plant in Western Australia. Mount Weld ranks among the world's top rare earth mines. Lynas is slated to complete its expansion project to boost annual production of NdPr products to 12,000 MT in 2025.
Australian company Northern Minerals (ASX:NTU,OTC Pink:NOURF) is undertaking a feasibility study for its Browns Range mining and process plant; the study is due for completion in Q4 2025. Browns Range's main products will be heavy rare earths terbium and dysprosium.
5. Nigeria
Rare earths production: 13,000 metric tons
Nigeria’s rare earths production in 2024 was 13,000 metric tons, up more than 80 percent over the previous year's output level. The African nation is a newcomer to the ranks of the top 10 rare earths producing nations. As Nigeria's rare earths mining industry is still in the early stage of its development, little is known about the extent of its rare earths reserves at this time.
In late 2024, the government of Nigeria signed a memorandum of understanding with the government of France to jointly develop critical minerals including rare earths.
6. Thailand
Rare Earths production: 13,000 metric tons
Thailand’s rare earths production came in at 13,000 metric tons in 2024, up a whopping 261 percent from the prior year. The country's rare earth production has ramped up rapidly in recent years — Thailand's output of rare earths in 2018 was just 1,000 metric tons.
While there's not much information available on Thailand's rare earth industry, the country is a major source of rare earth imports for China. As far as downstream rare earths product makers, Neo Performance Materials' (TSX:NEO) subsidiary Neo Magnequench operates a rare earth magnetic materials manufacturing facility in Korat, Thailand.
Chinese electric vehicle giant BYD (OTC Pink:BYDDF,HKEX:1211,SZSE:002594) opened a US$486 million EV manufacturing facility in the country last July. The Financial Times reports that "analysts expect Chinese EV makers to penetrate further into south-east Asia because Thailand has lower tariffs on fully assembled EVs for companies that have pledged to build EV factories there, and most of them are Chinese."
7. India
Rare earths production: 2,900 metric tons
India’s 2024 production was 2,900 metric tons, unchanged from the previous few years. The country's output represents less than 1 percent of global rare earths supply. India’s rare earths production is far below its potential, considering the nation holds almost 35 percent of the world’s total beach sand mineral deposits, which are significant sources of rare earths.
India joined the Minerals Security Partnership (MSP) in mid-2023, a multi-nation group led by the United States and focused on the creation of critical mineral supply chains, including for rare earths.
Much of the country's rare earth exploration and mining is being conducted under the auspices of the Government of India via IREL, which was formed as Indian Rare Earths Limited in 1950. Furthermore, the government is establishing research and development into new technologies for extracting and processing rare earth minerals.
8. Russia
Rare earths production: 2,500 metric tons
Russia produced 2,600 metric tons of rare earths in 2024, nearly the same level as the previous six years. In terms of global rare earths reserves, Russia ranks fifth.
Prior to the country’s aggressive war against Ukraine, the Russian government was allegedly “unhappy” with its supply of rare earths. The Russia-Ukraine war has raised concerns over disruptions to the US/Europe rare earths supply chain.
Russia has reportedly reduced mining taxes and offered discounted loans to investors in nearly a dozen projects intended to increase the nation’s share of global rare earths production from the current 1.3 percent to 10 percent by 2030.
The country's largest rare earths deposit, Tomtor, is currently being developed by TriArk Mining, a joint venture owned by industrial conglomerate Rostec and billionaire Alexander Nesis. However, in November 2024 Reuters reported that Russian President Vladimir Putin accused the company of delaying its development and suggested partnering with a third party, such as the state, or raise investment.
In late February 2025, Reuters reported that the Russian government has signaled to the Trump Administration that it is interested in a rare earths development deal with the US.
9. Madagascar
Rare earths production: 2,000 metric tons
Madagascar produced 2,000 metric tons of rare earths in 2024, nearly on par with the previous year's 2,100 metric tons of output and down dramatically from 6,800 metric tons in 2021.
The country's Ampasindava peninsula is reportedly home to 628 million metric tons of ionic clays with a significant concentration of rare earths, particularly dysprosium, neodymium and europium. It's considered one of the largest rare earth deposits outside China. Whether or not it is ever developed is up in the air.
The declining in rare earths production in recent years is due in large part to increasing opposition to rare earths mining on the part of farmers who are strongly against mining activity in their communities.
In April 2024, Energy Fuels (TSX:EFR,NYSEAMERICAN:UUUU) agreed to acquire Base Resources and its advanced Toliara heavy mineral sands project in Southwest Madagascar. Energy Fuels plans to separate monazite sands from Toliara's Ranobe deposit at its White Mesa mill in Utah, US.
10. Vietnam
Rare earths production: 300 metric tons
Vietnam’s rare earths production came in at 300 metric tons in 2024, on par with the prior year's output. However, it's down 75 percent from the 1,200 metric tons produced in 2022. Vietnam holds the world's sixth largest known rare earths reserves, including several rare earth deposits against its northwestern border with China and along its eastern coastline.
The country's government is interested in building its clean energy capacity, including solar panels, and is said to be looking to produce more rare earths for its supply chain for that reason. It has set a goal of extracting and processing 2 million metric tons of rare earths per year by 2030.
However, serious corruption charges in October of 2023 that led to the arrests of top industry executives, including the chairman of Vietnam Rare Earth JSC, has hamstrung those plans. "The arrests stalled government plans to auction new rare earth mining concessions and cast a cloud of uncertainty over the industry that has given foreign investors pause," reported Asia Times.
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Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
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21 March
Pensana Secures Full Funding for Longonjo Rare Earths Project
The Longonjo rare earths project in Angola has received all necessary approvals for full financing, amounting to approximately US$268 million, Pensana (LSE:PRE) said in an update on Tuesday (March 18).
Pensana holds an 84 percent stake in its Angolan subsidiary Ozango Minerals, the owner of Longonjo.
The money will be used to fund Phase 1 work at the project, with 60 percent coming from a US$160 million loan facility announced in late January. The Africa Finance Corporation's (AFC) board has now approved the finance institution's US$81.2 million participation in the facility, with the remainder coming from South Africa's Absa Bank.
There is also a US$15 million bridging loan from the Angolan Sovereign Wealth Fund (FSDEA), a US$54.9 million convertible loan approved by the AFC and US$38 million from the FSDEA made up of equity and a convertible loan.
Longonjo will concentrate and refine rare earths on site, producing a mixed rare earth carbonate product.
The FSDEA said its investment in Longonjo aligns with its commitment to advancing the national mining sector.
“Beyond its substantial economic impact — such as job creation and tax revenues — the project plays a crucial role in establishing in Angola a key segment of the value chain for an industry essential to the global energy transition,” FSDEA Chair Armando Manuel commented, emphasizing the mining industry's role in economic diversification.
For its part, the AFC noted that this investment reflects its commitment to unlocking Africa’s mineral potential through local value addition, industrial growth and responsible mining.
“With approximately one-third of the world’s rare earth mineral reserves, Africa is poised to become a cornerstone of the global clean energy revolution," AFC President and CEO Samaila Zubairu said.
"By investing in Africa’s rare earth sector, we are not only accelerating regional development but also strengthening global energy security in line with the aspirations of the Mineral Security Partnership."
Commentary released by Brookings in 2022 looks at the current state of the rare earths sector in Africa, evaluating whether the continent could replace China as the world’s supplier of rare earths.
The report suggests that Africa’s potential is untapped given the low levels of exploration.
It outlines several rare earths assets, including the Songwe Hill project in Malawi, which is owned by Canadian company Mkango Resources (TSXV:MKA). It is expected to commence mining this year.
Longonjo is mentioned in the study as a significant rare earths deposit.
Longonjo development timeline and impact
According to Pensana, over the past six years it has spent more than US$70 million on exploration at Longonjo, as well as on technical and environmental studies.
Infrastructure work began at the site in 2023, while main construction commenced in 2024.
A 350 person accommodation camp was completed at the site ahead of construction.
“The Longonjo project will produce an average of around 20,000 tonnes per annum of clean high value (mixed rare earth carbonate) and will have a major positive impact on the community, creating over 430 high value processing jobs,” Pensana Chair Paul Atherley said in Tuesday's release.
More than half of these jobs will be given to young people. Longonjo will create more jobs once it reaches Phase 2 production, estimated at 2,400 direct and indirect jobs.
Phase 2 operations are expected to produce 5 percent of the world’s magnet metal rare earths over a 20 year mine life.
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Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
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10 March
Globe Pens Offtake MOU with Myst for Kanyika Niobium Project
Globe Metals & Mining (ASX:GBE) has signed its second offtake agreement for Phase 1 production from its Kanyika niobium project, located in Malawi, East Africa.
In a Monday (March 10) announcement, Globe said the agreement is a non-binding memorandum of understanding (MOU) with Singapore-based physical metals and concentrates trader Myst Trading.
The company's first offtake agreement was signed with Affilips in September 2024, wherein Affilips will take 32 percent, or approximately 100 tonnes, of niobium pentoxide from Kanyika.
"The MOU with Myst confirms our significant progress in finalising offtake agreements for all Phase 1 production at the Kanyika Project,” Globe CEO Paul Smith commented in the company's release.
“Such agreements are a critical component of the Project's funding and ultimate development.”
The MOU covers Phase 1 production of the project and is for an initial period of three years from the start of production in May 2026. Phase 1 capacity is set at 10 percent of full production.
Myst will be granted the right of first refusal to purchase 25 percent of the project’s annual niobium pentoxide production, amounting to about 76 tonnes. Combined with the Affilips offtake, 57 percent of Phase 1 niobium production from Kanyika is now accounted for.
If the agreement is finalised, Myst will also secure the right to purchase 100 percent of Kanyika's high-purity tantalum pentoxide production over the three year period. This is anticipated to be about 14 tonnes annually.
Globe and Myst are currently working towards a binding offtake agreement for the second quarter of 2025. A full offtake agreement is expected in September of this year. Globe said that given Myst’s location in Singapore, the MOU will also provide it with access to the tantalum and niobium oxide markets in Asia.
Kanyika is expected to have an average annual production of 3,250 tonnes of niobium and 140 tonnes of tantalum over a 23 year mine life. The mine life is extendable to 38 years depending on the conversion of inferred resources.
The project is positioned to be the first commercial niobium operation in Africa. Artisanal miners in several African countries mine coltan, a mineral that contains niobium and tantalum.
Niobium production is currently primarily centred in Brazil, which produced 100,000 tonnes out of the 110,000 tonnes produced globally in 2024. Canada was the second highest producer of niobium at 7,100 tonnes.
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.
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