New 1.8 km Rare Earth Target Discovered in Greenland with Low Uranium Content

[SMM Rare Earth Flash] On June 22, the Ministry of Commerce issued Announcement No. 23 of 2026. In accordance with the Export Control Law of the People's Republic of China, the Regulations on the Export Control of Dual-Use Items of the People's Republic of China, and other laws and regulations, and to safeguard national security and interests and fulfill international obligations such as non-proliferation, it decided to add 10 US entities, including Avioxx Corporation, to the export control list. Effective immediately, export operators are prohibited from exporting dual-use items to the above entities, and organizations and individuals in any country or region are prohibited from transferring or supplying dual-use items originating in China to the above entities. Under special circumstances where export is genuinely necessary, an application must be submitted to the Ministry of Commerce. The 10 US entities added to the list this time cover sectors such as aerospace, drones, robotics, and defense. Notably, two US rare earth enterprises — MP Materials Corp. and USA Rare Earth, Inc. — are both included. MP Materials is the only operating rare earth mine operator in the US, and USA Rare Earth is advancing a vertical integration strategy from mining to magnet manufacturing. This marks the first time China has included US rare earth enterprises on its export control list.

US Rare Earths (USAR) has started operating its heavy rare earth hydrometallurgy demonstration plant in Wheat Ridge, Colorado, and plans to produce separated oxides for the first time in Q3 2026. USAR said the plant will produce separated heavy rare earth oxides, including dysprosium, terbium and yttrium. Quantity details were not disclosed. The company said the Wheat Ridge facility is fully automated and equipped with instruments for real-time process monitoring in all production operations. The plant processes three raw materials simultaneously, including ore from USAR's Round Top project in Texas, ore from the Serra Verde Pela Ema mine in Brazil, and magnet scrap.

Backed by mining magnate Gina Rinehart, rare earth and niobium company St George Mining, with a market capitalisation of A$435 million, has launched a new funding round to advance drilling and exploration at its core projects in Brazil. The placement issues new shares to institutional investors at A$0.10 per share, a 9.1% discount to the previous trading day’s closing price. Joint lead managers Canaccord Genuity and Jett Capital Advisers are soliciting bids from Asia-Pacific investors, with the offer closing at 7 p.m. Monday. The placement has a base raising target of A$50 million, with the underwriters reserving A$10 million in oversubscription capacity; the raising is not underwritten. Funds will be used for development and exploration at the company’s Araxa project in Minas Gerais, Brazil, which the company describes as the second-highest-grade rare earth deposit in the Western world.