Energy Fuels Secures $725M Loan for Rare Earth Expansion, Aims to Acquire ASM

On June 22, China’s MOFCOM imposed export controls on 10 US entities, including rare earth giants MP Materials and USA Rare Earth, retaliating against the US expansion of its "Chinese Military Companies List" on June 8. While largely symbolic for China's magnet exports, the move targets the Achilles' heel of US supply chain autonomy, threatening higher costs and delays for American defense and rare earth projects.

[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.