Energy Fuels to Acquire German Magnet Maker VAC for $1.9B, Creating Full Rare Earth Supply Chain

[SMM Rare Earth Flash] JL MAG Rare-Earth recently announced that the company plans to acquire, through public listing for transfer on the Inner Mongolia Property Rights Exchange Center, the 9.24% equity stake in Baotou Rare Earth Products Exchange Co., Ltd. held by China Northern Rare Earth. The estimated transaction price is 22.0836 million yuan. This investment aims to enhance the company's ability to ensure the supply of rare earth raw materials and boost overall competitiveness, and does not constitute a connected transaction or material asset restructuring.

[SMM Rare Earth Flash News] Australian mineral sands producer Iluka Resources recently announced that it has secured a A$1.65 billion (about $1.15 billion) non-recourse loan confirmed by Export Finance Australia (EFA) for the construction of a rare earth refinery in Eneabba, Western Australia. The refinery will be Australia's first fully integrated rare earth refinery. Iluka stated that the first drawdown of A$1.25 billion is expected to be fully utilized by the end of 2026, at which point construction of the refinery will be 75% complete. The project is currently over 50% complete, with commissioning anticipated to begin in mid-2027. Meanwhile, Iluka has signed a binding multi-year offtake agreement with a globally renowned automaker. The four-year agreement, effective from 2028, covers the supply of magnetic rare earth oxides including neodymium, praseodymium, dysprosium, and terbium, accounting for approximately 10% (about 1,200 mt) of Iluka's planned production.