Rare Earth Prices Surge: Neodymium Praseodymium Oxide and Gadolinium Iron See Increased Transactions

[SMM Rare Earth News Flash] Australian company Arafura Rare Earths announced on April 1 that it had signed binding equity subscription agreements with Germany's KfW and Australia's Export Finance Australia (EFA). The two institutions will jointly invest approximately A$230 million (approximately $159 million) to develop the Nolans rare earth project in the Northern Territory. The project plans to supply 4,440 mt of Pr-Nd oxide per year from H2 2029, accounting for approximately 4% of global supply. Arafura has signed an offtake agreement with Siemens Gamesa and is actively seeking European offtake partners to secure an additional 500 mt/year of Pr-Nd oxide capacity.

[SMM Rare Earth News Flash] Australian company Energy Transition Minerals (ETM) recently stated that its application to renew the exploration license for the Kvanefjeld rare earth project in Greenland had received a draft decision of rejection from the Greenland government, on the grounds that further exploration activities could not lead to the granting of a mining license. The Kvanefjeld project holds 1.14 million mt of rare earth oxide resources, containing high-value elements such as praseodymium, neodymium, dysprosium, and terbium. The Greenland government's decision was primarily based on the 2021 Uranium Act, which prohibits the development of mineral projects with uranium content exceeding 100 ppm, while the Kvanefjeld ore body has a uranium content of 360 ppm.

Critical Metals (CRML.O) has approved a $30 million acceleration program to develop its Tanbreez heavy rare earth project in Greenland. The initiative will advance drilling, infrastructure, engineering, and metallurgical work, aiming for first ore production in late 2028 or early 2029, with concentrate exports expected by mid-2029. The move aligns with U.S. efforts to strengthen domestic rare earth and critical minerals supply chains amid reliance concerns on China.