Japan and US Agree to Strengthen Critical Minerals Cooperation, Including Rare Earths and Deep-Sea Resources

On the 25th, it was confirmed that the South Korean government will exempt tariffs of 3–8% on critical minerals such as lithium, graphite, and rare earth elements when domestically owned companies directly produce and import them from overseas. The Ministry of Trade, Industry and Energy has pre-announced a new regulation outlining tariff exemptions for overseas resource development projects. Under the policy, a total of 14 critical minerals—including lithium, graphite, nickel, cobalt, manganese, copper, zinc, and rare earth elements such as lanthanum, cerium, neodymium, terbium, dysprosium, yttrium, and scandium—will be eligible for duty exemption when brought into the country. The regulation is set to take effect on April 3.

[SMM Rare Earth Weekly Review: Rare Earth Prices Saw Relatively Small Fluctuations, While Downstream Procurement Demand Remained Weak] The Pr-Nd oxide market was relatively calm this week. Demand from downstream metal plants was sluggish, but upstream supply also remained tight. Suppliers were unwilling to make shipments at low prices, and the back-and-forth negotiations between upstream and downstream remained in a stalemate. Pr-Nd oxide prices saw small fluctuations to 710,000-715,000 yuan/mt.

US rare earth producer Energy Fuels announced that its White Mesa mill in Utah has successfully produced its first batch of terbium oxide with a purity of 99.9. This marks the first time in decades that the US has produced this heavy rare earth element from primary mineral raw materials, using monazite mined in Florida and Georgia. The company had previously trial-produced dysprosium oxide at the facility and is expected to expand heavy rare earth capacity in the coming years. It is estimated that upon completion of the second-phase expansion in 2029, the White Mesa mill will have the annual capacity to produce dysprosium oxide (288 mt), terbium oxide (80 mt), and Pr-Nd oxide (6,000 mt), supporting the development of a domestic rare earth supply chain in the US.