Energy Fuels Produces First Terbium Oxide in US, Boosting Domestic Rare Earth Supply Chain

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.

Australia's Lynas Rare Earths announced that it intends to supply rare earth oxides to the rare earth metal plant being built by South Korea's LS Eco Energy in Vietnam, with priority given to samarium production. If the cooperation is ultimately finalized, Lynas will use this to expand its product lines of Pr-Nd alloy and heavy rare earth products such as samarium, dysprosium, and terbium. Lynas is currently the only commercial producer outside China capable of separating samarium, terbium, and dysprosium. The preliminary agreement between the two parties also involves each subscribing to convertible bonds worth about AUD 30 million.