Summit Minerals to Acquire Mundo Novo Niobium-Rare Earth Project in Brazil

Affected by multiple factors, mainstream rare earth prices in China fell across the board. As of now, Pr-Nd oxide was quoted at 690,000-700,000 yuan/mt, and Pr-Nd alloy at 890,000-910,000 yuan/mt, down 90,000 yuan/mt from Monday.

UK rare earth exploration company Harena Rare Earths signed an exclusivity agreement to evaluate the acquisition of Paradigm Critical Minerals’ heavy rare earth and uranium assets in California. The asset is located in San Bernardino County, about 100 miles from Mountain Pass mine, MP Materials’ rare earth mine, the only producing rare earth mine in North America. Historical drilling showed significant potential for the project, with surface exploration identifying a light-to-heavy rare earth ratio of about 50:50 and grab samples with TREO grades of up to around 2%. Uranium grades reached 10 times those of currently operating projects worldwide. Harena will conduct due diligence to advance the transaction, and the project will complement its ionic clay rare earth project in Madagascar.

US critical minerals miner Critical Metals announced a $30 million plan to rapidly develop the Tanbreez heavy rare earth project in Greenland. This funding will advance drilling, infrastructure, engineering design, and metallurgical programs, with the goal of commencing the first batch of ore production in Q4 2028 or Q1 2029, and starting rare earth concentrate exports in Q3 2029.