Sinomine Sells African Lion Mining for $19.5M, Exits Zambian Rare Earth Project

[SMM Rare Earth Flash] Australian rare earth producer Lynas reported its April-June 2026 quarterly results, showing that its total rare earth oxide (TREO) production increased by 8% YoY, driven by capacity improvements at the Mount Weld mine in Western Australia, the Kalgoorlie processing plant, and the Kuantan refinery in Malaysia. However, affected by issues with the Mount Weld water circulation system and concentrate quality, Pr-Nd production for permanent magnets fell 11% YoY. These issues have since been resolved, and the company expects to return to full-capacity operations this quarter. In the same period, heavy rare earths dysprosium and terbium achieved production of 19 mt, marking their first commercial production. Driven by higher Pr-Nd prices, increased heavy rare earth sales, and product premiums, the average selling price of rare earth oxides rose 63% YoY to A$98.2/kg, pushing sales revenue up 70% YoY. In addition, Lynas has initiated client certification for samarium oxide and raised the investment budget for its heavy rare earth project in Malaysia. It plans to bring products including gadolinium, yttrium, and lutetium into production from 2027 to 2028.

[SMM Rare Earth Weekly Review: Pr-Nd Oxide Prices Pull Back Slightly, Rare Earth Market Overall in the Doldrums] This week, Pr-Nd oxide prices were slightly in the doldrums overall, mainly dragged down by the pullback in futures prices and persistently low purchase willingness from buyers, with some suppliers following suit to lower prices. However, factory quotations remained firm, with low-priced goods hard to find, and a fierce tug-of-war between upstream and downstream. As of today, Pr-Nd oxide prices have been adjusted down to 753,000-758,000 yuan/mt.

[SMM Recycled Rare Earth Weekly Review: Oxide Prices Continue to Pull Back, NdFeB Scrap Market in the Doldrums] Overall, this week, scrap prices, affected by the continuous pullback in oxide prices, were in the doldrums overall. However, as the supply of compliant, tax-inclusive scrap remained tight, suppliers showed low willingness to sell at low prices, and trading in the scrap market was stagnant. In the short term, affected by the stalemate in the tug-of-war between upstream and downstream, scrap prices may move sideways.