Energy Fuels Advances $1.9B Acquisition of German Magnet Maker VAC, Aims for Western Rare Earth Supply Chain

[SMM Rare Earth Express] London-listed rare earth enterprise Harena Rare Earths announced that it has signed a project development funding agreement with the U.S. International Development Finance Corporation (DFC), securing up to $4.84 million in financial support to advance the development of the Ampasindava ion-adsorption rare earth project in Madagascar. The funding will primarily be used for permitting approvals, environmental and social baseline studies, and the construction of a proof-of-concept pilot plant, providing technical support for the project's final feasibility study and reducing development risks. This reportedly marks the first time DFC has provided direct financial support to the Ampasindava project, reflecting its strategic value in the critical mineral supply chain arrangements of the US and its allies. Harena stated that the initial tranche of funding has already begun disbursement, and DFC has also expressed interest in participating in larger-scale financing once the project enters the construction phase.

[Oxide cost support holds prices firm; Pr-Nd alloy prices tentatively raised] Last week, downstream inquiry activity for Pr-Nd oxide remained persistently sluggish, with some traders selling small quantities at reduced prices. However, upstream suppliers indicated that Pr-Nd oxide output was somewhat tight and were unwilling to sell at low prices. Dysprosium oxide quotations were relatively stable, but some traders offered a small amount of low-priced material. Terbium oxide market quotations were firm.