Posco International to Buy 30% of Meteoric's Rare Earth Output from Brazil Project

[SMM Rare Earth Flash News] Japan Organization for Metals and Energy Security (JOGMEC) and Toyota Tsusho have announced that JOGMEC will invest up to C$47.7 million (approximately $33.9 million) in Toyota Tsusho’s Namibian rare earth project company to jointly develop the Lofdal heavy rare earth mine in Namibia. This is expected to become Japan’s first rare earth mine project in Africa, enhancing the supply security of critical minerals. The Lofdal deposit is rich in heavy rare earth elements such as dysprosium and terbium, which can be used in permanent magnetic materials for NEV motors, among other applications. The two parties will conduct a feasibility study through a newly established project company and plan to make a final investment decision in fiscal year 2027.

[SMM Rare Earth Express] Harena Rare Earths announced that its Ampasindava rare earth project in Madagascar has received $4.48 million in funding from the U.S. International Development Finance Corporation (IDFC) to support pilot plant construction, laboratory testing, and environmental protection projects, laying the groundwork for subsequent financing. The Ampasindava ion-adsorption rare earth ore project plans to start production in mid-2028, with an expected annual output of approximately 4,000 mt of rare earth oxides, including about 1,700 mt of high-value magnetic rare earths such as Pr-Nd, dysprosium, and terbium, and a total investment of approximately $150 million. Harena is also evaluating building processing capacity in the US and Europe, and is in discussions with enterprises such as MP Materials, USA Rare Earth, and Solvay on cooperation.

[SMM Rare Earth Flash] The US government has decided to support the Ampasindava rare earth project in Madagascar to promote the diversification of the critical minerals supply chain and reduce dependence on China’s rare earth supplies. Project developer Harena Rare Earths stated that the U.S. International Development Finance Corporation (DFC) has committed up to $4.48 million for a pilot plant, laboratory testing, and environmental protection projects, paving the way for subsequent financing. The ion-adsorption rare earth mine is planned to start production in mid-2028, with an expected annual output of approximately 4,000 mt of rare earth oxides, of which about 1,700 mt are magnetic material rare earths such as neodymium-praseodymium, dysprosium, and terbium. The total investment of the project is approximately $150 million.