August 7 SMM Rare Earth Afternoon Transaction Comment

This week, FOB quotations in the ex-China rare earth market generally declined, with varieties such as terbium oxide and terbium metal seeing noticeable drops. However, affected by policies and weak demand, actual transaction volumes were thin, and heavy rare earth prices stayed high. Meanwhile, supply chain restructuring moves were frequent: resources at Namibia's Kameelburg increased by another 35%, Japanese capital officially entered the Lofdal project; Malaysia considered conditionally liberalizing raw ore exports; US-based Energy Fuels advanced the final investment decision for the Donald project in Australia, and Lockheed Martin signed a long-term scandium supply agreement. A survey in Japan showed that 80% of manufacturing executives considered rare earth procurement a major risk, highlighting anxiety in the industry chain.

[SMM Rare Earth Daily Review: Trading Sluggish Near Weekend, Rare Earth Prices Hold Steady] Overall, as the weekend approaches, downstream inquiry enthusiasm is low, and the trading atmosphere in the rare earth market is sluggish. However, suppliers' quotations remain relatively firm, and rare earth prices are generally stable. The stalemate in the tug-of-war between upstream and downstream persists. In the short term, influenced by the market's tug-of-war stalemate, Pr-Nd product prices may maintain a sideways movement pattern.

[SMM Rare Earth Express] Aldoro Resources, a publicly listed firm on the ASX, has announced that the ore resources at its Kameelburg rare earth project in Namibia have increased from 280 million mt a year ago to 804.5 million mt, including maiden Indicated Resources of 162.1 million mt and Inferred Resources of 642.4 million mt, further enhancing the confidence in the project’s resources. The company stated that, based on an average Pr-Nd grade of 0.18%, the Indicated Resources correspond to approximately 200,000 mt of Pr-Nd oxide, laying a foundation for subsequent mine development studies and Phase 3 drilling. Apart from rare earths, the Kameelburg deposit is also rich in critical minerals such as strontium and niobium, with carbocernaite as the primary mineral, offering favorable beneficiation and metallurgical properties and multi-mineral development potential. Meanwhile, Aldoro is advancing its Hong Kong listing plan to broaden international financing channels and accelerate project development.