Market review this week
Prices:
Rare earth oxides: Pr-Nd oxide FOB was quoted at $115-129/kg, Pr-Nd oxide CIF Rotterdam was quoted at $108-122/kg, praseodymium oxide FOB was quoted at $126-130/kg, lanthanum oxide FOB was quoted at $1,059-1,119/mt, neodymium oxide FOB was quoted at $141-143/kg, terbium oxide FOB was quoted at $1,161-1,249/kg, down $20/kg, cerium oxide FOB was quoted at $1,965-1,967/mt, holding steady for now, and cerium oxide CIF Rotterdam was quoted at $2,740-2,750/mt, down $40/kg.
Rare earth metals: Pr-Nd alloy FOB was quoted at $136-142/kg, Pr-Nd alloy CIF Rotterdam was quoted at $140-144/kg, lanthanum metal FOB was quoted at $3/kg, praseodymium metal FOB was quoted at $158-166/kg, neodymium metal FOB was quoted at $148-160/kg, and terbium metal FOB was quoted at $1,560-1,544/kg, down $30/kg.
Trading: Prices outside China held steady this week. With domestic prices remaining stable and international demand constrained by licensing, growth was limited and prices showed no notable fluctuations.
Overseas highlights this week
Africa and Southeast Asia: Upstream diplomacy and asset consolidation in resource-rich countries move forward in parallel
Indonesian Ambassador to Cameroon Agung Cahaya Sumirat confirmed during a door-to-door meeting in Jakarta on October 13 that Indonesia is continuing to advance bilateral cooperation talks with Gabon in the rare earth minerals sector, while also exploring potential cooperation with the Congo Republic in the phosphate industry. The Yaounde embassy, whose jurisdiction covers Gabon, Chad, Equatorial Guinea, the Congo Republic, and the Central African Republic, is handling the relevant coordination. As technical and diplomatic consultations are still underway, no timetable or specific scope has been disclosed for either cooperation initiative. Exploration growth is also emerging on the African asset side. The latest drilling at AuKing Mining's Natasai Hill deposit within the Tundulu project in Malawi intersected 59 meters from 13 meters on the western side (TREO 1.51%, including a 5-meter high-grade section at 2.96%), 47 meters from 26 meters on the northeastern side (TREO 1.50%, including a 6-meter section at 3.03%), 9 meters from 128 meters, and 36 meters from 85 meters in the southeastern expansion zone (including a 6-meter section at 3.14%), confirming continuous mineralization at multiple locations.
Project licensing and approvals: Milestones reached in Greenland, the US, and Australia
Critical Metals announced that the Greenland government approved the mining and closure plan for the Tanbreez project on September 29 under the Mineral Activities Act and License No. 2020-54, valid until September 8, 2050. The approval covers 19 elements at the Killavaat Alannguat deposit (including dysprosium, terbium, yttrium, neodymium, praseodymium, and zirconium-hafnium-tantalum-niobium), along with the mine, processing facilities, port, and closure and rehabilitation plan. Before construction can begin, only specific operating permits and financial guarantees remain to be finalized, covering environmental management, marine transport, health and safety, and export sales. On the US side, Dateline Resources disclosed that the Department of Justice filed a motion with the district court on September 25 seeking a stay of the August 10 preliminary injunction. Cadenazzi, Assistant Secretary of Defense for Industrial Base Policy, submitted a national security declaration in support. If the stay is granted, the Colosseum mine, adjacent to Mountain Pass and MP Materials facilities, could resume operations under its approved operating plan during the appeal. In Australia, Critica announced the first indicated resources for the Jupiter project: 160 million mt at 1,700 ppm TREO (approximately 10% of the total), with the four magnetic material elements of neodymium, praseodymium, dysprosium, and terbium contributing approximately 25% of the TREO within indicated resources. Inferred resources across the entire area remain at 1.7 billion mt at 1,700 ppm. The project is part of the 1,700-square-kilometer Brother exploration license package in Western Australia.
Offtake and capital transactions: Long-term offtake locks in volumes, M&A reshapes the supply landscape
Arafura Rare Earths (17.5% owned by Hancock Prospecting) signed a five-year binding offtake agreement with a large global trader participating in the US Project Vault program. Annual supply of NdPr oxide from the Nolans project at full production was raised to 850 mt from the 500 mt in the May letter of intent. The agreement covers heavy rare earths and includes a two-year renewal option, with US dollar pricing linked to the BMI or Platts shipping index. Negotiations with other clients will no longer be routinely disclosed on commercial sensitivity grounds. Lynas announced the acquisition of Meteoric Resources for approximately A$968 million, gaining control of the Caldeira ionic adsorption clay project in Brazil. The target holds the largest JORC-compliant REO resources outside China and is expected to add 802,000 mt of Pr-Nd oxide and 41,000 mt of dysprosium-terbium oxide to Lynas' resources. Average annual output over the mine life is expected to be approximately 3,862 mt of neodymium-praseodymium and 127 mt of dysprosium-terbium. The transaction is targeted for completion in March 2027, subject to shareholder approval. In the same period, the Yang di-Pertuan Agong of Malaysia acquired a 2.25% stake in Southern Alliance Mining at an off-market premium of S$6.1 million, gaining exposure to its rare earth operations in Malaysia.
Midstream industry chain: Namibia JV nears completion, Chile metallization pilot commences
Namibia Critical Metals expects to complete approval of the new joint venture for the Lofdal heavy rare earth project within 30 days. NCM will hold 95% (with 5% attributable to historically disadvantaged Namibian beneficiaries) and issue a 50% interest to TJNREC. JOGMEC and Toyota Tsusho have fulfilled their C$23 million expenditure obligation and will acquire a 40% plus 10% interest in stages, with an option to increase by 1% for C$5 million, along with a right of first refusal and full offtake rights. NCM has set a 21% anti-dilution floor (with a $5 million consideration). After the final investment decision, NCM may choose to proportionally rebound to 44%-45%. Aclara Resources and Chile's CAP commissioned a 175 kg/day molten salt electrolysis demonstration plant in Talcahuano, targeting production of neodymium-praseodymium metal and alloys with purity of at least 99.5%. Data from the first continuous operation trial will feed into the FEED for the industrial separation facility in Louisiana. Phase two plans to introduce dysprosium oxide to produce medium-heavy rare earth Pr-Nd-Dy alloys. The metallurgical expertise of CAP's Huachipato steel mill and the proprietary processes of both parties form the technical foundation of the facility.
