[SMM rare Earth Daily Review 4.20] Upstream merchants' quotations to raise the actual transaction in the market are generally on the weak side.

Goiás State in Brazil holds the largest rare earth reserves in Brazil and is currently advancing the signing of a major minerals cooperation agreement with the US. Goiás Governor Ronaldo Caiado has signed a preliminary agreement to work with the US to jointly develop the state's abundant rare earth resources.

Japan Oil, Gas and Metals National Corporation (JOGMEC) announced that it had selected Toyota Tsusho as the successful bidder to acquire part of the 40% option interest it holds in Namibia’s Lofdal heavy rare earth project. The project contains key permanent magnet elements such as dysprosium and terbium and is currently at the final feasibility study stage. Since 2020, JOGMEC has been working with Canada’s Namibia Critical Metals to advance the project. By bringing in Toyota Tsusho through this bidding process, it aimed to accelerate the project’s commercialization and strengthen the security of Japan’s heavy rare earth supply chain. Against the backdrop of the global heavy rare earth sector’s heavy reliance on China, this move was an important step in Japan’s push to diversify supply.