Vietnam Further Strengthens Control Over Rare Earth Minerals, US and UK Adjust Rare Earth Strategy Directions [SMM Weekly Overseas Rare Earth Review]

I. Vietnam Strengthens State Control Over Rare Earths, Advances Legislation and Centralization

The Standing Committee of Vietnam's National Assembly reviewed a draft amendment to the Law on Geology and Minerals, proposing to classify rare earths as a "special strategic resource." The draft explicitly stipulates that the central government holds exclusive authority over the exploration, mining, and processing of rare earths, with local agencies having no power to intervene. The bill requires that only state-designated or approved enterprises may operate in the rare earth industry and strictly prohibits the export of unprocessed rare earth ore. The government will directly fund geological surveys and exploration to ensure the environmental protection and sustainability of resource development. Vietnamese officials emphasized the strategic value of rare earths for sectors such as semiconductors, renewable energy, defense technology, and EV batteries. Deputy Prime Minister Tran Hong Ha stated that a central regulatory agency will be established to oversee technology transfer and development across the entire rare earth industry chain. The draft law is expected to be submitted for approval at the 10th session of the National Assembly.

II. UK's Pensana Abandons Saltend Rare Earth Project, Shifts Focus to US Market

UK-listed miner Pensana has terminated its plan for a rare earth oxide separation plant at the Humber Freeport in Hull, UK (originally valued at £250 million). The project was intended to process Pr-Nd resources from the Longonjo mine in Angola to supply magnetic materials for the European EV and wind power industries. Pensana Chairman Paul Atherley stated that the decision to abandon the project was due to the US government's commitment to purchasing rare earths from its Mountain Pass mine in the US at guaranteed prices, while European governments failed to provide similar support.

III. US Rare Earth Corp Achieves Key Processing Technology Breakthrough in Wyoming

US Rare Earth Corp (ASX: ARR) has achieved a breakthrough in hydrometallurgy technology at its Halleck Creek project in Wyoming, successfully completing impurity removal and neutralization tests. The experiments used magnesium oxide as a neutralizing agent, achieving over 99% removal of impurities such as iron, aluminum, and silicon, while minimizing rare earth losses and significantly simplifying downstream processing. This technology clears a major obstacle for large-scale development, and the company plans to develop the Halleck Creek project into a flagship rare earth mine in North America.

IV. Angola's Cula Rare Earth Mine Completes Drilling, Assesses Resource Potential

London-listed miner Pensana has completed a preliminary drilling program at the Cula carbonatite complex in Angola, located approximately 30 kilometers north of its flagship Longonjo mine. The drilling involved eight sites deployed along the complex, successfully collecting samples for mineralogical and metallurgical analysis to assess its future potential for rare earth production. The company stated that the drilling was completed before the rainy season, and initial study results will be released in the coming weeks.