Multiple Countries Ramp Up Rare Earth Mining Efforts and Plan to Establish Joint Rare Earth Development Program [SMM Weekly Overseas Rare Earth Review]

Overseas Market Dynamics

Price Side:

FOB lanthanum oxide prices held steady at $870-930/mt, FOB cerium oxide prices remained stable at $1,677-1,762/mt, CIF (Rotterdam) cerium oxide prices were at $2,330-2,340/mt, FOB neodymium oxide prices were raised to $120-140/kg, CIF (Rotterdam) neodymium oxide prices were at $170-190/kg, FOB dysprosium oxide prices were increased to $270-310/kg, FOB neodymium metal prices were adjusted down to $111-131/kg.

Transaction Side:

FOB Lanthanum Oxide/FOB Cerium Oxide/CIF (Rotterdam) Cerium Oxide Prices Remain Stable:No significant changes were observed recently in both supply and demand. Supply side, major producers maintained stable production; demand side, application demand in traditional sectors such as catalysts and glass additives remained steady. Market inquiries and transactions were relatively sluggish, thus prices held firm.

FOB/CIF Neodymium Oxide Prices Rise Slightly:The main momentum for this increase came from the domestic Chinese market. Domestic neodymium oxide prices rose steadily due to persistently tight spot supply, coupled with the impact of relevant Chinese policies, collectively pushing up FOB costs. Meanwhile, overseas Christmas holidays gradually ended, leading to an increase in inquiry frequency.

FOB Dysprosium Oxide Prices Increase Slightly:On one hand, rising domestic dysprosium oxide prices drove up export prices; on the other hand, at the beginning of the new year 2026, international instability increased the transaction cycle for heavy rare earth oxides (dysprosium oxide), raising export risks for sellers. This was further compounded by a decline in the US dollar exchange rate, increasing the burden on sellers, leading to raised quotations.

FOB Neodymium Metal Prices Adjusted Up Slightly:The slight price increase is attributed to rising domestic neodymium metal prices, supported by cost factors. However, overseas buyers' procurement demand for neodymium metal itself is relatively small, thus the price increase was not significant.

Overseas Market News Updates

I. Overseas Rare Earth Project Progress

Critical Metals' board of directors formally approved the construction of a multipurpose storage and pilot plant in Qaqortoq, Greenland, to support its Tanbreez rare earth project. The plant will adopt a turnkey contract model, covering engineering, permitting, logistics, and commissioning, and is expected to be put into use by May 2026 at the latest. The company also completed the acquisition of a local residential property, converting it into a permanent office and operational base to strengthen its local presence in the Arctic region. The Tanbreez project, one of the world's largest medium-heavy rare earth deposits, has pre-sold 75% of its production to US and European markets, with the remaining 25% offtake agreements planned to be finalized in Q1 2026.

Australian miner Viridis Mining & Minerals and Meteoric Resources received preliminary approval from the Minas Gerais State Environmental Policy Council for their rare earth projects in Brazil. Viridis's Colossus Project is expected to require an investment of $358 million, while Meteoric's Caldera Project will invest $297 million, bringing the total investment to approximately $655 million. The companies are currently awaiting final license approval and plan to make a final investment decision in H2 2026.

Japan's Agency for Marine-Earth Science and Technology announced that it will conduct deep-sea rare earth test mining operations around Minamitorishima from January 11 to February 14, using the drilling vessel "Chikyu" to extract rare earth mud from a depth of 5,500 meters. The test aims to verify a daily mud lifting capacity of 350 mt, and if successful, larger-scale trials will begin in 2027.

II. Enterprise Cooperation and Supply Chain Layout

US permanent magnet manufacturer Mulberry Industries signed a non-binding memorandum of understanding with rare earth developer Ramaco Resources to supply customized rare earth oxide mixtures from the Brook Mine in Wyoming, covering elements such as samarium, neodymium-praseodymium, and dysprosium/terbium. Mulberry will use these materials to expand its 10-year rare earth reserves for the production of permanent magnets for national defense, aerospace, and EV applications. Ramaco's Brook Mine is the first new rare earth mine in the US in over 70 years, with mining operations already initiated and a pilot processing plant under construction.

III. Policy and International Collaboration Dynamics

G7 finance ministers plan to hold a meeting in Washington on January 12 to discuss rare earth supply security, with topics potentially including the establishment of a rare earth price floor mechanism. The move aims to reduce G7 countries' reliance on single sources of supply in the areas of rare earth permanent magnets and battery metals.

IV. Technology R&D and Industrial Innovation

Swedish-Swiss company ABB and US-based Noveon Magnetics are promoting "green boundary diffusion technology," which enriches rare earth elements on the surface or edge regions of magnets, reducing the rare earth usage in high-performance magnets by up to 70%. The technology has not yet been scaled up due to high costs.

The US National Academy of Sciences released a report titled "Meeting Future US Mineral Resource Needs," highlighting the country's heavy reliance on imports for resources such as graphite, manganese, and rare earths, and proposing recommendations to strengthen mineral resource surveys and utilize AI exploration technologies to enhance supply chain resilience.