Rare Element Resources Advances Pr-Nd Oxide Plant, Targets Full Operation by Late 2026

Pr-Nd alloy prices fell 0.8% WoW to 917,500 yuan/mt as weaker raw material prices and sluggish downstream demand weighed on the market. Despite a late-week rebound in raw materials, buying interest remained weak. Producers posted their first loss of the year, with margins falling to -1,076 yuan/mt due to tight Pr-Nd oxide supply and oversupplied alloy. Near-term prices are expected to remain rangebound amid firm costs but weak demand and cautious restocking.

Sprott Asset Management’s research suggests that Western countries are investing billions of dollars to restructure supply chains to meet rare earth demand from national defense and clean energy, but artificial intelligence (AI) is unexpectedly becoming a new driver of rare earth demand growth. The Toronto-based investment management firm said AI has now joined national defense and electrification as the third driver of rare earth demand growth, with the world’s top five hyperscale data center operators alone having pledged to invest $400 billion in 2025.

Namibia Critical Metals (NCM), listed on the Toronto Venture Exchange, said that the Joint Management Committee (JMC) responsible for the Lofdal heavy rare earth project in Namibia has approved the next stage of the definitive feasibility study, including an additional allocation of up to CAD 11 million in project funds to advance the completion of the study.