Northern Minerals Advances $600M Rare Earth Project in Australia, Targets 8% Global Dysprosium and Terbium Demand

【SMM Rare Earth Flash】 U.S. rare earth producer USA Rare Earth (USAR) has completed its US$2.8 billion acquisition of Brazilian producer Serra Verde, adding one of the few operating heavy rare earth mines outside Asia to its growing mine-to-magnet business. Serra Verde's Pela Ema ionic clay operation in Brazil is expanding toward a target capacity of 6,400 t/y of rare earth oxides, providing USAR with direct dysprosium and terbium supply. The deal is the latest step in USAR's effort to build a fully integrated rare earth supply chain spanning mining, separation, metals, and magnets. The company fully consolidated the Round Top project in Texas in March and acquired UK-based metals and alloys producer Less Common Metals last September. The transaction is backed by government support: Serra Verde's production is covered by a 15-year offtake agreement, and USAR has secured up to US$1.6 billion in funding from the U.S. Department of Commerce. Former Serra Verde CEO Thras Moraitis has joined USAR's board and will assume the CEO role on October 1.

[Pr-Nd oxide futures edge up with low-priced supply tightening, dysprosium turns down while terbium stabilizes, magnetic material activity remains moderate] Yesterday, Pr-Nd oxide futures edged up slightly. Suppliers raised their offer centers and low-priced supply decreased accordingly. Buyers showed limited willingness to rush to buy amid continuous price rise, and actual transactions did not expand significantly. Dysprosium oxide continued to decline, with downstream inquiries sluggish and high-priced supply struggling to close deals, keeping shipment pressure on suppliers unabated. Terbium oxide halted its decline after consecutive pullbacks, as market participants shifted to a wait-and-see stance.