China's Thorium Ore Imports Surge 38% YoY in H1 2026, Rare Earth Oxides Up 14%

[SMM Rare Earth Express] MP Materials has signed a long-term gadolinium (Gd) separation agreement with an undisclosed US aerospace and national defense client. Gadolinium will be recovered from the existing ore body at Mountain Pass as part of the SEG+ stream, enabling by-product value without separate mining. This transaction indicates that MP Materials is transitioning from a rare earth producer centered on Pr-Nd (NdPr) to an integrated refiner capable of providing US clients with a range of separated rare earth products. Gadolinium has strategic applications in aerospace and national defense, making it particularly significant within the domestic US supply chain. At present, the client’s identity, transaction volume, pricing, and expected revenue have not been disclosed, so its specific financial contribution remains difficult to assess. However, by recovering and separating gadolinium from the existing ore body, MP Materials is expected to further expand the rare earth product portfolio of the Mountain Pass ore body without increasing standalone mining costs.

[SMM Rare Earths Bulletin] US President Trump, Secretary of State Rubio, and other officials recently held a briefing on the rare earth supply chain, supporting the establishment of an independent US supply system for rare earths and critical minerals to secure supply for national defense, electrification, robotics, and other sectors. London-listed firm Pensana attended the meeting; construction progress on its Longonjo project in Angola is currently about 25%. It plans to commence production in 2028, with initial annual output of 20,000 mt of mixed rare earth carbonate, and also plans to produce 122 mt/year of dysprosium and terbium.