Viridis Mining Secures $120M in Equity for Rare Earth Project Development

【SMM Rare Earth Flash】 Shenghe Resources (600392.SH) released its 2026 semi-annual report and the "2026-2028 Development Plan." In H1, revenue reached RMB 8.759 billion, up 41.76% YoY; net profit attributable to shareholders was RMB 887 million, up 135.24% YoY. Key overseas milestones: the Fungoni project in Tanzania commenced heavy mineral concentrate shipments in July, and the Tajiri project's roughing plant achieved stable production. By end-2025, the company acquired the world-class Ngualla rare earth project in Tanzania with 4.62 million tonnes of REO resources. Shenghe aims to become a global rare earth leader by 2028, targeting REO concentrate capacity of ≥30,000 t/y and recycling capacity of 15,000 t/y. The Ngualla project is targeted to complete construction by 2027 and reach commercial production by 2028.

【SMM Rare Earth Flash】 On August 28, Northern Rare Earth held its 2026 semi-annual performance briefing in Shanghai. The company reported revenue of RMB 25.799 billion in H1 2026, up 36.75% YoY, with net profit attributable to shareholders of RMB 2.053 billion, up 120.46% YoY, ranking first in the industry in both revenue and profit.The company stated that during the "15th Five-Year Plan" period, the rare earth industry will see rigidly controllable supply and structurally upgrading demand. Rare earth prices are expected to fluctuate in the short term, remain stable in the medium term, and receive strong support in the long term from incremental demand in new energy, humanoid robotics, and other sectors.Northern Rare Earth is driving industrial upgrading through full-chain optimization and technological innovation. In H1, it invested RMB 779 million in a high-level rare earth technology innovation platform and increased its stake in Baotou Research Institute of Rare Earths. New rare earth materials are becoming the company's core growth driver. The company expects downstream magnet demand to recover sequentially in H2, with high-end products as the key growth pillar.