Critical Metals Greenlights $30M for Greenland Rare Earth Project

Caremag SAS, a French Carester subsidiary, has obtained €216 million in funding to establish a large rare-earth recycling and refining plant in Lacq, southern France, slated to begin operations by late 2026. The facility will process 2,000 t of magnets and 5,000 t of mining concentrates each year, making it Europe’s first major rare-earth recycler and a key Western producer of purified heavy rare earths. The project is supported by €110 million from Japanese investors and €106 million from the French government and will provide essential materials for electric vehicles, wind turbines, and electronics.

LS Group and its partner signed a framework agreement on March 26, committing to separate cross-investment deals worth about AUD 30 million (USD 20.8 million) each. Earlier, in December 2025, LS Eco Energy approved a USD 21 million investment to develop rare earth refining infrastructure in Ho Chi Minh City. Rare earth oxides from international suppliers will be transported to Ho Chi Minh City for refining into metals, which will then be supplied for high-tech manufacturing activities within LS Cable & System’s global network.

[SMM Rare Earth Price Update] As of now, Pr-Nd oxide was quoted at 765,000-770,000 yuan/mt, up 15,000 yuan/mt MoM, and Pr-Nd alloy was quoted at 915,000-935,000 yuan/mt, up 15,000 yuan/mt MoM. However, the price at which magnetic material enterprises inquired about Pr-Nd alloy was relatively lower with a wider spread, at 900,000-915,000 yuan/mt. Low-priced alloy supplies in the market were limited, downstream buyers adopted a wait-and-see attitude, and actual market transactions remained stagnant.