Brazil Proposes State-Owned Rare Earth Enterprise, Aiming to Boost Global Mineral Cooperation

[SMM Rare Earth News Flash] Ningbo Yunsheng released its 2025 annual performance report. Full-year revenue reached 5.464 billion yuan, up 8.39% YoY; net profit was 331 million yuan, up 247.95% YoY significantly; non-recurring net profit was 279 million yuan, up 185.27%. The company's NdFeB permanent magnet materials finished product sales volume reached 14,197 mt, up 10.29% YoY. Among them, sales revenue of NdFeB permanent magnet materials supplied in the form of magnetic material assemblies was 705 million yuan, up 59.69% YoY.

This week, the ex-China rare earth market exhibited a trend of accelerated project deployment and price divergence. Price-wise, affected by undersupply in China, prices of praseodymium oxide, neodymium oxide, and corresponding metals rose notably, while other light rare earth and heavy rare earth prices remained generally stable. In terms of trading, Pr-Nd exports declined, and exports of heavy rare earths such as dysprosium and terbium remained restricted. Ex-China developments were active: US-based USA Rare Earth completed its first commercial yttrium metal casting and established a partnership with France's Carester; Japan launched a rare earth magnet recycling initiative for air conditioning compressors; Brazil's Aclara confirmed the commissioning plan for the Carina project in 2028; Canada's Neo achieved a breakthrough in terbium-dysprosium separation in Estonia; meanwhile, resource volumes in Finland, Alaska, Greenland, and other regions expanded significantly; Australia and the US provided financing for critical minerals projects; China's export controls raised European supply chain concerns; and Malaysian civil society organizations opposed the supply agreement between Lynas and the US Department of National Defense.

[SMM Rare Earth Outside China] US rare earth producer USA Rare Earth (USAR) has produced commercial-grade yttrium metal through its wholly-owned subsidiary Less Common Metals (LCM). It is reported that the purity of the yttrium metal produced this time is between 99-99.5%. USAR acquired LCM in September 2025 for $125 million. LCM has a metal manufacturing capacity of 1,500 mt/year and plans to increase its rapid-solidification permanent magnet strip casting capacity by 26,000 mt/year in the UK, US, and France by 2030.