Licences, a summit and quarter-end plants
Published 13 October 2026
On March 2, 2026, Reuters reported that Malaysia renewed Lynas's operating licence for 10 years, and that after five years Lynas must stop producing any radioactive waste, with earlier residue neutralised through thorium extraction or other approved treatment methods, the science ministry said. Under the renewal, Lynas will no longer be required to build a disposal facility to store radioactive residue from water leach purification from 2031, Malaysia's science ministry said. Lynas will also be expected to contribute to Malaysia's domestic rare earths industry, with 1% of its annual gross sales to be used as research and development funds, the ministry said. re093, Reuters, Malaysia renews Lynas Rare Earths operating licence for 10 years
Caixin reported on March 12, 2026 that Lynas will reserve 75% of its heavy rare earth oxide production for Japan under a new supply agreement, signed with Japan Australia Rare Earths, a joint venture between state-backed JOGMEC and trading house Sojitz. Caixin's timeline says JARE was established in 2011 to provide Lynas with $250 million in loans and equity financing, followed by additional equity investments in 2022 and further equity investments in 2023. re112, Caixin, After China Curbs, Japan Secures 75% of Lynas' Heavy Rare Earths
On March 20, 2026, India's magnet programme acquired a different kind of public record: a Request for Proposal for the selection of manufacturers to establish integrated sintered NdFeB rare earth permanent magnet manufacturing facilities. The RFP states that it is not an agreement and is neither an offer nor invitation by the Government to the prospective bidders. It provides incentives for integrated sintered NdFeB magnet manufacturing facilities in India, covering the full value chain from NdPr oxide to sintered NdFeB REPM. Its stated scope runs from NdPr oxide to the finished sintered magnet. re146, Government of India, Request for Proposal for integrated sintered NdFeB magnet manufacturers, March 20, 2026
The RFP also stated what domestic feedstock IREL could supply at the start. It put IREL's NdPr oxide production capacity at 400 MTPA, which it said can support the production of approximately 1,200 MTPA of sintered NdFeB magnets. It separately recorded that IREL has a stock of NdPr oxide of approximately 500 MT and is at present in a position to support manufacturing of around 1,500 MTPA of magnets. The 500 tonne figure is a stock, and the 400 tonne figure is an annual production capacity. re146, Government of India, Request for Proposal for integrated sintered NdFeB magnet manufacturers, March 20, 2026
The RFP set a minimum net worth that rose with the proposed plant size, as the table in the RFP shows. A bidder seeking 600 MTPA needed a minimum net worth of INR 180 crore. A bid for 700 or 800 MTPA required INR 245 crore; 900 or 1,000 MTPA required INR 310 crore; and 1,100 or 1,200 MTPA required INR 375 crore. The RFP invited proposals from eligible entities, either directly or through a consortium, and says a bidder may be an entity or a group of entities. For a consortium, only the credentials of the lead member were considered for satisfying the qualification criteria. re146, Government of India, Request for Proposal for integrated sintered NdFeB magnet manufacturers, March 20, 2026
The RFP says that no bidder applying individually, or as a member of a consortium, can be a member of another bidder or consortium. Where an Associate's credentials are used to meet the eligibility criteria, such Associate is required to remain an Associate of the Bidder and the Beneficiary for the entirety of the Scheme Tenure. A bidder was required to deposit, along with its bid, a Bid Security of INR 1 crore, in the form of a bank guarantee with a validity of not less than 365 days from the Bid Due Date and a further claim period of 60 days. re146, Government of India, Request for Proposal for integrated sintered NdFeB magnet manufacturers, March 20, 2026
The Government adopted a least cost system, two-envelope single stage selection process, with a technical bid and a financial bid that includes the Quoted Sales Incentive Rate. The sales incentive formula multiplies the quantity of sintered magnets sold, in kg, by the quoted sales incentive rate in rupees per kg. The applicable incentive was capped at INR 2,150 per kg. The amount of sales incentives equals the quantity of magnets sold in kg during the period multiplied by the quoted rate, subject to the caps set forth in the Scheme, the RFP, LOA and LOI. The RFP also says the total Sales Incentive payable to any Beneficiary shall in no event exceed 40% of net sales turnover, net of GST, of the magnets for the relevant period. re146, Government of India, Request for Proposal for integrated sintered NdFeB magnet manufacturers, March 20, 2026
Capital support is disbursed as reimbursement, after the entire allocated capacity is commissioned. The original RFP set the capital subsidy at 15% of the eligible investment made on or after 1st April 2025, disbursed as reimbursement upon commissioning of the entire allocated capacity and issuance of the Completion Certificate. The RFP capped the capital subsidy by allocated capacity: INR 75 crore for 600 MTPA, INR 100 crore for 700 or 800, INR 120 crore for 900 or 1,000, and INR 150 crore for 1,100 or 1,200. Eligible Investment included expenditure on plant, machinery, equipment and associated utilities used in manufacturing, assembly, testing, packaging or processing of the magnets, and also expenditure on packaging, freight, insurance, and erection and commissioning, with associated utilities including captive power, effluent treatment plants, and IT infrastructure such as servers, software and ERP solutions. re146, Government of India, Request for Proposal for integrated sintered NdFeB magnet manufacturers, March 20, 2026
Milestone 1 required Eligible Investment of INR 150 crore from 1st April 2025 to one year from the LOA Date. Milestone 2 required Eligible Investment as per a capacity table from 1st April 2025 to two years from the LOA Date. For an allocated capacity of 600 MTPA, that threshold was INR 300 crore; for 700, 800 or 900 it was INR 450 crore; and for 1,000, 1,100 or 1,200 it was INR 600 crore. Milestone 3 required commissioning 50% of the Allocated Capacity within three years from the LOA Date, such that the portion has commenced commercial production. The RFP supplied that three-year milestone alongside a separate Scheme Tenure of seven years from the LOA Date, which includes a planned two years of gestation and five years for incentive disbursement. The RFP says incentives are disbursed only after each of the Milestones have been achieved and the entire Allocated Capacity is commissioned and verified, with the capital subsidy paid upon commissioning of the entire Allocated Capacity. re146, Government of India, Request for Proposal for integrated sintered NdFeB magnet manufacturers, March 20, 2026
A beneficiary achieving a milestone had to, within seven days, submit a request for verification with supporting documents, giving not less than seven days' prior written notice of the proposed site verification. The Independent Engineer may undertake site visits, physical verifications and inspections, and may call for further information or documents, including certifications by the Beneficiary's statutory auditor or relevant management personnel. Upon being satisfied, the Independent Engineer submits its recommendation to the PMA, which, upon being satisfied, issues the Milestone Completion Certificate. The RFP states that its explanations should not be construed as limiting the Government's right to amend, alter, change, supplement or clarify the scope of the Scheme and RFP. re146, Government of India, Request for Proposal for integrated sintered NdFeB magnet manufacturers, March 20, 2026
The RFP defines an integrated manufacturing facility as an integrated REO-to-sintered NdFeB value chain implemented through a single manufacturing unit, or multiple manufacturing units situated at one or more locations in India, provided all such units are wholly owned and controlled by the Beneficiary. The RFP defines an integrated manufacturing facility as an integrated REO-to-sintered NdFeB value chain implemented through a single manufacturing unit, or multiple manufacturing units situated at one or more locations in India, provided all such units are wholly owned and controlled by the Beneficiary. The manufacturing process shall commence from NdPr Oxide, and all intermediate processes, including the manufacturing of NdPr metal and NdFeB alloy, up to production of sintered magnets shall be performed in-house within the integrated manufacturing facility. The Eligible Investment rules did not allow second-hand, used or refurbished plant, machinery, equipment or utilities, assets acquired through slump sale, or leased assets. Capital expenditure on R&D and product development could qualify, as could the cost of technology and initial technology purchase under a transfer of technology agreement. re146, Government of India, Request for Proposal for integrated sintered NdFeB magnet manufacturers, March 20, 2026
Beneficiaries submit half-yearly or annual data, at their option, supported by documentation including invoices and certificates from statutory auditors. The half-yearly periods run from 1 April to 30 September and from 1 October to 31 March, and the annual period from 1 April to 31 March of the same Financial Year. For the half-year from 1 April to 30 September, the claim form was due no later than 31 March of the same Financial Year, and for the half-year from 1 October to 31 March, no later than 30 September of the following year. An annual claim was due no later than 30 September of the Financial Year immediately succeeding the Financial Year in which the annual claim period ended. If the Beneficiary fails to submit a claim by the applicable final date, the claim for the relevant period shall lapse and not be accepted thereafter. The Beneficiary becomes eligible to receive the Sales Incentive only after completion of all Milestones and issuance of the Completion Certificate. re146, Government of India, Request for Proposal for integrated sintered NdFeB magnet manufacturers, March 20, 2026
On March 26, 2026, USA Rare Earth announced the commissioning of its commercial magnet production line Phase 1a at its facility in Stillwater, Oklahoma, enabling it to begin fulfilling customer orders for sintered NdFeB permanent magnets in the second quarter of 2026. The 310,000-square-foot facility in Stillwater, known as Innovation Lab, officially opened in March 2025. Chief executive officer Barbara Humpton said: "Today's announcement is a major step in delivering on our ambition to build a global champion and the partner of choice in rare earth elements, oxides, metals and magnets." re129, Mining.com, USA Rare Earth commissions new magnet production line at Oklahoma plant
The law firm Taylor Wessing summarised the April 2025 regime in a briefing dated 23 April 2026. The new export controls target seven of the seventeen rare earth elements: samarium, gadolinium, terbium, dysprosium, lutetium, scandium, and yttrium. They cover not only the elements but "their oxides, alloys, compounds, and mixtures." All exports of the listed materials require a licence from the Ministry of Commerce. Shipments lacking the documentation are liable to be detained at customs. The briefing notes that the license application must be submitted by the Chinese exporter or supplier. In practice, the briefing says, Chinese suppliers are heavily reliant on the cooperation of their European customers to obtain the accurate and detailed information on end use and end users that the application requires. re069, Taylor Wessing, Key Changes in China's Export Control Landscape for Rare Earths
The May 13, 2026 Reuters report recalled that Reuters had reported in February that some U.S. aerospace companies had temporarily paused production due to shortages of yttrium, used to protect turbine blades from heat. In the same report, Ilya Epikhin of the consultancy Arthur D. Little said: "Headline export volumes can be misleading," and "China appears to be selectively licensing exports while preserving leverage over supply chains considered strategically sensitive, particularly where defense or advanced technology applications are involved." re062, Reuters, report on China's rare earth controls, May 2026
Reuters wrote that Beijing has repeatedly defended its April 2025 controls and says it approves eligible requests. Reuters reported on May 13, 2026 that exports of the heavy rare earths yttrium, dysprosium and terbium were still down some 50% since controls were imposed in April 2025 versus the 12 months prior, according to Chinese customs data. re062, Reuters, report on China's rare earth controls, May 2026
Ahead of the summit, Reuters reported that China and the U.S. were considering extending a truce on Chinese rare earth export curbs, but that Chinese customs data showed Beijing "is still throttling shipments of the materials vital for defence and manufacturing." A senior U.S. official told reporters that conversations with Beijing on rare earths continued, and that both sides wanted stability. A second official told Reuters that shortages continued to be a problem, and a third said the White House had recently had to intervene to secure licences for a large US firm with defence and civilian units that was "losing hundreds of millions in revenue a month because it could not get an export license." re062, Reuters, report on China's rare earth controls, May 2026
The outcome came out as two readouts that did not match. CNBC reported on May 17, 2026 that China has agreed to buy U.S. soybeans and address American access to rare earths, the White House said, with China to buy at least $17 billion of U.S. agricultural goods annually through 2028. CNBC wrote that the Chinese statement also did not mention rare earths, while the U.S. said China would address rare earth shortages, particularly of yttrium, scandium, neodymium and indium. CNBC's headline put it plainly: "White House touts deals on soybeans and rare earths after Trump-Xi summit, while China talks up tariff cuts." The two leaders agreed to meet again in the US in September. re113, CNBC, U.S., China announce deals after Trump-Xi summit
China would suspend the global implementation of the export controls it announced on October 9, 2025, according to the White House fact sheet. Reuters wrote that China left its April 2025 controls in place. Reuters wrote in May 2026 that Beijing had rolled back a wider set of restrictions after the summit but left its April 2025 controls in place. Reuters noted that the White House says China agreed at a summit in South Korea last October to "effectively eliminate China's current and proposed controls on rare earth elements." re061, White House, Fact sheet on the November 2025 US-China trade deal re062, Reuters, report on China's rare earth controls, May 2026
On May 21, 2026, Reuters reported that Critical Metals signed a 15-year binding offtake agreement with REalloys, under which REalloys will buy 15% of annual rare earth concentrate production from the Tanbreez project in Greenland, one of the world's largest known heavy rare earth deposits. REalloys will receive priority rights to concentrate containing higher levels of the critical heavy rare earth elements, dysprosium and terbium. The deal also follows Greenland's approval in April for Critical Metals to increase its ownership in the project to 92.5%. Critical Metals said the deal strengthens the commercial outlook for the Tanbreez project as it moves toward production. re136, Reuters, Critical Metals inks 15-year Greenland rare earth deal with REalloys
Solvay announced on June 1, 2026 that it had entered into a Letter of Intent with Viridis Mining and Minerals to secure a strategic supply of rare earth materials by 2028, and both companies would now work toward finalizing a definitive sourcing agreement. re101, GlobeNewswire, Solvay and Viridis sign letter of intent for rare earth materials sourcing
On 22 June 2026, Iluka Resources told the Australian Securities Exchange that Export Finance Australia had confirmed Iluka's access to the full A$1.65 billion non-recourse loan provided by the Australian Government to construct the Eneabba rare earths refinery. Iluka anticipated that Tranche 1 of the funding, comprising A$1.25 billion, would be fully drawn at the end of 2026. EFA confirmed availability of the remaining A$400m to complete Eneabba's construction. Iluka said the refinery was over 50% complete, Civmec had been awarded the contract for the structural, mechanical, piping, electrical and instrumentation works, the capital estimate remained A$1.7-1.8 billion, and commissioning was scheduled for mid 2027. re135, Iluka Resources, ASX announcement on the Eneabba refinery, June 2026
On June 23, 2026, Reuters reported that Energy Fuels will buy Germany's Vacuumschmelze, a magnet maker, in a $1.9 billion cash-and-stock deal. The report's summary says VAC supplies magnet products to more than 1,000 customers, that CEO Ross Bhappu said the deal avoids startup challenges, and that Ara Partners would become Energy Fuels' largest shareholder. It noted that G7 leaders said the week before that they aim to reduce dependence on any one supplier for rare earths and permanent magnets to less than 60% by 2030, with an ultimate goal of 50%. Reuters wrote that Energy Fuels would become "one of the world's largest non-Chinese producers of magnets used in the aerospace, defence and renewable energy sectors." re103, Reuters, Energy Fuels to buy Germany's VAC as rare earths magnet race heats up