Procurement meets operating results
Published 13 October 2026
On 7 July 2026, Lynas announced the signing of a long-term partnership agreement with JS Link for a rare earth permanent magnet factory in Kuantan, Malaysia, with an operating capacity of 3,000 tonnes per annum of NdFeB sintered magnets, and an investment of approximately A$50m in ordinary equity of JS Link. re011, Lynas, Quarterly report for the period ended 30 June 2026
The Journal Record reported on July 9, 2026 that USA Rare Earth had launched initial production following a three-year delay and aims for full commercial capacity, 3,600 tonnes of rare earth magnets, by 2028. In the same article's words, "USA Rare Earth still has not sold a single magnet." Bushi said the sale process requires the company to send samples to potential buyers, and that the company was at that step, with samples already sent. re109, Journal Record, After delay, USA Rare Earth aims to hit full magnet manufacturing capacity by 2028
Reuters reported on July 20, 2026 that China's exports of controlled rare earths and minerals to Japan were tiny again in June, "extending the raw material fallout of a diplomatic spat between the two nations." China sent no gallium, dysprosium, terbium or yttrium to Japan last month, Chinese customs data showed, and exports have been tightly throttled for several months. As background, the article says comments by Prime Minister Sanae Takaichi on Taiwan in November caused a diplomatic rift, and that Beijing publicly tightened controls on exports to Japan in January, and then twice again the following month, "targeting major conglomerates." Japan has the world's biggest rare earth magnet sector outside of China but, like other countries, is reliant on China for its sourcing of some rare earth inputs. Companies in Japan, Reuters said, had sounded the alarm over access to critical minerals, warning it is beginning to affect the broader Japanese economy. re110, Reuters, China's heavy rare earth tap stays closed for Japan in June
Stimson Center researchers wrote on July 20, 2026 that Myanmar is the world's largest producer of heavy rare earth ores. Stimson said its work over the past year documented over 600 rare earth mines in Myanmar, and that for the first time rare earth mines are emerging in territory controlled by the Ta'ang National Liberation Army, close to the border with China, in Shan State. re047, Stimson Center, Rare Earth Mining in Myanmar Expands to TNLA-Held Territory • Stimson Center
Lynas, an Australian producer with a processing plant in Malaysia, published its June-quarter results on 22 July 2026. re011, Lynas, Quarterly report for the period ended 30 June 2026
Lynas reported a record average selling price of A$98.2 per kilogram across all rare earth products, June quarter sales revenue of A$288.9 million, total rare earth oxide production of 3,481 tonnes, and NdPr production of 1,857 tonnes. Dysprosium and terbium production increased to 19 tonnes. The company said it had to overcome issues with the new Mt Weld water recycling plant and ore concentrate quality issues experienced during the quarter. It reported production of its first samarium oxide in March 2026. The estimated cost of the expanded heavy rare earth facility in Malaysia increased from approximately A$180 million to approximately A$294m including contingency, because of additional equipment to meet customers' specifications, "the higher cost of sourcing equipment outside China, and cost escalation due to the current geopolitical environment." re011, Lynas, Quarterly report for the period ended 30 June 2026
The Federal Register published on July 23, 2026 an executive order titled "Securing America's Defense Supply Chains and Ensuring Domestic Acquisition of Critical Materials." Its policy section says the military "fields the most advanced weapons systems and technologies in the world," and that despite the longstanding prohibition on the use of sensitive materials sourced from geopolitical adversaries, "defense contractors have historically under-prioritized domestic production and resilience." The order says the Administration will act to ensure that the statutory requirements of 10 U.S.C. 4872 are strictly enforced. re120, Federal Register, Securing America's Defense Supply Chains and Ensuring Domestic Acquisition of Critical Materials
The order says that on January 1, 2027, the Secretary of War and the Secretaries of the military departments "shall cease to issue waivers" under 10 U.S.C. 4872(c)(1) for the acquisition of covered materials, except as the order provides. The Secretary may continue to issue waivers if the prime contractor or subcontractor submits a formal mitigation plan that identifies the source of the covered material, documents evidence of exhaustive efforts to acquire compliant covered material, describes the steps to remove the non-compliant covered material from its supply chains, and establishes a strict projected timeline. A prime contractor's or subcontractor's failure to qualify a domestic source of covered material shall not constitute non-availability for purposes of a waiver, except where the contractor demonstrates active, adequately funded, and ongoing efforts. Section 3 requires, within 180 days, policy and implementation guidance requiring all prime contractors and subcontractors at any tier to map and illuminate critical supply chains. The order also provides that the sale of critical materials or components by Project Vault to a contractor or subcontractor shall not be construed as a credit sale of a defense article or service for purposes of 12 U.S.C. 635(b)(6)(A). re120, Federal Register, Securing America's Defense Supply Chains and Ensuring Domestic Acquisition of Critical Materials
Reuters reported on July 25, 2026 that an analysis of rare earth-rich mud retrieved from the deep seabed off Minamitorishima found medium and heavy rare earth elements accounted for about 54% of the total rare earth content, Japan's government said, with about 50 metric tons of mud recovered. It did not disclose the size of the content or the deposits, saying the data was insufficient due to the limited duration and geographic scope of sampling. Japan plans a monthlong large-scale mining trial in the same waters from February 2027, aiming to dredge 350 tons of mud a day, with a comprehensive assessment of industrialization prospects due by March 2028. re058, Japan Times, Japan identifies large share of rare earths in deep-sea mud off remote island
On July 29, 2026, Energy Fuels announced that construction had begun on an expansion of its White Mesa Mill in Utah to enable the large-scale production of heavy rare earth oxides. The Mill has the current commercial capacity to produce up to 1,000 tonnes per annum of separated NdPr oxide. The planned expansion is designed to add capacity of up to approximately 20 tpa of terbium, 120 tpa of dysprosium, 140 tpa of samarium, 20 tpa of europium, and 140 tpa of gadolinium oxides, and is expected to be completed by the end of 2027 for the terbium and dysprosium circuits and by the end of 2028 for the samarium, europium and gadolinium circuits. Energy Fuels chief executive Ross Bhappu said: "Heavy rare earth production is a severe pinch point in North American and European permanent magnet supply chains." The expansion is sized and timed to process the anticipated near-term monazite output from the Company's Donald Project joint venture in Australia, subject to a positive final investment decision anticipated in Q3 2026. re005, Energy Fuels, Commercial-Scale 'Heavy' Rare Earth Plant Now Under Construction in Utah - Jul 29, 2026
On July 30, 2026, a Presidential Determination pursuant to Section 101 of the Defense Production Act was issued on recoverable critical minerals and materials. It defines the phrase to include black mass, end-of-life, rare-earth permanent magnets or other goods that have fully completed the manufacturing process; swarf; and other waste and scrap containing critical minerals and materials. Its findings say: "America's inadequate supply of CMMs poses an increasing risk to our national defense and security." re114, White House, Presidential Determination under Section 101 of the Defense Production Act
The Defense Federal Acquisition Regulation Supplement, clause 252.225-7052, says that effective January 1, 2027, the Contractor shall not deliver under the contract any covered material "mined, refined, separated, melted, or produced in any covered country," and the clause lists the People's Republic of China among covered countries. For neodymium-iron-boron magnets the clause says the restriction includes the "entire supply chain from mining of neodymium, iron, and boron through production of finished magnets." Its paragraph (c) excepts some commercially available off-the-shelf end items, but effective January 1, 2027 that exception does not apply to an item that is 50 percent or more covered material by weight. The clause also excepts an electronic device, unless otherwise specified in the contract. The clause also excepts a neodymium-iron-boron magnet manufactured from recycled material if the milling of the recycled material and sintering of the final magnet takes place in the United States. The clause also covers a nonavailability determination by the authorized agency official that compliant covered materials of satisfactory quality and quantity, in the required form, cannot be procured as and when needed at a reasonable price. For samarium-cobalt and neodymium-iron-boron magnets, the clause says the term "required form" refers to the form and properties of the magnets. re115, eCFR, DFARS 252.225-7052, Restriction on the acquisition of certain magnets, tantalum and tungsten
SMM reported on July 30, 2026 that Solvay was investing up to EUR 20 million in heavy rare earth separation at its La Rochelle plant in France and expected to start industrial-scale production of dysprosium and terbium in the autumn, having already invested EUR 10 million, following production of magnetic material-grade Pr-Nd at the plant in April 2025. re102, Shanghai Metals Market, Solvay to invest up to EUR 20 million in heavy rare earth separation
On August 3, 2026, Malay Mail reported that Malaysia is considering allowing limited exports of unprocessed rare earths under strict conditions as foreign interest in the country's mineral deposits grows, business daily Bloomberg reported. The move "would mark a partial shift from a moratorium introduced in 2024 to encourage domestic processing and retain more value within Malaysia." Deputy Natural Resources and Environmental Sustainability Minister Syed Ibrahim Syed Noh said authorities were assessing whether to ease the restrictions amid pressure from state governments and investors. "The pressure is already there, from Malaysian states and investors," he told Bloomberg. "They are knocking at the doors already," he said, referring to interest from the United States, Australia, France and India. Syed Ibrahim said any renewed exports would be tied to investment in Malaysia and technology transfers, and should be used for research and development overseas. He gave no timeline for a decision. re094, Malay Mail, Malaysia weighing limited return of raw rare-earth exports
Syed Ibrahim said Malaysia would continue engaging Chinese companies because of their technological expertise, and added: "If China wants to share the technology, it would be a win-win for all of us." Berjaya Corp Bhd is among the local groups exploring projects, the article said, while France's Carester SAS plans to build a rare-earth separation plant in Perak with Malaco Mining Group. The article said Lynas has separately faced political scrutiny over a four-year agreement to supply the US military, that a parliamentary committee is examining whether the deal has implications for Malaysia's foreign policy, and that Syed Ibrahim said he had not seen the committee's findings. re094, Malay Mail, Malaysia weighing limited return of raw rare-earth exports
The article says Malaysia has 16.1 million tonnes of inferred rare-earth reserves, previously estimated by the government to be worth RM970 billion, and separately cites Hannam & Partners Research for the statement that Malaysia's recognised rare-earth reserves account for about 1 per cent of the global total, compared with China's share of more than 50 per cent. Many of the deposits are in protected forests, and Syed Ibrahim said the government was mapping them. re094, Malay Mail, Malaysia weighing limited return of raw rare-earth exports
MP Materials' second quarter 2026 results, published August 6, 2026, reported NdPr production of 840 metric tons, a 41% increase year over year, NdPr sales of 1,006 metric tons, a 127% increase, and $126.1 million of consolidated revenue and PPA Income, consisting of $108.5 million of revenue and $17.6 million of PPA Income. Litinsky said magnet qualification at Independence advanced through additional deliveries for customer qualification and regulatory testing, while construction of the 10X facility accelerated. The segment revenue table gives Materials $95.629 million and Magnetics $16.524 million, less $3.663 million of intercompany eliminations, for consolidated revenue of $108.490 million. Footnote (1) of the table represents the elimination of intercompany revenues associated with NdPr oxide sales made by the Materials Segment to the Magnetics Segment. The release lists $17.6 million of price protection agreement income separately from the $108.5 million of revenue. re117, MP Materials, MP Materials Reports Second Quarter 2026 Results
The release table shows a net loss of $20.296 million for the three months ended June 30, compared with $30.872 million a year earlier. Its Adjusted EBITDA was $28.493 million, against negative $12.535 million in the previous year's quarter. The release says Adjusted Net Loss improved by $19.3 million year over year to $(2.1) million, a different measure from the net loss. re117, MP Materials, MP Materials Reports Second Quarter 2026 Results
MP said the increase was partially offset by the cessation of concentrate sales beginning in July 2025. Consolidated revenue increased 89% year over year to $108.5 million, driven by higher sales of NdPr oxide and metal as well as stronger market pricing, partly offset by the cessation of concentrate sales and slightly lower revenue from magnet precursor products. The release says improvements were partially offset by higher Cost of Sales in the Materials Segment due to the significant growth in NdPr sales volumes. It also cited higher SG&A mainly driven by higher headcount to support its downstream expansion. The release said the net loss improved by $10.6 million year over year to $(20.3) million, partially offset by higher start-up costs from the ramp-up of start-up activities for initial magnet production ahead of commercial production. re117, MP Materials, MP Materials Reports Second Quarter 2026 Results
For the six months ended June 30, the cash flow statement shows net cash provided by operating activities of $4.939 million, compared with a use of $66.853 million a year earlier. Additions to property, plant and equipment were $307.711 million in the 2026 half year, against $59.473 million a year earlier. re117, MP Materials, MP Materials Reports Second Quarter 2026 Results
The balance sheet shows cash and cash equivalents of $429.075 million and short-term investments of $1.023564 billion at June 30, a combined $1.452639 billion. At December 31, 2025, the combined balance of cash, cash equivalents and short-term investments had been $1.830286 billion. The six-month cash flow statement separately recorded purchases of short-term investments of $1.236482 billion, as well as additions to property, plant and equipment. re117, MP Materials, MP Materials Reports Second Quarter 2026 Results
The release defines NdPr Production Volume as the volume of finished and packaged NdPr oxide produced at Mountain Pass for a given period. NdPr Sales Volume is measured on an NdPr oxide-equivalent basis, whether sold as NdPr oxide or NdPr metal. In the first quarter of 2026, MP began to use an assumed material conversion ratio of 1.25, such that a sale of 100 MTs of NdPr metal would be included as 125 MTs of NdPr oxide-equivalent, where it had previously used 1.20. The release said the prior period amounts have not been recast. The release says the REO Production Volume measure refers to the REO content contained in the rare earth concentrate and includes volumes fed into downstream circuits for producing separated rare earth products, a portion of which is also included in NdPr Production Volume. re117, MP Materials, MP Materials Reports Second Quarter 2026 Results
Materials reported Segment Adjusted EBITDA of $32.505 million, compared with negative $12.678 million a year earlier. Magnetics reported $7.532 million, against $8.089 million a year earlier. The table shows Total Segment Adjusted EBITDA of $40.037 million. The table then shows corporate and other of $(10.983) million and intercompany eliminations of $(0.561) million, to reach Adjusted EBITDA of $28.493 million. The release says corporate and other is not considered a reportable segment, and is presented solely to reconcile the total of Segment Adjusted EBITDA to Adjusted EBITDA on a consolidated basis. re117, MP Materials, MP Materials Reports Second Quarter 2026 Results
The Magnetics Segment revenue was $16.524 million against $19.861 million a year earlier. The release says the Magnetics segment includes the Independence facility in Fort Worth, Texas, and the 10X Facility. In describing Independence, MP said it produces and sells magnetic precursor products and, beginning in December 2025, commenced manufacturing neodymium-iron-boron permanent magnets. re117, MP Materials, MP Materials Reports Second Quarter 2026 Results
MP said it had signed a significant long-term offtake agreement with a new American aerospace and defense customer for separated gadolinium. The same release said it launched Project Swarm to aggregate demand and standardize specs for the drone industry, and executed subscription agreements with multiple leading U.S. and allied customers. re117, MP Materials, MP Materials Reports Second Quarter 2026 Results
On 13 August 2026, PIB reported that the Ministry of Heavy Industries had received 20 bids through a Global Tender on the CPP portal for the selection of manufacturers to establish integrated sintered NdFeB rare earth permanent magnet manufacturing facilities. The report named Larsen & Toubro, Coal India and ReNew among the bidders, and the other bidders include Attero Recycling, 20 Microns, Lohum Magnets & Energy Solutions, NEO Performance Materials (Singapore), Proterial (India) and Prozeal Green Energy. re107, PIB, Rare earth magnet scheme draws 20 bids, August 2026 re088, Economic Times, Government's Rs 7,280 crore rare earth magnet scheme draws 20 bids
Metal Tech News reported on August 24, 2026 that the U.S. Department of War announced it is investing $750 million in US SIIE LLC through its Industrial Base Analysis and Sustainment program as part of a $1.55 billion structure supporting long-term purchases from Serra Verde Group's Pela Ema rare earth project. Serra Verde's own announcement on 24 August 2026 refers to its 15-year Offtake Agreement with the US Government. CEO Thras Moraitis said the US Government had substantially increased its funding of the SPV to $750 million, confirmed $300 million in forward purchase contracts, and signed a commitment letter for a further $500 million to be provided under a debt facility. It says the special purpose vehicle is now required to start accepting deliveries, which the Company expects to make early in fourth quarter of 2026. The release gives agreed floor prices of US$2,050 per kg for terbium, US$575 for dysprosium, US$110 for neodymium and US$110 for praseodymium, and says the Company and the US Government will share the benefits of market prices above the agreed floor prices. re132, Metal Tech News, Pentagon locks in $1.55B rare earth deal re131, Serra Verde, Finalization of US Government offtake agreement
Mint reported on August 28, 2026 that Indian automakers and component makers are finding workarounds to rare-earth magnet restrictions, while Chinese battery technology remains difficult to access. The story noted that India has begun clearing Chinese investments in the auto sector, including one in a Uno Minda joint venture, and that India would host the BRICS summit on 12 and 13 September, when Chinese President Xi Jinping is expected to visit, according to multiple reports. The article describes India's auto industry adapting to China's technology and rare-earth restrictions, even as a thaw in bilateral ties raises hopes of easier access. re108, Mint, China's red lines for India's auto industry emerge despite hopes of thaw