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rare earth producers shift strategies as low prices persist","ex-china-rare-earth-producers-shift-strategies-as-low-prices-persist","article/ex-china-rare-earth-producers-shift-strategies-as-low-prices-persist",{"_uid":557,"date":558,"tags":559,"editor":578,"content":588,"excerpt":731,"featured":51,"reporter":732,"_editable":736,"component":737,"seo_title":553,"categories":738,"visibility":747,"author_company":49,"featured_image":748,"seo_description":731,"author_full_name":49,"author_job_title":49,"formattedDate":754,"formattedArticleDate":755},"a1150333-a6df-4888-852f-26abcfb47f5e","2024-07-12 00:00",[560,563,566,569,572,575],{"slug":561,"name":562},"lynas","Lynas",{"slug":564,"name":565},"mp-materials","MP Materials",{"slug":567,"name":568},"neo-performance-materials","Neo Performance Materials",{"slug":570,"name":571},"peak-rare-earths","Peak Rare Earths",{"slug":573,"name":574},"pensana","Pensana",{"slug":576,"name":577},"rare-earth-prices","rare earth prices",[579],{"slug":580,"name":581,"content":582},"didi-bostock","Didi Bostock",{"job_title":583,"image":584,"bio":586,"linkedin":587},"Editor - Energy Transition & Economics",{"filename":585},"https://a.storyblok.com/f/287943243085208/512x512/2c5ca5c1a3/didi-bostock.jpeg","Didi is the Energy Transition & Economics Editor at Benchmark, covering a broad range of markets across the energy transition. His remit spans from downstream sectors such as BESS and EVs, through to midstream such as new technologies and battery production, to upstream critical minerals mining. He also leads on financial analysis across these supply chains, alongside in-depth policy analysis.\n","https://www.linkedin.com/in/didi-bostock-656342198/",{"type":589,"content":590},"doc",[591,598,603,618,623,628,635,640,645,650,655,660,665,670,675,680,685,690,695,700,705,713],{"type":592,"attrs":593,"content":594},"paragraph",{"textAlign":49},[595],{"text":596,"type":597},"Western rare earths companies across the value chain are reevaluating corporate strategy amidst prolonged price declines.","text",{"type":592,"attrs":599,"content":600},{"textAlign":49},[601],{"text":602,"type":597},"Over the last 12 months, ex-China companies have mulled options including mergers, sales, and capital restructuring as a two year-long slide in prices for light rare earth ores and oxides makes medium-term growth uncertain.",{"type":592,"attrs":604,"content":605},{"textAlign":49},[606,608,616],{"text":607,"type":597},"Neodymium-Praseodymium (PrNd) oxide was at RMB 413,672 per tonne in June 2024, down 9.3% month-on-month, according to ",{"text":609,"type":597,"marks":610},"Benchmark’s Rare Earth Price Assessment",[611],{"type":612,"attrs":613},"link",{"href":614,"uuid":49,"anchor":49,"target":49,"linktype":615},"https://www.benchmarkminerals.com/price-assessments/rare-earths/portal/","url",{"text":617,"type":597},", far below incentive levels for most ex-China companies.  ",{"type":592,"attrs":619,"content":620},{"textAlign":49},[621],{"text":622,"type":597},"“There are no recovery signals yet. For prices to go up, either China would have to restrict supply or demand will have to grow and outstrip supply: neither seem feasible in the short term,” said George Ingall, analyst at Benchmark. ",{"type":592,"attrs":624,"content":625},{"textAlign":49},[626],{"text":627,"type":597},"Rare earths permanent magnets (REPMs) are the biggest end use of rare earths elements, high-performance magnets mostly used in wind turbines and EV motors. Low prices for ores and oxides have resulted from slower demand growth in end-use sectors as well as increased production from China since 2022. ",{"type":629,"attrs":630,"content":632},"heading",{"level":631,"textAlign":49},4,[633],{"text":634,"type":597},"Large ex-China producers mull restructuring",{"type":592,"attrs":636,"content":637},{"textAlign":49},[638],{"text":639,"type":597},"Last month, Canada’s Neo Performance Materials became the latest Western rare earths firm to consider rationalisation, announcing a strategic review to explore options to maximise shareholder returns including sale, divestiture, a merger, and changes to capital structure.",{"type":592,"attrs":641,"content":642},{"textAlign":49},[643],{"text":644,"type":597},"Neo is among the most integrated of Western rare earths producers, manufacturing higher-value metals and magnetic powders as well as lower-value oxides. It is also constructing a highly anticipated REPM plant in Estonia, one of very few such ex-China facilities.  ",{"type":592,"attrs":646,"content":647},{"textAlign":49},[648],{"text":649,"type":597},"The decision echoed merger talks in January 2024 between Lynas and MP Materials, the two biggest Western rare earth miner-processors. The talks eventually fell through but, along with Neo’s recent move, show mounting disquiet even among relatively mature companies in the sector. ",{"type":592,"attrs":651,"content":652},{"textAlign":49},[653],{"text":654,"type":597},"“Neo’s decision to conduct a strategic review has likely been driven by the same factors as the Lynas-MP merger talks earlier this year and increased government-led capital investment announcements: if prices don’t rise, the ex-China market will need rationalisation in order to grow,” said Daan de Jonge, product director at Benchmark.  ",{"type":592,"attrs":656,"content":657},{"textAlign":49},[658],{"text":659,"type":597},"Uncertainty in the rare earths sector comes at an inconvenient time for Western governments as they step up efforts to reduce reliance on China for these critical minerals. ",{"type":592,"attrs":661,"content":662},{"textAlign":49},[663],{"text":664,"type":597},"Neo, Lynas, and MP are set to play a crucial role in Western capacity buildout, forecast to own 57% of ex-China PrNd oxide supply in 2024.",{"type":592,"attrs":666,"content":667},{"textAlign":49},[668],{"text":669,"type":597},"However, even the largest ex-China rare earths companies are more vulnerable to the low price environment than their state-owned Chinese competitors, being smaller, higher-cost, and less buffered by state support.",{"type":629,"attrs":671,"content":672},{"level":631,"textAlign":49},[673],{"text":674,"type":597},"Developers draw back on processing",{"type":592,"attrs":676,"content":677},{"textAlign":49},[678],{"text":679,"type":597},"Price pressure is also affecting the strategic direction of development-stage rare earths companies, who are drawing back on investments into capital-intensive processing capacity. ",{"type":592,"attrs":681,"content":682},{"textAlign":49},[683],{"text":684,"type":597},"Two of these are the UK-registered Pensana and Peak Rare Earths, both developing projects in Africa as well as processing capacity.",{"type":629,"attrs":686,"content":687},{"level":631,"textAlign":49},[688],{"text":689,"type":597},"Government action crucial in a low-price environment ",{"type":592,"attrs":691,"content":692},{"textAlign":49},[693],{"text":694,"type":597},"The negative impact of low prices on a strategic sector have recently led ex-China governments to increase capital investments to help support buildout through low prices.",{"type":592,"attrs":696,"content":697},{"textAlign":49},[698],{"text":699,"type":597},"Benchmark analysis shows that around 95% of capital allocation through the entire ex-China rare earths value chain in quarter two of this year came from government -involved consortia. The Canadian government led the way on investments in the quarter, followed by the US and Australia.",{"type":629,"attrs":701,"content":702},{"level":631,"textAlign":49},[703],{"text":704,"type":597},"Join us at Benchmark Week 2024",{"type":592,"attrs":706,"content":707},{"textAlign":49},[708],{"text":709,"type":597,"marks":710},"Benchmark Week will return to Los Angeles on 12-14 November 2024, bringing global industry leaders, financiers and government officials together to chart a course for the technologies and supply chains central to the energy transition.",[711],{"type":712},"italic",{"type":592,"attrs":714,"content":715},{"textAlign":49},[716,720,727],{"text":717,"type":597,"marks":718},"Join us at Benchmark Week to forge connections, identify future partners and unlock market opportunities. ",[719],{"type":712},{"text":721,"type":597,"marks":722},"Purchase your tickets today",[723,726],{"type":612,"attrs":724},{"href":725,"uuid":49,"anchor":49,"target":49,"linktype":615},"https://benchmarkevents.benchmarkminerals.com/benchmarkweek2024",{"type":712},{"text":728,"type":597,"marks":729},".",[730],{"type":712},"Western rare earths companies across the value chain are reevaluating corporate strategy amidst prolonged price declines. Over the last 12 months, ex-China companies have mulled options including mergers, sales, and capital restructuring as a two year-long slide in prices for light rare earth ores and oxides makes medium-term growth uncertain. Neodymium-Praseodymium (PrNd) oxide was at […]",[733],{"slug":580,"name":581,"content":734},{"job_title":583,"image":735,"bio":586,"linkedin":587},{"filename":585},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"a1150333-a6df-4888-852f-26abcfb47f5e\", \"id\": \"\"}-->","article",[739,742,745],{"slug":740,"name":741},"critical-minerals","Critical Minerals",{"slug":743,"name":744},"new-energy","New Energy",{"slug":746,"name":420},"rare-earths","private",{"id":49,"alt":749,"name":750,"focus":750,"title":749,"source":750,"filename":751,"copyright":750,"fieldtype":752,"meta_data":753,"is_external_url":51},"Neodymium, on periodic table. Rare earth metal in lanthanide series, with atomic number 60","","https://a.storyblok.com/f/287943243085208/426df57d27/bm-neodymium-rare-earth-on-periodic-table.png","asset",{"alt":749,"title":749,"source":750,"copyright":750},"Jul 12, 2024","12th July 2024",[],[],1792773899481]