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Mid-Nickel",103.5,99.73,3.78,13.78,6.78,[518,519,520,522,524,526,528,530,532,534,536,538],{"date":213,"value":512},{"date":216,"value":513},{"date":219,"value":521},99.19,{"date":222,"value":523},96.02,{"date":225,"value":525},98.23,{"date":467,"value":527},99.24,{"date":329,"value":529},101.29,{"date":339,"value":531},87.61,{"date":341,"value":533},92.44,{"date":344,"value":535},90.96,{"date":347,"value":537},92.24,{"date":350,"value":539},95.09,{"id":541,"uuid":542,"name":543,"slug":544,"full_slug":545,"content":546,"relatedArticles":723,"relatedVideos":724},155603467939905,"f74b2983-4b5a-494e-8eae-ce776123a85e","Lynas Rare Earths signs US$96m rare earth offtake and price floor commitment with DoW","lynas-rare-earths-signs-us-96m-rare-earth-offtake-and-price-floor-commitment-with-dow","article/lynas-rare-earths-signs-us-96m-rare-earth-offtake-and-price-floor-commitment-with-dow",{"_uid":547,"date":548,"tags":549,"editor":559,"content":569,"excerpt":690,"featured":51,"reporter":691,"component":701,"seo_title":702,"categories":703,"visibility":712,"data_vis_image":713,"featured_image":716,"seo_description":720,"formattedDate":721,"formattedArticleDate":722},"14115946-d1f4-43ad-8499-e9250dc924f3","2026-03-16 00:00",[550,553,556],{"slug":551,"name":552},"lynas","Lynas",{"slug":554,"name":555},"defence","Defence",{"slug":557,"name":558},"usa","USA",[560],{"slug":561,"name":562,"content":563},"benjamin-roche","Benjamin Roche",{"job_title":564,"image":565,"bio":567,"linkedin":568},"Editor – Energy Transition Supply Chains",{"filename":566},"https://a.storyblok.com/f/287943243085208/800x800/66d6674fb8/benjamin-roche.png","Benjamin is Benchmark's Editor for Energy Transition Supply Chains, covering both upstream products like critical minerals and downstream products including energy storage systems and electric vehicles. He has previous experience covering trade flows, tariffs and the effects of geopolitics on supply chains.","https://www.linkedin.com/in/benjaminrochecontent/",{"type":570,"content":571},"doc",[572,584,623,631,643,664,674,682],{"type":573,"attrs":574,"content":575},"paragraph",{"textAlign":49},[576],{"text":577,"type":578,"marks":579},"Lynas Rare Earths has signed a binding Letter of Intent between its wholly owned subsidiary Lynas USA and the US Department of War (DoW) to finalise a rare earth oxide supply agreement. Under the arrangement, the DoW will allocate about $96 million to purchase light and heavy rare earth oxide products from Lynas over a four-year period.","text",[580],{"type":581,"attrs":582},"textStyle",{"color":583},"",{"type":573,"attrs":585,"content":586},{"textAlign":49},[587,592,604,609,618],{"text":588,"type":578,"marks":589},"The agreement includes definitive offtake for light and heavy rare earth oxides and a $110/kg floor price for neodymium-praseodymium (PrNd) oxide, ",[590],{"type":581,"attrs":591},{"color":583},{"text":593,"type":578,"marks":594},"mirroring the floor in Lynas’ recent deal with Japan Australia Rare Earths",[595,602],{"type":596,"attrs":597},"link",{"href":598,"uuid":599,"anchor":49,"target":600,"linktype":601},"/article/lynas-and-jare-sign-offtake-and-price-floor-commitment-up-to-2038","cdeaaca9-3844-44fb-bfe2-2517ccd954c9","_blank","story",{"type":581,"attrs":603},{"color":583},{"text":605,"type":578,"marks":606}," (JARE), and DoW’s 2025 price floor deal with MP Materials. As of ",[607],{"type":581,"attrs":608},{"color":583},{"text":610,"type":578,"marks":611},"Benchmark’s 5 March 2026 price assessment",[612,616],{"type":596,"attrs":613},{"href":614,"uuid":49,"anchor":49,"target":600,"linktype":615},"https://downloads.benchmarkminerals.com/?file=d2e15595-ee35-4a53-97cd-a8f6e87fd696&source=sharelink","url",{"type":581,"attrs":617},{"color":583},{"text":619,"type":578,"marks":620},", PrNd oxide (CIF North America) is currently priced at $137.5/kg.",[621],{"type":581,"attrs":622},{"color":583},{"type":573,"attrs":624,"content":625},{"textAlign":49},[626],{"text":627,"type":578,"marks":628},"This new offtake replaces the original DoW–Lynas arrangement, which has been modified because of significant uncertainty over the completion of the planned heavy rare earth processing facility at Seadrift, Texas due to licensing issues. Lynas has now committed to building a water treatment plant at the site, with radioactive elements managed in Malaysia before intermediate material is shipped to the US facility.",[629],{"type":581,"attrs":630},{"color":583},{"type":632,"attrs":633,"content":635},"heading",{"level":634,"textAlign":49},2,[636],{"text":637,"type":578,"marks":638},"US supply dependent on China",[639,641],{"type":581,"attrs":640},{"color":583},{"type":642},"bold",{"type":573,"attrs":644,"content":645},{"textAlign":49},[646,651,659],{"text":647,"type":578,"marks":648},"The deal comes as the US faces a tightening heavy rare earth balance. The US currently has no domestic production of dysprosium (Dy) or terbium (Tb) and relies entirely on imports from China. Benchmark estimates put ",[649],{"type":581,"attrs":650},{"color":583},{"text":652,"type":578,"marks":653},"US defence demand",[654,657],{"type":596,"attrs":655},{"href":656,"uuid":49,"anchor":49,"target":600,"linktype":615},"https://data.benchmarkminerals.com/rare-earths/demand",{"type":581,"attrs":658},{"color":583},{"text":660,"type":578,"marks":661}," in 2026 at about 60t Dy and 15t Tb, rising to a high case of 100t Dy and 20t Tb. South China Morning Post reporting in March 2026 suggested the US may hold only about two months of Dy and Tb stock.",[662],{"type":581,"attrs":663},{"color":583},{"type":665,"attrs":666},"blok",{"id":667,"body":668},"4d236483-6348-4f5d-bb51-0ecb0cfc4073",[669],{"id":670,"_uid":671,"type":672,"component":673,"fixed_height":583,"use_fixed_height":50,"fixed_height_mobile":583,"fixed_height_tablet":583},"28083380","i-8381dcfe-a33f-4f3b-8adb-14ea54db2c87","visualisation","ContentFlourish",{"type":573,"attrs":675,"content":676},{"textAlign":49},[677],{"text":678,"type":578,"marks":679},"From 1 January 2027, the National Defense Authorization Act will prohibit the US Department of Defense from procuring systems containing rare earth elements refined in China, Russia, Iran, or North Korea. This looming deadline is driving accelerated efforts to expand domestic separation capacity, increase stockpiling, and secure allied supply chains. About $1.37bn has been spent across 2025 and 2026 to date, alongside price floor commitments and supply agreements, including the $110/kg NdPr floor extended to MP Materials and Lynas.",[680],{"type":581,"attrs":681},{"color":583},{"type":573,"attrs":683,"content":684},{"textAlign":49},[685],{"text":686,"type":578,"marks":687},"Despite a growing pipeline of US projects and a push to build vertically integrated supply chains outside China, heavy rare earth production at scale is not expected domestically before the end of 2027.",[688],{"type":581,"attrs":689},{"color":583},"Lynas Rare Earths has signed a binding Letter of Intent between its wholly owned subsidiary Lynas USA and the US Department of War (DoW) to finalise a rare earth oxide supply agreement. Under the arrangement, the DoW will allocate about $96miliion to purchase light and heavy rare earth oxide products from Lynas over a four-year period.",[692],{"slug":693,"name":694,"content":695},"neha-mukherjee","Neha Mukherjee",{"job_title":696,"image":697,"bio":699,"linkedin":700,"markets_covered":414},"Senior Analyst - Rare Earths",{"filename":698},"https://a.storyblok.com/f/287943243085208/512x512/687eb77e03/neha-mukherjee.jpeg","Neha is a Research Manager at Benchmark Mineral Intelligence, where she leads the market analysis of rare earth elements, covering supply, demand, cost, pricing, and ESG factors. She has two years of experience in the critical minerals sector and has executed consulting projects focused on market due diligence. Her background includes roles in energy market consulting and management consulting. Neha holds a Master’s degree in Sustainable Energy from the University of Glasgow and a B.Tech in Electrical Engineering from India.","https://www.linkedin.com/in/neha-mukherjee-5825b0135/","article","Lynas Rare Earths signs US$96m rare earth deal with DoW",[704,706,709],{"slug":705,"name":414},"rare-earths",{"slug":707,"name":708},"critical-minerals","Critical Minerals",{"slug":710,"name":711},"geopolitics","Geopolitics","private",{"id":49,"alt":49,"name":583,"focus":49,"title":49,"source":49,"filename":583,"copyright":49,"fieldtype":714,"meta_data":715},"asset",{},{"id":717,"alt":583,"name":583,"focus":583,"title":583,"source":583,"filename":718,"copyright":583,"fieldtype":714,"meta_data":719,"is_external_url":50},129070878933470,"https://a.storyblok.com/f/287943243085208/bb1abcf83f/bm-rare-earths-ndpr.jpg",{},"Lynas Rare Earths has signed a binding Letter of Intent between its wholly owned subsidiary Lynas USA and the US Department of War (DoW) to finalise a rare earth oxide supply agreement.","Mar 16, 2026","16th March 2026",[],[],1783441472361]