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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":721,"relatedVideos":722},168232254044398,"033fd4f7-dd04-42d6-9b9e-d31d2ed1321c","USA Rare Earth acquires Serra Verde","usa-rare-earth-acquires-serra-verde","article/usa-rare-earth-acquires-serra-verde",{"_uid":547,"date":548,"tags":549,"editor":559,"content":569,"excerpt":694,"featured":51,"reporter":695,"component":705,"seo_title":543,"categories":706,"visibility":709,"data_vis_image":710,"featured_image":713,"seo_description":718,"formattedDate":719,"formattedArticleDate":720},"f57534d8-aa6a-41ec-b46b-4f047c649b4d","2026-04-21 00:00",[550,553,556],{"slug":551,"name":552},"usa-rare-earth","USA Rare Earth",{"slug":554,"name":555},"lynas","Lynas",{"slug":557,"name":558},"us","US",[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",[572,598,621,630,635,640,651,662,669,674,679,684,689],{"type":573,"attrs":574,"content":575},"paragraph",{"textAlign":49},[576,579,584,586,596],{"text":577,"type":578},"The acquisition of Brazil’s Serra Verde by USA Rare Earth, announced on 20 April, represents a significant – though not immediately transformative ","text",{"text":580,"type":578,"marks":581},"–",[582],{"type":583},"bold",{"text":585,"type":578}," development in the ",{"text":587,"type":578,"marks":588},"heavy rare earth",[589],{"type":590,"attrs":591},"link",{"href":592,"uuid":593,"anchor":49,"target":594,"linktype":595},"/article/ex-china-rare-earths-premium-to-grow-especially-for-heavies","15dc312f-8254-4eb3-a856-11af57feb532","_blank","story",{"text":597,"type":578}," (HREE) supply chain.",{"type":573,"attrs":599,"content":600},{"textAlign":49},[601,603,610,612,619],{"text":602,"type":578},"The deal, alongside USA Rare Earth’s earlier acquisition of Less Common Metals (LCM), highlights a broader push to ",{"text":604,"type":578,"marks":605},"establish an integrated, ex-China rare earth ecosystem",[606],{"type":590,"attrs":607},{"href":608,"uuid":609,"anchor":49,"target":594,"linktype":595},"/article/rare-earths-price-rally-highlights-china-s-influence-on-market","43bb65ef-102c-4f79-9f64-a8f6740ded80",{"text":611,"type":578},". Serra Verde will also receive a price floor for four rare earths as part of a 15-year supply deal with the US government, the third such price floor in the industry after announcements by MP Materials and ",{"text":555,"type":578,"marks":613},[614],{"type":590,"attrs":615},{"href":616,"uuid":617,"anchor":49,"target":618,"linktype":595},"/article/lynas-rare-earths-signs-us-96m-rare-earth-offtake-and-price-floor-commitment-with-dow","f74b2983-4b5a-494e-8eae-ce776123a85e","_self",{"text":620,"type":578},", and USA Rare Earth will invest $2.8 billion into the operation.",{"type":622,"attrs":623,"content":625},"heading",{"level":624,"textAlign":49},1,[626],{"text":627,"type":578,"marks":628},"Serra Verde offers substantial ex-China HREE supply potential",[629],{"type":583},{"type":573,"attrs":631,"content":632},{"textAlign":49},[633],{"text":634,"type":578},"Serra Verde, an ionic clay operation in Brazil, is expected to reach Phase 1 capacity by the end of 2027, producing approximately 6,400 tonnes of total rare earth oxides annually in MREC form.",{"type":573,"attrs":636,"content":637},{"textAlign":49},[638],{"text":639,"type":578},"The asset, known as Pela Ema in Brazil, has been ramping up slowly since coming online in 2024, and was shipping concentrate to China. After the acquisition, it will ship concentrate to USA Rare Earth’s refinery facility in Texas. Due to its HREE-rich profile, it could account for a substantial share of non-China HREE supply, where production remains limited.",{"type":641,"attrs":642},"blok",{"id":643,"body":644},"cfb1495c-2501-4181-a74e-5de9d2f5fdb4",[645],{"id":646,"_uid":647,"type":648,"component":649,"fixed_height":650,"use_fixed_height":50,"fixed_height_mobile":650,"fixed_height_tablet":650},"28083380","i-0d626696-a62a-49d9-94f6-558d4e6fa729","visualisation","ContentFlourish","",{"type":573,"attrs":652,"content":653},{"textAlign":49},[654,656],{"text":655,"type":578},"Serra Verde is expected to produce 275 tonnes of Dy oxide and 35 tonnes of Tb oxide in full production. For context, US demand for Dy oxide (REPM use) is 335 tonnes in 2035 and Tb oxide (REPM ) use is 87 tonnes. However, cost competitiveness remains a challenge. According to Benchmark’s cost analysis, ionic clay operations have five to seven times the opex of Chinese ionic clay mines, with added burden of capital return. ",{"text":657,"type":578,"marks":658}," ",[659],{"type":660,"attrs":661},"textStyle",{"color":650},{"type":622,"attrs":663,"content":664},{"level":624,"textAlign":49},[665],{"text":666,"type":578,"marks":667},"Vertical integration more significant than immediate impact",[668],{"type":583},{"type":573,"attrs":670,"content":671},{"textAlign":49},[672],{"text":673,"type":578},"The near-term market impact is likely to be constrained. The primary bottleneck in rare earth supply chains is not mining, but downstream processing, particularly the separation of heavy rare earth oxides. Western capacity in this area is still developing, and timelines for scaling remain uncertain.",{"type":573,"attrs":675,"content":676},{"textAlign":49},[677],{"text":678,"type":578},"The strategic significance of the transaction lies in vertical integration. By combining Serra Verde’s upstream production with separation capabilities, LCM’s metallisation expertise, and planned magnet manufacturing, USA Rare Earth is positioning itself to deliver a fully integrated supply chain. Long-term offtake agreements, supported by US government-linked entities, further enhance supply security while potentially reducing exposure to Chinese spot markets.",{"type":573,"attrs":680,"content":681},{"textAlign":49},[682],{"text":683,"type":578},"This follows the same model as most US assets, which are aiming for vertically integrated supply chains. We have seen multiple US companies announcing mergers, acquisitions and secured offtakes since the export controls in April 2025.",{"type":573,"attrs":685,"content":686},{"textAlign":49},[687],{"text":688,"type":578},"This wave of activity is not just about expanding capacity, but is driven by the need for geographic diversification, supply chain security, and access to advanced technologies such as recycling and heavy rare earth processing.",{"type":573,"attrs":690,"content":691},{"textAlign":49},[692],{"text":693,"type":578},"The deal represents a meaningful step toward diversifying supply away from China. Its impact will likely emerge over the next several years, contingent on successful ramp-up and expansion of processing capacity across Western markets.","The acquisition of Brazil’s Serra Verde by USA Rare Earth represents a significant, though not immediately transformative, development in the heavy rare earth (HREE) supply chain.\n\nAnnounced on 20 April, the deal - alongside USA Rare Earth’s earlier acquisition of Less Common Metals (LCM) - highlights a broader push to establish an integrated, ex-China rare earth ecosystem. Serra Verde will also receive a price floor for four rare earths as part of a 15-year supply deal with the US government, the third such price floor in the industry after announcements by MP Materials and Lynas.",[696],{"slug":697,"name":698,"content":699},"neha-mukherjee","Neha Mukherjee",{"job_title":700,"image":701,"bio":703,"linkedin":704,"markets_covered":414},"Senior Analyst - Rare Earths",{"filename":702},"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",[707],{"slug":708,"name":414},"rare-earths","private",{"id":49,"alt":49,"name":650,"focus":49,"title":49,"source":49,"filename":650,"copyright":49,"fieldtype":711,"meta_data":712},"asset",{},{"id":714,"alt":650,"name":650,"focus":650,"title":715,"source":650,"filename":716,"copyright":650,"fieldtype":711,"meta_data":717,"is_external_url":50},107048192154178,"Rare earth oxides produced by MP Materials at the Mountain Pass Rare Earth Mine & Processing Facility in California. Photo credit: Heather Jacquart via MP Materials","https://a.storyblok.com/f/287943243085208/x/1c7c16e0d6/infographic-the-last-30-years-of-rare-earths-mining.avif",{"alt":650,"title":715,"source":650,"copyright":650},"The acquisition of Brazil’s Serra Verde by USA Rare Earth represents a significant, though not immediately transformative, development in the heavy rare earth (HREE) supply chain.","Apr 21, 2026","21st April 2026",[],[],1781107307375]