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He has previous experience covering trade flows, tariffs and the effects of geopolitics on supply chains.","https://www.linkedin.com/in/benjaminrochecontent/",{"type":611,"attrs":612,"content":613},"doc",{"backgroundColor":49},[614,633,656,679,689,696,719,733,738,750,756],{"type":615,"attrs":616,"content":617},"paragraph",{"textAlign":49},[618,621,631],{"text":619,"type":620},"US defence suppliers have just under two months to prove compliant ","text",{"text":622,"type":620,"marks":623},"rare earth supply chains",[624],{"type":625,"attrs":626},"link",{"href":627,"uuid":628,"anchor":49,"target":629,"linktype":630},"/article/what-australia-s-2026-critical-minerals-update-means-for-rare-earths-and-lithium","9286b78d-7e3a-46ee-84cd-a18a5c482e4c","_blank","story",{"text":632,"type":620}," before Defense Federal Acquisition Regulation Supplement (DFARS) restrictions extend to the full mine-to-magnet chain on 1 January 2027. Domestic and allied rare earths separation capacity will not meet demand by that deadline.",{"type":615,"attrs":634,"content":635},{"textAlign":49},[636,638,645,647,654],{"text":637,"type":620},"Existing Department of War (DoW) restrictions on ",{"text":639,"type":620,"marks":640},"rare earth magnet",[641],{"type":625,"attrs":642},{"href":643,"uuid":644,"anchor":49,"target":629,"linktype":630},"/article/gm-evac-split-highlights-demand-side-risk-in-us-magnet-buildout","25c45a15-10dd-49c0-b08c-51372d17ead2",{"text":646,"type":620}," and ",{"text":648,"type":620,"marks":649},"tungsten",[650],{"type":625,"attrs":651},{"href":652,"uuid":653,"anchor":49,"target":629,"linktype":630},"/videos/analyst-insights-tungsten","7787b714-3197-4861-9399-bc26d52ee79e",{"text":655,"type":620}," purchases from China are to be expanded from where materials are melted or produced to mining, refining, and separation from 1 January 2027. The rules were first set out in 2021, but the deadline for implementation is approaching. Those who fail to comply risk liabilities or contract termination.",{"type":615,"attrs":657,"content":658},{"textAlign":49},[659,661,668,670,677],{"text":660,"type":620},"Audrey Berder, a rare earths analyst at Benchmark, noted that “defence contractors have lobbied for a delay to the January deadline, and are turning to M&A, partnerships and offtake agreements as they seek ex-China supply.  The next three to four years will test US and allied supply chains, particularly as China further ",{"text":662,"type":620,"marks":663},"tightens control",[664],{"type":625,"attrs":665},{"href":666,"uuid":667,"anchor":49,"target":629,"linktype":630},"/article/terbium-prices-spike-following-china-rare-earths-export-ban","8d2afa5f-b776-4a2d-a0d8-c28f0c112bc0",{"text":669,"type":620}," over ",{"text":671,"type":620,"marks":672},"rare earth technology and know-how",[673],{"type":625,"attrs":674},{"href":675,"uuid":676,"anchor":49,"target":629,"linktype":630},"/videos/the-impact-of-export-controls-on-the-rare-earths-market","22e1aed6-2594-4f9a-a09f-805bcfe74d9e",{"text":678,"type":620},".”",{"type":680,"attrs":681},"blok",{"id":682,"body":683},"037dbbe2-e800-4655-89f8-596565e2824b",[684],{"id":685,"_uid":686,"type":687,"component":688,"fixed_height":556,"use_fixed_height":50,"fixed_height_mobile":556,"fixed_height_tablet":556},"30813102","i-8e028278-295f-4485-8a4f-60dcb36cbeb6","visualisation","ContentFlourish",{"type":690,"attrs":691,"content":693},"heading",{"level":692,"textAlign":49},2,[694],{"text":695,"type":620},"How is the US building compliant supply?",{"type":615,"attrs":697,"content":698},{"textAlign":49},[699,701,708,710,717],{"text":700,"type":620},"The US is looking to secure ",{"text":702,"type":620,"marks":703},"supply beyond China",[704],{"type":625,"attrs":705},{"href":706,"uuid":707,"anchor":49,"target":629,"linktype":630},"/videos/developing-an-ex-china-rare-earths-supply-chain-interview-with-debra-bennethum","9b356568-15dc-47b6-857d-3a7fd42cbc52",{"text":709,"type":620},", with $6.8 billion in announced capital investment into rare earth assets based in the country in H1 2026. ",{"text":711,"type":620,"marks":712},"Price floors",[713],{"type":625,"attrs":714},{"href":715,"uuid":716,"anchor":49,"target":629,"linktype":630},"/article/lynas-rare-earths-signs-us-96m-rare-earth-offtake-and-price-floor-commitment-with-dow","f74b2983-4b5a-494e-8eae-ce776123a85e",{"text":718,"type":620}," of US$110/kg for PrNd have been announced as a support mechanism for existing producers MP Materials and Lynas Rare Earths, while Serra Verde is the only producer to have secured a Dy price floor, at US$575/kg, alongside a $2,050/kg Tb price floor. Benchmark cost curves and forecasts indicate that around 75% of the ex-China PrNd pipeline could remain viable at US$110/kg, but HREEs require stronger support: with Dy oxide and Tb oxide currently priced at 17x and 9x Chinese levels respectively, a sustained 1.5–2.0x premium outside China could balance OEM affordability with incentives for new supply.",{"type":615,"attrs":720,"content":721},{"textAlign":49},[722,724,731],{"text":723,"type":620},"In August, the Department of Commerce announced a $1.6 billion package supporting USA Rare Earth’s $2.8 billion acquisition of Serra Verde, which has also received a $750 million investment from the DOW and a $565 million loan from the US International Development Finance Corporation (DFC), securing a 15-year offtake for 100% of the mixed rare earth carbonate (MREC) from Brazil’s Pela Ema project. Pela Ema is the only scaled producer outside Asia of Nd, Pr, Dy, and Tb – key rare earths for ",{"text":725,"type":620,"marks":726},"magnet production",[727],{"type":625,"attrs":728},{"href":729,"uuid":730,"anchor":49,"target":629,"linktype":630},"/article/why-the-us-is-becoming-a-rare-earth-mine-to-magnet-destination","bb0713da-7c91-498a-a956-853d2402c999",{"text":732,"type":620},". As it produces a mixed carbonate, its contribution to DFARS-compliant supply will depend on where that material is separated. It is expected to be processed initially in France and then at a USA Rare Earth site from 2029.",{"type":690,"attrs":734,"content":735},{"level":692,"textAlign":49},[736],{"text":737,"type":620},"China dominates in separation of mixed rare earth carbonate",{"type":615,"attrs":739,"content":740},{"textAlign":49},[741,748],{"text":742,"type":620,"marks":743},"Heavy rare earths",[744],{"type":625,"attrs":745},{"href":746,"uuid":747,"anchor":49,"target":629,"linktype":630},"/article/ex-china-heavy-rare-earths-continue-to-surge-q3-2026-rare-earths-price-review","c667c14e-f8b7-4ab6-8558-8ec901778ab2",{"text":749,"type":620}," separation capacity is almost entirely located in China, which accounts for 38% of mined Dy but 97% of separated Dy in 2026. A number of US separation facilities are in the pipeline, but most new supply is expected to come online after the 1 January 2027 deadline. Aclara Resources’ Project Dynamo is expected to begin production in late 2028, and Ucore Rare Metals’ Louisiana Strategic Metals Complex in 2029. On 3 November, REalloys signed a term sheet with the US Army for development of a heavy rare earth processing site at a military site in Utah.",{"type":680,"attrs":751},{"id":682,"body":752},[753],{"id":754,"_uid":755,"type":687,"component":688,"fixed_height":556,"use_fixed_height":50,"fixed_height_mobile":556,"fixed_height_tablet":556},"30774889","i-525d8386-e964-4f05-b6a6-7edff9c91e31",{"type":615,"attrs":757,"content":758},{"textAlign":49},[759,761,768],{"text":760,"type":620},"Four ",{"text":762,"type":620,"marks":763},"US magnet facilities",[764],{"type":625,"attrs":765},{"href":766,"uuid":767,"anchor":49,"target":629,"linktype":630},"/article/us-presidential-determination-targets-recoverable-rare-earths-and-permanent-magnets","e4f8a37d-f46d-41ea-838c-db96a17a41df",{"text":769,"type":620}," are operating, with 5.2kt combined nameplate capacity, led by Noveon Magnetics, MP Materials, eVAC Magnetics and USA Rare Earth. JS Link America’s 3kt Columbus plant is expected in Q4 2027. With growth in the US’ magnet capacity outpacing that of its separation capacity, US magnet makers will likely rely on allied feedstock for years. In 2026, total US REPM demand is forecast to hit 24.9kt.","US defence suppliers have just over two months to prove compliant rare earth supply chains before Defense Federal Acquisition Regulation Supplement (DFARS) restrictions extend to the full mine-to-magnet chain on 1 January 2027. Domestic and allied rare earths separation capacity will not meet demand by that deadline.\n\nExisting Department of War (DoW) restrictions on rare earth magnet and tungsten purchases from China are to be expanded from where materials are melted or produced to mining, refining, and separation from 1 January 2027. The rules were first set out in 2021, but the deadline for implementation is approaching. Those who fail to comply risk liabilities or contract termination.",[772],{"slug":553,"name":552,"content":773},{"job_title":564,"image":774,"markets_covered":565},{"filename":560},"article","US rare earth supply chain eyes 2027 defence procurement deadline",[778,780,783,786],{"slug":779,"name":419},"rare-earths",{"slug":781,"name":782},"critical-minerals","Critical Minerals",{"slug":784,"name":785},"raw-materials","Raw Materials",{"slug":787,"name":788},"geopolitics","Geopolitics","private",{"id":49,"alt":49,"name":556,"focus":49,"title":49,"source":49,"filename":556,"copyright":49,"fieldtype":561,"meta_data":791},{},{"id":793,"alt":556,"name":556,"focus":556,"title":556,"source":556,"filename":794,"copyright":556,"fieldtype":561,"meta_data":795,"is_external_url":50},129070861066712,"https://a.storyblok.com/f/287943243085208/5537c4f740/bm-rare-earth-magnets.jpg",{},"US defence suppliers have just over two months to prove compliant rare earth supply chains before Defense Federal Acquisition Regulation Supplement (DFARS) restrictions extend to the full mine-to-magnet chain on 1 January 2027.","Nov 06, 2026",{"id":799,"uuid":644,"name":800,"slug":801,"full_slug":802,"content":803},236213694352889,"GM–eVAC split highlights demand-side risk in US magnet buildout","gm-evac-split-highlights-demand-side-risk-in-us-magnet-buildout","article/gm-evac-split-highlights-demand-side-risk-in-us-magnet-buildout",{"_uid":804,"date":805,"tags":806,"editor":815,"content":819,"excerpt":1032,"featured":51,"reporter":1033,"component":775,"seo_title":800,"categories":1037,"visibility":789,"data_vis_image":1041,"featured_image":1045,"seo_description":1049,"side_panel_banner":1050,"formattedDate":1078},"55ad6a08-d226-41f5-a2b7-fc4db98ffdf5","2026-10-30 00:00",[807,808,811,814],{"slug":595,"name":596},{"slug":809,"name":810},"gm","GM",{"slug":812,"name":813},"data-visualisation","Data Visualisation",{"slug":592,"name":593},[816],{"slug":602,"name":603,"content":817},{"job_title":605,"image":818,"bio":608,"linkedin":609},{"filename":607},{"type":611,"attrs":820,"content":821},{"backgroundColor":49},[822,859,864,869,883,890,901,950,956,965,998,1004,1024],{"type":615,"attrs":823,"content":824},{"textAlign":49},[825,827,832,834,840,842,849,851,857],{"text":826,"type":620},"General Motors (GM) has cancelled its long-term ",{"text":828,"type":620,"marks":829},"rare earth",[830],{"type":625,"attrs":831},{"href":627,"uuid":628,"anchor":49,"target":629,"linktype":630},{"text":833,"type":620}," permanent magnet (REPM) supply agreement with eVAC Magnetics, the US unit of Germany-based ",{"text":593,"type":620,"marks":835},[836],{"type":625,"attrs":837},{"href":838,"uuid":839,"anchor":49,"target":629,"linktype":630},"/publications/analysis/pensana-signs-us-mine-to-magnet-supply-chain-partnership-with-vacuumschmelze-benchmark-rare-earths","b9d7b85f-739d-4aca-b3fa-c586d628fe8c",{"text":841,"type":620}," (VAC), prompting an arbitration dispute. It comes following a 29% fall in ",{"text":843,"type":620,"marks":844},"US EV sales",[845],{"type":625,"attrs":846},{"href":847,"uuid":848,"anchor":49,"target":629,"linktype":630},"/article/global-ev-sales-reach-2-15-million-units-in-september-2026","bf7cdcc4-9420-4336-b97f-508fbad0b191",{"text":850,"type":620}," for ",{"text":810,"type":620,"marks":852},[853],{"type":625,"attrs":854},{"href":855,"uuid":856,"anchor":49,"target":629,"linktype":630},"/article/denise-gray-receives-lifetime-achievement-award-at-benchmark-giga-us-2026","69ade637-e6e6-45f3-8471-9d28735e8f65",{"text":858,"type":620}," in H1 2026 compared with H1 2025.",{"type":615,"attrs":860,"content":861},{"textAlign":49},[862],{"text":863,"type":620},"Filings show a termination notice was issued on 1 July 2026, and e-VAC began arbitration days later, alleging wrongful termination and seeking financial compensation.",{"type":615,"attrs":865,"content":866},{"textAlign":49},[867],{"text":868,"type":620},"Signed in early 2023, this contract covered a minimum ten-year supply of neodymium-iron-boron (NdFeB) permanent magnets produced at the Sumter, South Carolina, plant with a capacity of 2,000tpa.",{"type":615,"attrs":870,"content":871},{"textAlign":49},[872,874,881],{"text":873,"type":620},"The dispute has a direct bearing on ",{"text":875,"type":620,"marks":876},"Energy Fuels",[877],{"type":625,"attrs":878},{"href":879,"uuid":49,"anchor":49,"target":629,"linktype":880},"https://intelligence.benchmarkminerals.com/video/watch/developing-an-ex-china-rare-earths-supply-chain-interview-with-debra-bennethum","url",{"text":882,"type":620},", which agreed in June to acquire VAC for $1.9 billion and has flagged potential adjustments to the purchase price depending on the arbitration outcome.",{"type":680,"attrs":884},{"id":885,"body":886},"3a51f944-161a-443c-9146-5ee3f80aa4eb",[887],{"id":888,"_uid":889,"type":687,"component":688,"fixed_height":556,"use_fixed_height":50,"fixed_height_mobile":556,"fixed_height_tablet":556},"30747646","i-6d3926e8-f090-43c5-b1ad-173adaa3ef59",{"type":690,"attrs":891,"content":892},{"level":692,"textAlign":49},[893],{"text":894,"type":620,"marks":895},"US REPM capacity still at early stage",[896,899],{"type":897,"attrs":898},"textStyle",{"color":556},{"type":900},"bold",{"type":615,"attrs":902,"content":903},{"textAlign":49},[904,909,917,922,931,936,945],{"text":905,"type":620,"marks":906},"China still continues to dominate production of ",[907],{"type":897,"attrs":908},{"color":556},{"text":910,"type":620,"marks":911},"REPM",[912,915],{"type":625,"attrs":913},{"href":914,"uuid":49,"anchor":49,"target":629,"linktype":880},"https://intelligence.benchmarkminerals.com/video/watch/rare-earths-securing-magnet-supply-chains-panel-from-strategic-vulnerability-to-us-resilience",{"type":897,"attrs":916},{"color":556},{"text":918,"type":620,"marks":919}," in 2026, and this disruption removes a key offtake from one of the few operating ex-China facilities. ",[920],{"type":897,"attrs":921},{"color":556},{"text":923,"type":620,"marks":924},"The US",[925,929],{"type":625,"attrs":926},{"href":927,"uuid":928,"anchor":49,"target":629,"linktype":630},"/article/regional-spotlight-united-states","7a2ab405-0e9f-4cae-9566-0cda20e22de2",{"type":897,"attrs":930},{"color":556},{"text":932,"type":620,"marks":933}," has four operating sintered NdFeB REPM facilities, with ",[934],{"type":897,"attrs":935},{"color":556},{"text":937,"type":620,"marks":938},"combined capacity",[939,943],{"type":625,"attrs":940},{"href":941,"uuid":942,"anchor":49,"target":629,"linktype":630},"/article/us-automakers-dial-back-north-american-battery-manufacturing-investments-ceding-control-to-south-korean-partners","611420ac-67d7-456e-9c49-b54a1fa075f1",{"type":897,"attrs":944},{"color":556},{"text":946,"type":620,"marks":947}," of around 10.6ktpa, alongside three projects under construction that would add a further 5.6ktpa from late 2027. Sumter, at 2ktpa, accounts for roughly 36% of current operating capacity.",[948],{"type":897,"attrs":949},{"color":556},{"type":680,"attrs":951},{"id":885,"body":952},[953],{"id":954,"_uid":955,"type":687,"component":688,"fixed_height":556,"use_fixed_height":50,"fixed_height_mobile":556,"fixed_height_tablet":556},"30738862","i-43ed27cf-4ec4-4072-8d5e-6052b90895d7",{"type":690,"attrs":957,"content":958},{"level":692,"textAlign":49},[959],{"text":960,"type":620,"marks":961},"Demand to set pace of US supply expansion",[962,964],{"type":897,"attrs":963},{"color":556},{"type":900},{"type":615,"attrs":966,"content":967},{"textAlign":49},[968,973,981,986,993],{"text":969,"type":620,"marks":970},"Benchmark forecasts domestic US ",[971],{"type":897,"attrs":972},{"color":556},{"text":974,"type":620,"marks":975},"REPM demand",[976,979],{"type":625,"attrs":977},{"href":978,"uuid":49,"anchor":49,"target":629,"linktype":880},"https://intelligence.benchmarkminerals.com/video/watch/from-ndpr-to-magnets-new-price-and-risk-tools-for-the-western-rare-earths-supply-chain",{"type":897,"attrs":980},{"color":556},{"text":982,"type":620,"marks":983}," at around 24.9kt in 2026, more than twice current operating capacity. Consumer electronics account for over half of this demand, largely embedded in imported finished goods, while 22% comes from e-mobility demand including EV motors. It is this market that ",[984],{"type":897,"attrs":985},{"color":556},{"text":987,"type":620,"marks":988},"US magnet capacity buildout",[989,991],{"type":625,"attrs":990},{"href":729,"uuid":730,"anchor":49,"target":629,"linktype":630},{"type":897,"attrs":992},{"color":556},{"text":994,"type":620,"marks":995}," was largely targeting, though US EV sales fell 22.9% year-on-year in H1 2026 following the expiry of the federal clean vehicle tax credit.",[996],{"type":897,"attrs":997},{"color":556},{"type":680,"attrs":999},{"id":885,"body":1000},[1001],{"id":1002,"_uid":1003,"type":687,"component":688,"fixed_height":556,"use_fixed_height":50,"fixed_height_mobile":556,"fixed_height_tablet":556},"30746360","i-6a71de12-386c-4f5c-a2a1-da5977c3a1f8",{"type":615,"attrs":1005,"content":1006},{"textAlign":49},[1007,1012,1019],{"text":1008,"type":620,"marks":1009},"Benchmark forecasts total US EV and other electric automotive ",[1010],{"type":897,"attrs":1011},{"color":556},{"text":974,"type":620,"marks":1013},[1014,1017],{"type":625,"attrs":1015},{"href":1016,"uuid":49,"anchor":49,"target":629,"linktype":880},"https://intelligence.benchmarkminerals.com/video/watch/why-benchmark-launched-rare-earth-permanent-magnet-prices",{"type":897,"attrs":1018},{"color":556},{"text":1020,"type":620,"marks":1021}," to contract 3.1% in 2026, against 11.1% growth globally, before recovering to grow 8.6% a year through to 2030. Q4 2026 is expected to deliver the first year-on-year growth in US EV sales since the tax credit’s removal.",[1022],{"type":897,"attrs":1023},{"color":556},{"type":615,"attrs":1025,"content":1026},{"textAlign":49},[1027],{"text":1028,"type":620,"marks":1029},"“The period before new magnet capacity arrives will test how far REPM makers can diversify their customer base beyond automotive and towards defence and industrial applications,” said Audrey Berder, a rare earths analyst at Benchmark. “It also remains to be seen whether offtake structures evolve to spread volume risk across multiple buyers.”",[1030],{"type":897,"attrs":1031},{"color":556},"General Motors (GM) has cancelled its long-term rare earth permanent magnet (REPM) supply agreement with eVAC Magnetics, the US unit of Germany-based Vacuumschmelze (VAC), prompting an arbitration dispute. It comes following a 29% fall in US EV sales for GM in H1 2026 compared with H1 2025.\n\nFilings show a termination notice was issued on 1 July 2026, and eVAC began arbitration days later, alleging wrongful termination and seeking financial compensation.\n\nSigned in early 2023, this contract covered a minimum ten-year supply of neodymium-iron-boron (NdFeB) permanent magnets produced at the Sumter, South Carolina, plant with a capacity of 2,000tpa.",[1034],{"slug":553,"name":552,"content":1035},{"job_title":564,"image":1036,"markets_covered":565},{"filename":560},[1038,1039,1040],{"slug":779,"name":419},{"slug":781,"name":782},{"slug":784,"name":785},{"id":1042,"alt":556,"name":556,"focus":556,"title":556,"source":556,"filename":1043,"copyright":556,"fieldtype":561,"meta_data":1044,"is_external_url":50},236228176010520,"https://a.storyblok.com/f/287943243085208/1588x1388/48271d986e/e-mobility-is-forecast-to-be-almost-a-third-of-us-demand-for-rare-earths-permanent-magnets-by-2030-2x.png",{},{"id":1046,"alt":556,"name":556,"focus":556,"title":556,"source":556,"filename":1047,"copyright":556,"fieldtype":561,"meta_data":1048,"is_external_url":50},129067969694734,"https://a.storyblok.com/f/287943243085208/75ac659319/bm-gm-hummerev-roundup1.jpg",{},"General Motors (GM) has cancelled its long-term rare earth permanent magnet (REPM) supply agreement with eVAC Magnetics, the US unit of Germany-based Vacuumschmelze (VAC), prompting an arbitration dispute.",{"name":1051,"created_at":1052,"published_at":1053,"updated_at":1054,"id":1055,"uuid":1056,"content":1057,"slug":1070,"full_slug":1071,"sort_by_date":49,"position":192,"tag_list":1072,"is_startpage":50,"parent_id":1073,"meta_data":49,"group_id":1074,"first_published_at":1075,"release_id":49,"lang":1076,"path":49,"alternates":1077,"default_full_slug":49,"translated_slugs":49,"_stopResolving":51},"Rare earths Prices","2026-08-25T08:19:23.121Z","2026-08-26T13:04:15.934Z","2026-08-26T13:04:15.946Z",212813263352300,"9dc6e969-0d48-4a10-9669-0e8203da468d",{"cta":1058,"_uid":1061,"image":1062,"title":1067,"subtitle":556,"component":1068,"description":1069},{"id":556,"url":1059,"linktype":880,"fieldtype":1060,"cached_url":1059},"https://www.benchmarkminerals.com/rare-earths/prices","multilink","cdf9420e-a380-45bf-82e9-62516cae7ec6",{"id":1063,"alt":556,"name":556,"focus":556,"title":556,"source":556,"filename":1064,"copyright":556,"fieldtype":561,"meta_data":1065,"is_external_url":50},212811971729228,"https://a.storyblok.com/f/287943243085208/3840x2160/742b2980dd/benchmarkminerals_a_detailed_x-ray_view_of_an_electric_motor_on_82b614bf-3822-4726-be9d-37136c3dfb81-2.png",{"size":1066},"3840x2160","Benchmark's Rare Earths, Magnets & Motors Service","ContentBanner","2,500+ Prices. 1 Subscription. The definitive pricing service for the new energy economy.","ree-prices","source-banners/ree-prices",[],202922247866666,"9a882a03-6d45-4075-b9d5-ffccb169a932","2026-08-25T08:32:59.662Z","default",[],"Oct 30, 2026",1793979590863]