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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":558,"relatedVideos":559},146685437924652,"24ff3af6-7523-494a-b58b-f94f4b665a10","Neha Mukherjee","neha-mukherjee","authors/neha-mukherjee",{"x":547,"bio":548,"_uid":549,"email":547,"image":550,"linkedin":555,"component":556,"job_title":557,"markets_covered":414,"certification_name":547,"certification_recoginition":547,"certification_recoginition_url":547,"formattedDate":547,"formattedArticleDate":547},"","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.","7b381601-41fa-459d-bcb8-7d34912113be",{"id":551,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":552,"copyright":547,"fieldtype":553,"meta_data":554,"is_external_url":50},148112074152014,"https://a.storyblok.com/f/287943243085208/512x512/687eb77e03/neha-mukherjee.jpeg","asset",{},"https://www.linkedin.com/in/neha-mukherjee-5825b0135/","author","Senior Analyst - Rare Earths",[],[],[561,789,1150,1285,1436,1686,1823,1944,2148],{"id":562,"uuid":563,"name":564,"slug":565,"full_slug":566,"content":567},191264321528320,"d27d23b1-f39e-4c31-999a-582e39033222","China targets US rare earth and defence-linked entities with dual-use export ban","china-targets-us-rare-earth-and-defence-linked-entities-with-dual-use-export-ban","article/china-targets-us-rare-earth-and-defence-linked-entities-with-dual-use-export-ban",{"_uid":568,"date":569,"tags":570,"editor":589,"content":599,"excerpt":761,"featured":51,"reporter":762,"component":766,"seo_title":767,"categories":768,"visibility":780,"data_vis_image":781,"featured_image":783,"seo_description":787,"formattedDate":788},"b8ed8157-d194-41d2-929a-84ca4e99f15b","2026-06-25 00:00",[571,574,577,580,583,586],{"slug":572,"name":573},"china","China",{"slug":575,"name":576},"usa","USA",{"slug":578,"name":579},"mp-materials","MP Materials",{"slug":581,"name":582},"usa-rare-earth","USA Rare Earth",{"slug":584,"name":585},"defence","Defence",{"slug":587,"name":588},"export-restrictions","Export restrictions",[590],{"slug":591,"name":592,"content":593},"matthew-bird","Matthew Bird",{"job_title":594,"image":595,"bio":597,"linkedin":598},"Senior Editor - Supply Chains & Data Visualisation",{"filename":596},"https://a.storyblok.com/f/287943243085208/512x512/14738033ec/matthew-bird.jpeg","Matthew writes, edits and produces content for Benchmark Intelligence and Benchmark Source across the whole mine to grid supply chain. He also acts as a liaison to the press. He has a PhD in electrochemistry from the University of Nottingham.","https://www.linkedin.com/in/birdmatthew/",{"type":600,"content":601},"doc",[602,671,693,703,713,721,729,737,745,753],{"type":603,"attrs":604,"content":605},"paragraph",{"textAlign":49},[606,614,626,631,640,645,653,658,666],{"text":607,"type":608,"marks":609},"China has added 10 US entities to its export control list, prohibiting ","text",[610],{"type":611,"attrs":612},"textStyle",{"color":613},"#000000",{"text":615,"type":608,"marks":616},"exports of dual-use items",[617,624],{"type":618,"attrs":619},"link",{"href":620,"uuid":621,"anchor":49,"target":622,"linktype":623},"/videos/rare-earths-benchmark-briefing","bd1a742a-4f00-4711-80cb-6add5f05fa08","_self","story",{"type":611,"attrs":625},{"color":613},{"text":627,"type":608,"marks":628}," from China to those companies with immediate effect from 22 June 2026. The Ministry of Commerce named ",[629],{"type":611,"attrs":630},{"color":613},{"text":632,"type":608,"marks":633},"rare earth and magnet developers",[634,638],{"type":618,"attrs":635},{"href":636,"uuid":637,"anchor":49,"target":622,"linktype":623},"/article/why-the-us-is-becoming-a-rare-earth-mine-to-magnet-destination","bb0713da-7c91-498a-a956-853d2402c999",{"type":611,"attrs":639},{"color":613},{"text":641,"type":608,"marks":642}," ",[643],{"type":611,"attrs":644},{"color":613},{"text":579,"type":608,"marks":646},[647,651],{"type":618,"attrs":648},{"href":649,"uuid":650,"anchor":49,"target":622,"linktype":623},"/article/pentagon-invests-in-mp-materials-in-bid-to-break-chinas-rare-earths-dominance","b489988f-ca11-452a-87b9-f797cba52943",{"type":611,"attrs":652},{"color":613},{"text":654,"type":608,"marks":655}," and ",[656],{"type":611,"attrs":657},{"color":613},{"text":582,"type":608,"marks":659},[660,664],{"type":618,"attrs":661},{"href":662,"uuid":663,"anchor":49,"target":622,"linktype":623},"/article/usa-rare-earth-acquires-serra-verde","033fd4f7-dd04-42d6-9b9e-d31d2ed1321c",{"type":611,"attrs":665},{"color":613},{"text":667,"type":608,"marks":668}," in addition to eight other companies in defence-related industries.",[669],{"type":611,"attrs":670},{"color":613},{"type":603,"attrs":672,"content":673},{"textAlign":49},[674,679,688],{"text":675,"type":608,"marks":676},"The measure is entity-specific rather than a blanket restriction on rare earth exports to the US. Beijing positioned the move as a response to recent US actions targeting Chinese military-linked companies, including additions to the Pentagon’s 1260H list. In practice, the policy escalates previous ",[677],{"type":611,"attrs":678},{"color":613},{"text":680,"type":608,"marks":681},"licensing controls",[682,686],{"type":618,"attrs":683},{"href":684,"uuid":685,"anchor":49,"target":622,"linktype":623},"/article/china-s-rare-earth-export-controls-show-little-sign-of-easing-after-trump-xi-summit","2ce683a6-703c-4398-9e3a-b31983d16207",{"type":611,"attrs":687},{"color":613},{"text":689,"type":608,"marks":690}," into a full prohibition on dual-use exports to the named firms.",[691],{"type":611,"attrs":692},{"color":613},{"type":694,"attrs":695},"blok",{"id":696,"body":697},"4a3801a8-fab3-4f7e-bac8-654c47e08293",[698],{"id":699,"_uid":700,"type":701,"component":702,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"29487034","i-c04c097b-9d9a-442c-ab53-a66fa677c42b","visualisation","ContentFlourish",{"type":704,"attrs":705,"content":707},"heading",{"level":706,"textAlign":49},2,[708],{"text":709,"type":608,"marks":710},"What impact could this have on rare earths and magnets?",[711],{"type":611,"attrs":712},{"color":613},{"type":603,"attrs":714,"content":715},{"textAlign":49},[716],{"text":717,"type":608,"marks":718},"MP Materials is relatively insulated in the near term, supported by its Mountain Pass mine and operational NdPr separation capacity in the US. However, exposure remains at the heavy rare earth stage. Dysprosium and terbium separation is not expected before end-2027, and the company’s deposit is light rare earth enriched, leaving reliance on third-party heavy rare earth inputs. The primary impact is likely to be on downstream timing, costs, and execution rather than upstream supply.",[719],{"type":611,"attrs":720},{"color":613},{"type":603,"attrs":722,"content":723},{"textAlign":49},[724],{"text":725,"type":608,"marks":726},"USA Rare Earth faces greater near- to medium-term exposure. Its Round Top project is expected online in 2029, while its Stillwater magnet facility is due to start in 2026. Interim reliance on external feedstock and refined materials creates vulnerability, particularly if access to Chinese-origin inputs, equipment, or technical expertise is constrained.",[727],{"type":611,"attrs":728},{"color":613},{"type":704,"attrs":730,"content":731},{"level":706,"textAlign":49},[732],{"text":733,"type":608,"marks":734},"What is the impact on the downstream companies listed?",[735],{"type":611,"attrs":736},{"color":613},{"type":603,"attrs":738,"content":739},{"textAlign":49},[740],{"text":741,"type":608,"marks":742},"For the robotics and drone companies named, including Red Cat and Teal Drones, the restriction is likely to have a more immediate operational impact. These firms depend on high-performance NdFeB magnets for motors, actuators, and control systems. Limited access to Chinese-origin rare earth materials and components may constrain procurement, increase input costs, and extend qualification timelines for alternative suppliers, particularly where heavy rare earth content such as Dy and Tb is required for high-temperature performance.",[743],{"type":611,"attrs":744},{"color":613},{"type":603,"attrs":746,"content":747},{"textAlign":49},[748],{"text":749,"type":608,"marks":750},"The move underscores structural weaknesses outside China in separation and magnet production rather than mining. Liquidity for ex-China Dy and Tb remains limited, keeping markets tight and prices elevated. Companies in affected sectors will need to secure non-Chinese supply, where options remain narrow.",[751],{"type":611,"attrs":752},{"color":613},{"type":603,"attrs":754,"content":755},{"textAlign":49},[756],{"text":757,"type":608,"marks":758},"In the short term, disruption is likely to concentrate in downstream processing and magnet manufacturing, with tighter feedstock availability, higher costs, and potential delays. Over the longer term, the policy reinforces momentum towards US mine-to-magnet vertically integrated supply chain. ",[759],{"type":611,"attrs":760},{"color":613},"China has added 10 US entities to its export control list, prohibiting exports of dual-use items from China to those companies with immediate effect from 22 June 2026. The Ministry of Commerce named rare earth and magnet developers MP Materials and USA Rare Earth in addition to eight other companies in defence-related industries.\n\nThe measure is entity-specific rather than a blanket restriction on rare earth exports to the US. Beijing positioned the move as a response to recent US actions targeting Chinese military-linked companies, including additions to the Pentagon’s 1260H list. In practice, the policy escalates previous licensing controls into a full prohibition on dual-use exports to the named firms.",[763],{"slug":544,"name":543,"content":764},{"job_title":557,"image":765,"bio":548,"linkedin":555,"markets_covered":414},{"filename":552},"article","China targets US rare earth and defence entities with export ban",[769,771,774,777],{"slug":770,"name":414},"rare-earths",{"slug":772,"name":773},"critical-minerals","Critical Minerals",{"slug":775,"name":776},"raw-materials","Raw Materials",{"slug":778,"name":779},"geopolitics","Geopolitics","private",{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":782},{},{"id":784,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":785,"copyright":547,"fieldtype":553,"meta_data":786,"is_external_url":50},129070861066712,"https://a.storyblok.com/f/287943243085208/5537c4f740/bm-rare-earth-magnets.jpg",{},"China has added 10 US entities to its export control list, prohibiting exports of dual-use items from China to those companies with immediate effect from 22 June 2026. This includes rare earth and magnet developers MP Materials and USA Rare Earths.","Jun 25, 2026",{"id":790,"uuid":637,"name":791,"slug":792,"full_slug":793,"content":794},190554587229990,"Why the US is becoming a rare earth mine-to-magnet destination","why-the-us-is-becoming-a-rare-earth-mine-to-magnet-destination","article/why-the-us-is-becoming-a-rare-earth-mine-to-magnet-destination",{"_uid":795,"date":796,"tags":797,"editor":807,"content":811,"excerpt":1129,"featured":51,"reporter":1130,"component":766,"seo_title":791,"categories":1134,"visibility":1138,"data_vis_image":1139,"featured_image":1143,"seo_description":1148,"formattedDate":1149},"2c61c89a-886b-4fdb-93d1-59fb25515897","2026-06-23 00:00",[798,799,802,805,806],{"slug":578,"name":579},{"slug":800,"name":801},"energy-fuels-inc","Energy Fuels Inc",{"slug":803,"name":804},"australian-strategic-materials","Australian Strategic Materials",{"slug":581,"name":582},{"slug":575,"name":576},[808],{"slug":591,"name":592,"content":809},{"job_title":594,"image":810,"bio":597,"linkedin":598},{"filename":596},{"type":600,"content":812},[813,849,869,891,939,960,975,983,991,1005,1012,1034,1042,1050,1072,1108,1116],{"type":603,"attrs":814,"content":815},{"textAlign":49},[816,821,830,835,844],{"text":817,"type":608,"marks":818},"Announcements in the ",[819],{"type":611,"attrs":820},{"color":613},{"text":822,"type":608,"marks":823},"US rare earths",[824,828],{"type":618,"attrs":825},{"href":826,"uuid":827,"anchor":49,"target":622,"linktype":623},"/videos/rare-earths-securing-magnet-supply-chains-panel-from-strategic-vulnerability-to-us-resilience","58380b69-ca93-4dd5-a0a1-5cef135fa8e2",{"type":611,"attrs":829},{"color":613},{"text":831,"type":608,"marks":832}," space in 2026 shows capital being deployed not only into ",[833],{"type":611,"attrs":834},{"color":613},{"text":836,"type":608,"marks":837},"mining",[838,842],{"type":618,"attrs":839},{"href":840,"uuid":841,"anchor":49,"target":622,"linktype":623},"/article/infographic-the-last-30-years-of-rare-earths-mining","eea4a449-1f70-4a33-b86f-23ddac7f333b",{"type":611,"attrs":843},{"color":613},{"text":845,"type":608,"marks":846},", but also into separation, refining, metallisation, alloy production, magnet manufacturing, and recycling.",[847],{"type":611,"attrs":848},{"color":613},{"type":603,"attrs":850,"content":851},{"textAlign":49},[852,857,864],{"text":853,"type":608,"marks":854},"This indicates that the US is increasingly targeting the full ",[855],{"type":611,"attrs":856},{"color":613},{"text":858,"type":608,"marks":859},"mine-to-magnet value chain",[860,862],{"type":618,"attrs":861},{"href":620,"uuid":621,"anchor":49,"target":622,"linktype":623},{"type":611,"attrs":863},{"color":613},{"text":865,"type":608,"marks":866}," rather than isolated project stages. This is a meaningful shift from the more upstream focused investment of previous years.",[867],{"type":611,"attrs":868},{"color":613},{"type":603,"attrs":870,"content":871},{"textAlign":49},[872,877,886],{"text":873,"type":608,"marks":874},"The most recent development in this regard is Energy Fuels’ acquisition of magnet maker Vacuumschmelze (VAC) for a total cash-and-stock consideration of ~$1.9 billion. This deal builds on ",[875],{"type":611,"attrs":876},{"color":613},{"text":878,"type":608,"marks":879},"Energy Fuels’ previous deals",[880,884],{"type":618,"attrs":881},{"href":882,"uuid":883,"anchor":49,"target":622,"linktype":623},"/videos/developing-an-ex-china-rare-earths-supply-chain-interview-with-debra-bennethum","9b356568-15dc-47b6-857d-3a7fd42cbc52",{"type":611,"attrs":885},{"color":613},{"text":887,"type":608,"marks":888}," with magnet producers and the rare earth metals producer Australian Strategic Materials.",[889],{"type":611,"attrs":890},{"color":613},{"type":603,"attrs":892,"content":893},{"textAlign":49},[894,899,908,913,920,925,934],{"text":895,"type":608,"marks":896},"A key reason the US has become more attractive for ",[897],{"type":611,"attrs":898},{"color":613},{"text":900,"type":608,"marks":901},"rare earth investment",[902,906],{"type":618,"attrs":903},{"href":904,"uuid":905,"anchor":49,"target":622,"linktype":623},"/videos/from-ndpr-to-magnets-new-price-and-risk-tools-for-the-western-rare-earths-supply-chain","c9757c0d-9334-41ef-afab-17f081b23c6d",{"type":611,"attrs":907},{"color":613},{"text":909,"type":608,"marks":910}," is the ",[911],{"type":611,"attrs":912},{"color":613},{"text":914,"type":608,"marks":915},"scale and structure of public support",[916,918],{"type":618,"attrs":917},{"href":649,"uuid":650,"anchor":49,"target":622,"linktype":623},{"type":611,"attrs":919},{"color":613},{"text":921,"type":608,"marks":922},". Federal and state authorities are using layered financing mechanisms, ",[923],{"type":611,"attrs":924},{"color":613},{"text":926,"type":608,"marks":927},"including grants",[928,932],{"type":618,"attrs":929},{"href":930,"uuid":931,"anchor":49,"target":622,"linktype":623},"/article/is-the-us-embarking-on-a-critical-mineral-spending-spree","1b43947d-e7f2-4a47-b535-99b3ad1b1d38",{"type":611,"attrs":933},{"color":613},{"text":935,"type":608,"marks":936},", loans, tax incentives, milestone-based reimbursements, and strategic offtake arrangements, to reduce project risk and improve bankability.",[937],{"type":611,"attrs":938},{"color":613},{"type":603,"attrs":940,"content":941},{"textAlign":49},[942,947,955],{"text":943,"type":608,"marks":944},"“Overall, 2026 developments suggest the US is becoming one of the most credible non-China destinations for rare earth value chain investment,” said ",[945],{"type":611,"attrs":946},{"color":613},{"text":543,"type":608,"marks":948},[949,953],{"type":618,"attrs":950},{"href":951,"uuid":952,"anchor":49,"target":622,"linktype":623},"/videos/the-impact-of-export-controls-on-the-rare-earths-market","22e1aed6-2594-4f9a-a09f-805bcfe74d9e",{"type":611,"attrs":954},{"color":613},{"text":956,"type":608,"marks":957},", Benchmark’s research manager for rare earths. “Support is now extending across the full mine-to-magnet chain, with increasing focus on the most strategically important midstream and downstream segments.\"",[958],{"type":611,"attrs":959},{"color":613},{"type":603,"attrs":961,"content":962},{"textAlign":49},[963,970],{"text":964,"type":608,"marks":965},"China accounts",[966,968],{"type":618,"attrs":967},{"href":684,"uuid":685,"anchor":49,"target":622,"linktype":623},{"type":611,"attrs":969},{"color":613},{"text":971,"type":608,"marks":972}," for 71% of light rare earths processing, 99% of heavy rare earth processing and 94% of magnet production, according to Benchmark’s Rare Earths, Magnets & Motors Service. By developing US-centric supply chains, these companies aim to show that China’s hegemony can be mitigated.",[973],{"type":611,"attrs":974},{"color":613},{"type":704,"attrs":976,"content":977},{"level":706,"textAlign":49},[978],{"text":979,"type":608,"marks":980},"Who is building US-centred rare earth supply chains?",[981],{"type":611,"attrs":982},{"color":613},{"type":603,"attrs":984,"content":985},{"textAlign":49},[986],{"text":987,"type":608,"marks":988},"Benchmark has mapped out five sets of mine-to-magnet supply chains in development in the US. MP Materials is the only company to control all stages of the supply chain. The other three are possible through offtake agreements and acquisitions.",[989],{"type":611,"attrs":990},{"color":613},{"type":603,"attrs":992,"content":993},{"textAlign":49},[994,1000],{"text":582,"type":608,"marks":995},[996,998],{"type":618,"attrs":997},{"href":662,"uuid":663,"anchor":49,"target":622,"linktype":623},{"type":611,"attrs":999},{"color":613},{"text":1001,"type":608,"marks":1002},", for example, combines federal support, state incentives, private capital, and international partnerships to build a multi-site platform linking feedstock, processing, and magnet production.",[1003],{"type":611,"attrs":1004},{"color":613},{"type":694,"attrs":1006},{"id":1007,"body":1008},"d55c21c1-d1b0-44ae-933e-b34a44299ee8",[1009],{"id":1010,"_uid":1011,"type":701,"component":702,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"29459628","i-a705d1a6-2795-44d7-8676-17234e9e2621",{"type":603,"attrs":1013,"content":1014},{"textAlign":49},[1015,1020,1029],{"text":1016,"type":608,"marks":1017},"In addition to the full mine-to-magnet supply chains being built out, several companies are operating mines elsewhere in the world but have refining facilities under development in the US: Lynas Rare Earths, Pensana, Ionic Rare Earths, ",[1018],{"type":611,"attrs":1019},{"color":613},{"text":1021,"type":608,"marks":1022},"Aclara Resources",[1023,1027],{"type":618,"attrs":1024},{"href":1025,"uuid":1026,"anchor":49,"target":622,"linktype":623},"/article/site-visit-report-aclaras-carina-project-shows-progress-towards-rare-earths-supply-diversification","3b1603f8-ee5c-4f56-aa9e-9e4aa45af162",{"type":611,"attrs":1028},{"color":613},{"text":1030,"type":608,"marks":1031},", and Realloys.",[1032],{"type":611,"attrs":1033},{"color":613},{"type":704,"attrs":1035,"content":1036},{"level":706,"textAlign":49},[1037],{"text":1038,"type":608,"marks":1039},"How is policy impacting US rare earths supply chains?",[1040],{"type":611,"attrs":1041},{"color":613},{"type":603,"attrs":1043,"content":1044},{"textAlign":49},[1045],{"text":1046,"type":608,"marks":1047},"The strongest policy and investment emphasis is now on the midstream, particularly separation, refining, and metallisation. Department of Energy and Department of War-linked funding signals a growing recognition that these stages represent the main bottlenecks in building an ex-China rare earth supply chain. At the same time, domestic magnet manufacturing is becoming a clearer industrial objective, with new capacity planned in Oklahoma and South Carolina.",[1048],{"type":611,"attrs":1049},{"color":613},{"type":603,"attrs":1051,"content":1052},{"textAlign":49},[1053,1058,1067],{"text":1054,"type":608,"marks":1055},"Another notable development is the emergence of government-backed price support and offtake mechanisms, such as the ",[1056],{"type":611,"attrs":1057},{"color":613},{"text":1059,"type":608,"marks":1060},"NdPr floor price agreed with Lynas",[1061,1065],{"type":618,"attrs":1062},{"href":1063,"uuid":1064,"anchor":49,"target":622,"linktype":623},"/article/lynas-rare-earths-signs-us-96m-rare-earth-offtake-and-price-floor-commitment-with-dow","f74b2983-4b5a-494e-8eae-ce776123a85e",{"type":611,"attrs":1066},{"color":613},{"text":1068,"type":608,"marks":1069},". These measures help address one of the sector’s longstanding constraints: weak revenue certainty.",[1070],{"type":611,"attrs":1071},{"color":613},{"type":603,"attrs":1073,"content":1074},{"textAlign":49},[1075,1080,1089,1094,1103],{"text":1076,"type":608,"marks":1077},"The US is also positioning itself as the centre of a broader allied rare earth system, linking domestic projects with partners in ",[1078],{"type":611,"attrs":1079},{"color":613},{"text":1081,"type":608,"marks":1082},"Australia",[1083,1087],{"type":618,"attrs":1084},{"href":1085,"uuid":1086,"anchor":49,"target":622,"linktype":623},"/article/us-and-australia-sign-landmark-critical-minerals-framework","2cd8dd44-450a-4d05-a49a-81715d0e59f6",{"type":611,"attrs":1088},{"color":613},{"text":1090,"type":608,"marks":1091},", Brazil, France, ",[1092],{"type":611,"attrs":1093},{"color":613},{"text":1095,"type":608,"marks":1096},"Japan",[1097,1101],{"type":618,"attrs":1098},{"href":1099,"uuid":1100,"anchor":49,"target":622,"linktype":623},"/article/lynas-and-jare-sign-offtake-and-price-floor-commitment-up-to-2038","cdeaaca9-3844-44fb-bfe2-2517ccd954c9",{"type":611,"attrs":1102},{"color":613},{"text":1104,"type":608,"marks":1105},", and Canada. Support for unconventional feedstocks and recycling further broadens the domestic investment base.",[1106],{"type":611,"attrs":1107},{"color":613},{"type":603,"attrs":1109,"content":1110},{"textAlign":49},[1111],{"text":1112,"type":608,"marks":1113},"This insight draws from Benchmark's comprehensive Rare Earths, Magnets & Motors Service, consisting of IOSCO-assured rare earth prices and supply chain data with granular end-use demand analysis. By bringing integrated clarity to these critical markets, this subscription facilitates smarter investment decisions, strategy planning and execution, and successful commercial outcomes. To learn more, submit your details below and our team will be in touch:",[1114],{"type":1115},"italic",{"type":694,"attrs":1117},{"id":1118,"body":1119},"0f777d1a-83e9-42dd-ad7f-a6a89ea55d09",[1120],{"id":1121,"_uid":1122,"component":1123,"wrap_in_box":50,"redirect_url":1124,"success_file":1126,"default_height":547,"success_message":547,"v2_hubspot_form":50,"success_sub_text":547,"hidden_field_values":1128,"show_on_intelligence":50},"57a99950-73f5-48be-98a4-7324c28e5d0b","i-f7f170ef-8083-4148-8b1d-1f3508f61f39","ContentHubspotForm",{"id":547,"url":547,"linktype":623,"fieldtype":1125,"cached_url":547},"multilink",{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":1127},{},[],"Announcements in the US rare earths space in 2026 shows capital being deployed not only into mining, but also into separation, refining, metallisation, alloy production, magnet manufacturing, and recycling.\n\nThis indicates that the US is increasingly targeting the full mine-to-magnet value chain rather than isolated project stages. This is a meaningful shift from the more upstream focused investment of previous years.\n\nThe most recent development in this regard is Energy Fuels’ acquisition of magnet maker Vacuumschmelze (VAC) for a total cash-and-stock consideration of ~$1.9 billion. This deal builds on Energy Fuels’ previous deals with magnet producers and the rare earth metals producer Australian Strategic Materials.",[1131],{"slug":544,"name":543,"content":1132},{"job_title":557,"image":1133,"bio":548,"linkedin":555,"markets_covered":414},{"filename":552},[1135,1136,1137],{"slug":770,"name":414},{"slug":772,"name":773},{"slug":775,"name":776},"public",{"id":1140,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":1141,"copyright":547,"fieldtype":553,"meta_data":1142,"is_external_url":50},190565429738062,"https://a.storyblok.com/f/287943243085208/1588x1042/fd84a74f03/benchmark-five-vertically-integrated-mine-to-magnet-chains-2x.png",{},{"id":1144,"alt":547,"name":547,"focus":547,"title":1145,"source":547,"filename":1146,"copyright":547,"fieldtype":553,"meta_data":1147,"is_external_url":50},190562448934705,"Roasting circuit at Mountain Pass. Image credit: MP Materials","https://a.storyblok.com/f/287943243085208/2500x1667/d0cb8b59b0/mp-materials-roasting-circuit.jpg",{"alt":547,"title":1145,"source":547,"copyright":547},"Announcements in the US rare earths space in 2026 shows capital being deployed not only into mining, but also into separation, refining, metallisation, alloy production, magnet manufacturing, and recycling. ","Jun 23, 2026",{"id":1151,"uuid":685,"name":1152,"slug":1153,"full_slug":1154,"content":1155},178946635897444,"China’s rare earth export controls show little sign of easing after Trump-Xi summit","china-s-rare-earth-export-controls-show-little-sign-of-easing-after-trump-xi-summit","article/china-s-rare-earth-export-controls-show-little-sign-of-easing-after-trump-xi-summit",{"_uid":1156,"date":1157,"tags":1158,"editor":1170,"content":1174,"excerpt":1265,"featured":51,"reporter":1266,"component":766,"seo_title":1270,"categories":1271,"visibility":780,"data_vis_image":1275,"featured_image":1279,"seo_description":1283,"formattedDate":1284},"1202cbfd-2b7c-4489-aff6-0ca0c3194fe2","2026-05-21 00:00",[1159,1160,1161,1164,1167],{"slug":572,"name":573},{"slug":575,"name":576},{"slug":1162,"name":1163},"north-america","North America",{"slug":1165,"name":1166},"rare-earths-prices","rare earths prices",{"slug":1168,"name":1169},"data-visualisation","Data Visualisation",[1171],{"slug":591,"name":592,"content":1172},{"job_title":594,"image":1173,"bio":597,"linkedin":598},{"filename":596},{"type":600,"content":1175},[1176,1188,1193,1198,1205,1235,1249,1255,1260],{"type":603,"attrs":1177,"content":1178},{"textAlign":49},[1179,1181,1186],{"text":1180,"type":608},"China’s ",{"text":1182,"type":608,"marks":1183},"rare earth export regime",[1184],{"type":618,"attrs":1185},{"href":951,"uuid":952,"anchor":49,"target":622,"linktype":623},{"text":1187,"type":608}," remains largely unchanged following the 14–15 May 2026 summit between US President Donald Trump and Chinese President Xi Jinping, underlining limited progress on one of the most strategically sensitive elements of bilateral trade.",{"type":603,"attrs":1189,"content":1190},{"textAlign":49},[1191],{"text":1192,"type":608},"A White House summary stated that Beijing had agreed to address US concerns over shortages of key rare earths, including yttrium, scandium, and neodymium. This marks a shift from October 2025, when Washington said China had committed to \"effectively eliminate\" export controls on critical minerals. That reference has now been dropped, signalling implicit acceptance that China’s export licensing regime – introduced in April 2025 in response to US tariffs, will remain in place.",{"type":603,"attrs":1194,"content":1195},{"textAlign":49},[1196],{"text":1197,"type":608},"Physical market conditions point to only modest improvement. Export flows of low-grade magnets have recovered somewhat, particularly into commercial sectors such as automotive and consumer electronics. However, approvals remain inconsistent, with continued delays affecting aerospace, defence, and advanced manufacturing applications where rare earths have strategic importance. Yttrium exports remain constrained. US officials still report the need for case-by-case intervention to secure shipments.",{"type":694,"attrs":1199},{"id":1200,"body":1201},"a829a4d2-9f8e-418a-954d-dba10076b670",[1202],{"id":1203,"_uid":1204,"type":701,"component":702,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"29073145","i-1409c8c8-68da-47a7-a758-7ccccee00940",{"type":603,"attrs":1206,"content":1207},{"textAlign":49},[1208,1215,1217,1224,1226,1233],{"text":1209,"type":608,"marks":1210},"Pricing signals",[1211],{"type":618,"attrs":1212},{"href":1213,"uuid":1214,"anchor":49,"target":622,"linktype":623},"/article/tight-supply-and-chinese-policy-drive-prices-rare-earths-q1-2026-price-review","f85d8788-f2e7-451e-a4e9-ac8d2eb07c47",{"text":1216,"type":608}," reinforce the persistence of constraints. Benchmark reports, for example, that Yttrium is trading at ~US$1,750/kg in North America compared with ~US$10/kg in China, highlighting severe regional price dislocation. More broadly, ",{"text":1218,"type":608,"marks":1219},"magnet prices",[1220],{"type":618,"attrs":1221},{"href":1222,"uuid":1223,"anchor":49,"target":622,"linktype":623},"/videos/why-benchmark-launched-rare-earth-permanent-magnet-prices","09f7d0a8-710e-49e5-92b2-5404b7f69535",{"text":1225,"type":608}," outside China are significantly higher, with ",{"text":1227,"type":608,"marks":1228},"premiums varying by region",[1229],{"type":618,"attrs":1230},{"href":1231,"uuid":1232,"anchor":49,"target":622,"linktype":623},"/article/benchmark-launches-industry-leading-rare-earth-permanent-magnet-prices","5955e2f6-a2c3-48aa-9bb8-3e1a96183b78",{"text":1234,"type":608},", application, and magnet composition, particularly those containing heavy rare earths.",{"type":603,"attrs":1236,"content":1237},{"textAlign":49},[1238,1240,1247],{"text":1239,"type":608},"In North America and Europe, OEMs are paying roughly twice as much for standard applications such as e-mobility, and up to three times more for defence-related uses. This ",{"text":1241,"type":608,"marks":1242},"divergence is being driven",[1243],{"type":618,"attrs":1244},{"href":1245,"uuid":1246,"anchor":49,"target":622,"linktype":623},"/article/ex-china-rare-earths-premium-to-grow-especially-for-heavies","15dc312f-8254-4eb3-a856-11af57feb532",{"text":1248,"type":608}," less by PrNd and more by small quantities of dysprosium and terbium. Even minimal additions of these heavy rare earths now command a disproportionate premium, forcing manufacturers in high-spec applications, especially defence, to absorb materially higher costs.",{"type":694,"attrs":1250},{"id":1200,"body":1251},[1252],{"id":1253,"_uid":1254,"type":701,"component":702,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"29075303","i-db2a2e73-8935-4249-9ab1-17904e690c3e",{"type":603,"attrs":1256,"content":1257},{"textAlign":49},[1258],{"text":1259,"type":608},"The underlying market structure remains highly concentrated with China continuing to dominate heavy rare earth refining and magnet production, with ex-China supply remaining limited.",{"type":603,"attrs":1261,"content":1262},{"textAlign":49},[1263],{"text":1264,"type":608},"“In the absence of sustained investment in heavy rare earth processing capacity and magnet manufacturing, supply bottlenecks and price volatility are likely to persist despite incremental diplomatic engagement,” says Benchmark rare earths research manager Neha Mukherjee.","China’s rare earth export regime remains largely unchanged following the 14–15 May 2026 summit between US President Donald Trump and Chinese President Xi Jinping, underlining limited progress on one of the most strategically sensitive elements of bilateral trade.\n\nA White House summary stated that Beijing had agreed to address US concerns over shortages of key rare earths, including yttrium, scandium, and neodymium. This marks a shift from October 2025, when Washington said China had committed to \"effectively eliminate\" export controls on critical minerals. That reference has now been dropped, signalling implicit acceptance that China’s export licensing regime – introduced in April 2025 in response to US tariffs, will remain in place.",[1267],{"slug":544,"name":543,"content":1268},{"job_title":557,"image":1269,"bio":548,"linkedin":555,"markets_covered":414},{"filename":552},"China’s rare earth export controls show little sign of easing",[1272,1273,1274],{"slug":770,"name":414},{"slug":772,"name":773},{"slug":778,"name":779},{"id":1276,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":1277,"copyright":547,"fieldtype":553,"meta_data":1278,"is_external_url":50},178950310726154,"https://a.storyblok.com/f/287943243085208/1588x1312/fe54606b0a/us-defence-vs-supply-ree-2x.png",{},{"id":1280,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":1281,"copyright":547,"fieldtype":553,"meta_data":1282,"is_external_url":50},178948122909096,"https://a.storyblok.com/f/287943243085208/3000x2000/cdc0ef81ab/trump-xi-jinping.jpg",{},"China’s rare earth export regime remains largely unchanged following the summit between US President Donald Trump and Chinese President Xi Jinping, underlining limited progress on one of the most strategically sensitive elements of bilateral trade.","May 21, 2026",{"id":1286,"uuid":663,"name":1287,"slug":1288,"full_slug":1289,"content":1290},168232254044398,"USA Rare Earth acquires Serra Verde","usa-rare-earth-acquires-serra-verde","article/usa-rare-earth-acquires-serra-verde",{"_uid":1291,"date":1292,"tags":1293,"editor":1301,"content":1311,"excerpt":1420,"featured":51,"reporter":1421,"component":766,"seo_title":1287,"categories":1425,"visibility":780,"data_vis_image":1427,"featured_image":1429,"seo_description":1434,"formattedDate":1435},"f57534d8-aa6a-41ec-b46b-4f047c649b4d","2026-04-21 00:00",[1294,1295,1298],{"slug":581,"name":582},{"slug":1296,"name":1297},"lynas","Lynas",{"slug":1299,"name":1300},"us","US",[1302],{"slug":1303,"name":1304,"content":1305},"benjamin-roche","Benjamin Roche",{"job_title":1306,"image":1307,"bio":1309,"linkedin":1310},"Editor – Energy Transition Supply Chains",{"filename":1308},"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":600,"content":1312},[1313,1333,1353,1361,1366,1371,1378,1388,1395,1400,1405,1410,1415],{"type":603,"attrs":1314,"content":1315},{"textAlign":49},[1316,1318,1323,1325,1331],{"text":1317,"type":608},"The acquisition of Brazil’s Serra Verde by USA Rare Earth, announced on 20 April, represents a significant – though not immediately transformative ",{"text":1319,"type":608,"marks":1320},"–",[1321],{"type":1322},"bold",{"text":1324,"type":608}," development in the ",{"text":1326,"type":608,"marks":1327},"heavy rare earth",[1328],{"type":618,"attrs":1329},{"href":1245,"uuid":1246,"anchor":49,"target":1330,"linktype":623},"_blank",{"text":1332,"type":608}," (HREE) supply chain.",{"type":603,"attrs":1334,"content":1335},{"textAlign":49},[1336,1338,1345,1347,1351],{"text":1337,"type":608},"The deal, alongside USA Rare Earth’s earlier acquisition of Less Common Metals (LCM), highlights a broader push to ",{"text":1339,"type":608,"marks":1340},"establish an integrated, ex-China rare earth ecosystem",[1341],{"type":618,"attrs":1342},{"href":1343,"uuid":1344,"anchor":49,"target":1330,"linktype":623},"/article/rare-earths-price-rally-highlights-china-s-influence-on-market","43bb65ef-102c-4f79-9f64-a8f6740ded80",{"text":1346,"type":608},". 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":1297,"type":608,"marks":1348},[1349],{"type":618,"attrs":1350},{"href":1063,"uuid":1064,"anchor":49,"target":622,"linktype":623},{"text":1352,"type":608},", and USA Rare Earth will invest $2.8 billion into the operation.",{"type":704,"attrs":1354,"content":1356},{"level":1355,"textAlign":49},1,[1357],{"text":1358,"type":608,"marks":1359},"Serra Verde offers substantial ex-China HREE supply potential",[1360],{"type":1322},{"type":603,"attrs":1362,"content":1363},{"textAlign":49},[1364],{"text":1365,"type":608},"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":603,"attrs":1367,"content":1368},{"textAlign":49},[1369],{"text":1370,"type":608},"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":694,"attrs":1372},{"id":1373,"body":1374},"cfb1495c-2501-4181-a74e-5de9d2f5fdb4",[1375],{"id":1376,"_uid":1377,"type":701,"component":702,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"28083380","i-0d626696-a62a-49d9-94f6-558d4e6fa729",{"type":603,"attrs":1379,"content":1380},{"textAlign":49},[1381,1383],{"text":1382,"type":608},"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":1384,"type":608,"marks":1385}," ",[1386],{"type":611,"attrs":1387},{"color":547},{"type":704,"attrs":1389,"content":1390},{"level":1355,"textAlign":49},[1391],{"text":1392,"type":608,"marks":1393},"Vertical integration more significant than immediate impact",[1394],{"type":1322},{"type":603,"attrs":1396,"content":1397},{"textAlign":49},[1398],{"text":1399,"type":608},"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":603,"attrs":1401,"content":1402},{"textAlign":49},[1403],{"text":1404,"type":608},"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":603,"attrs":1406,"content":1407},{"textAlign":49},[1408],{"text":1409,"type":608},"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":603,"attrs":1411,"content":1412},{"textAlign":49},[1413],{"text":1414,"type":608},"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":603,"attrs":1416,"content":1417},{"textAlign":49},[1418],{"text":1419,"type":608},"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.",[1422],{"slug":544,"name":543,"content":1423},{"job_title":557,"image":1424,"bio":548,"linkedin":555,"markets_covered":414},{"filename":552},[1426],{"slug":770,"name":414},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":1428},{},{"id":1430,"alt":547,"name":547,"focus":547,"title":1431,"source":547,"filename":1432,"copyright":547,"fieldtype":553,"meta_data":1433,"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":547,"title":1431,"source":547,"copyright":547},"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",{"id":1437,"uuid":1246,"name":1438,"slug":1439,"full_slug":1440,"content":1441},158419419079183,"Ex-China rare earths premium to grow, especially for heavies","ex-china-rare-earths-premium-to-grow-especially-for-heavies","article/ex-china-rare-earths-premium-to-grow-especially-for-heavies",{"_uid":1442,"date":1443,"tags":1444,"editor":1446,"content":1450,"excerpt":1660,"featured":51,"reporter":1661,"component":766,"seo_title":1438,"categories":1675,"visibility":1138,"data_vis_image":1678,"featured_image":1680,"seo_description":1684,"formattedDate":1685},"2027a55c-179c-4347-b5c3-833dc59350a5","2026-03-24 00:00",[1445],{"slug":1168,"name":1169},[1447],{"slug":591,"name":592,"content":1448},{"job_title":594,"image":1449,"bio":597,"linkedin":598},{"filename":596},{"type":600,"content":1451},[1452,1474,1496,1504,1513,1521,1541,1549,1571,1613,1621,1630,1639,1648,1658],{"type":603,"attrs":1453,"content":1454},{"textAlign":49},[1455,1460,1469],{"text":1456,"type":608,"marks":1457},"Since China introduced export restrictions on rare earths in April 2025, ",[1458],{"type":611,"attrs":1459},{"color":613},{"text":1461,"type":608,"marks":1462},"significant regional bifurcation",[1463,1467],{"type":618,"attrs":1464},{"href":1465,"uuid":1466,"anchor":49,"target":622,"linktype":623},"/article/rare-earth-prices-show-regional-bifurcation-following-export-restrictions-imposed-by-china","087ee693-546b-4bbb-9fcf-b00e664cae06",{"type":611,"attrs":1468},{"color":613},{"text":1470,"type":608,"marks":1471}," of heavy rare earth prices has developed. In 2025, dysprosium oxide prices on a CIF North America basis were 4.4 times that of EXW China prices, with a similar difference for European prices in terbium.",[1472],{"type":611,"attrs":1473},{"color":613},{"type":603,"attrs":1475,"content":1476},{"textAlign":49},[1477,1482,1491],{"text":1478,"type":608,"marks":1479},"By 2027, ",[1480],{"type":611,"attrs":1481},{"color":613},{"text":1483,"type":608,"marks":1484},"Benchmark’s Rare Earths Service",[1485,1489],{"type":618,"attrs":1486},{"href":1487,"uuid":49,"anchor":49,"target":622,"linktype":1488},"https://www.benchmarkminerals.com/rare-earths","url",{"type":611,"attrs":1490},{"color":613},{"text":1492,"type":608,"marks":1493}," forecasts that this relative difference will almost double to 8.3 times. Although the difference is expected to reduce to 2035, the regional disparities are expected to persist.",[1494],{"type":611,"attrs":1495},{"color":613},{"type":603,"attrs":1497,"content":1498},{"textAlign":49},[1499],{"text":1500,"type":608,"marks":1501},"“Rare earths export controls imposed by China have created a two-tier global market, where access to critical rare earths increasingly depends on geopolitics rather than underlying fundamentals,” said George Ingalls, a rare earths price analyst at Benchmark. “This raises input costs for magnet supply chains outside China, weakens the competitiveness of downstream manufacturing in regions such as North America, Europe and Japan, and strengthens the case for policy support, strategic stockpiling and ex-China supply chain investment.”",[1502],{"type":611,"attrs":1503},{"color":613},{"type":603,"attrs":1505,"content":1506},{"textAlign":49},[1507],{"type":1508,"attrs":1509},"image",{"id":1510,"alt":547,"src":1511,"title":547,"source":547,"copyright":547,"meta_data":1512},158427487780987,"https://a.storyblok.com/f/287943243085208/4000x5302/b6fc389a59/rare-earths-ex-china-prices-v5-01.png",{},{"type":704,"attrs":1514,"content":1515},{"level":706,"textAlign":49},[1516],{"text":1517,"type":608,"marks":1518},"What is the impact of rare earths price bifurcation?",[1519],{"type":611,"attrs":1520},{"color":613},{"type":603,"attrs":1522,"content":1523},{"textAlign":49},[1524,1529,1536],{"text":1525,"type":608,"marks":1526},"This substantial increase in the price of ",[1527],{"type":611,"attrs":1528},{"color":613},{"text":1530,"type":608,"marks":1531},"heavy rare earths outside of China",[1532,1534],{"type":618,"attrs":1533},{"href":1343,"uuid":1344,"anchor":49,"target":622,"linktype":623},{"type":611,"attrs":1535},{"color":613},{"text":1537,"type":608,"marks":1538}," is a critical concern for regions globally as these minerals are of vital importance for the electrification of transport, with demand from the defence industry growing rapidly.",[1539],{"type":611,"attrs":1540},{"color":613},{"type":603,"attrs":1542,"content":1543},{"textAlign":49},[1544],{"text":1545,"type":608,"marks":1546},"In 2025, China controlled 85% of total rare earth oxide production, including 99% of dysprosium oxide and terbium oxide.",[1547],{"type":611,"attrs":1548},{"color":613},{"type":603,"attrs":1550,"content":1551},{"textAlign":49},[1552,1557,1566],{"text":1553,"type":608,"marks":1554},"Japan, in particular, is highly exposed to ",[1555],{"type":611,"attrs":1556},{"color":613},{"text":1558,"type":608,"marks":1559},"non-Chinese prices",[1560,1564],{"type":618,"attrs":1561},{"href":1562,"uuid":1563,"anchor":49,"target":622,"linktype":623},"/article/what-are-the-implications-of-chinas-latest-rare-earth-export-restrictions-on-japan","9ddd3f7e-bf73-4e2a-a28b-7311cc5fcf20",{"type":611,"attrs":1565},{"color":613},{"text":1567,"type":608,"marks":1568}," following China’s tighter expert controls on rare earths to the country.",[1569],{"type":611,"attrs":1570},{"color":613},{"type":603,"attrs":1572,"content":1573},{"textAlign":49},[1574,1579,1586,1590,1596,1601,1608],{"text":1575,"type":608,"marks":1576},"The reality of China’s control over the rare earths and magnets supply chain has, in particular, pushed the US into action. The US DoW now has offtakes with ",[1577],{"type":611,"attrs":1578},{"color":613},{"text":579,"type":608,"marks":1580},[1581,1584],{"type":618,"attrs":1582},{"href":1583,"uuid":49,"anchor":49,"target":622,"linktype":1488},"https://intelligence.benchmarkminerals.com/publications/price-analysis/pentagon-invests-in-mp-materials-in-bid-to-break-chinas-rare-earths-dominance-benchmark-rare-earths",{"type":611,"attrs":1585},{"color":613},{"text":654,"type":608,"marks":1587},[1588],{"type":611,"attrs":1589},{"color":613},{"text":1297,"type":608,"marks":1591},[1592,1594],{"type":618,"attrs":1593},{"href":1063,"uuid":1064,"anchor":49,"target":622,"linktype":623},{"type":611,"attrs":1595},{"color":613},{"text":1597,"type":608,"marks":1598}," backed by a price floor for praseodymium-neodymium (PrNd) oxide. Lynas also has a similar deal with ",[1599],{"type":611,"attrs":1600},{"color":613},{"text":1602,"type":608,"marks":1603},"Japan Australia Rare Earths",[1604,1606],{"type":618,"attrs":1605},{"href":1099,"uuid":1100,"anchor":49,"target":622,"linktype":623},{"type":611,"attrs":1607},{"color":613},{"text":1609,"type":608,"marks":1610}," (JARE).",[1611],{"type":611,"attrs":1612},{"color":613},{"type":603,"attrs":1614,"content":1615},{"textAlign":49},[1616],{"text":1617,"type":608,"marks":1618},"The price floor mechanism these deals include are focused on PrNd, which is less constrained by China’s export restrictions and so there is a less pronounced regional bifurcation for this oxide.",[1619],{"type":611,"attrs":1620},{"color":613},{"type":603,"attrs":1622,"content":1623},{"textAlign":49},[1624],{"text":1625,"type":608,"marks":1626},"Benchmark's ex-China Rare Earth Price Forecast is a new addition to our comprehensive Rare Earths Service. ",[1627,1629],{"type":611,"attrs":1628},{"color":613},{"type":1115},{"type":603,"attrs":1631,"content":1632},{"textAlign":49},[1633],{"text":1634,"type":608,"marks":1635},"Subscribers rely on Benchmark's granular price data, supply/demand forecast, price outlook and cost analysis to make strategic decisions in the rare earths sector.",[1636,1638],{"type":611,"attrs":1637},{"color":613},{"type":1115},{"type":603,"attrs":1640,"content":1641},{"textAlign":49},[1642],{"text":1643,"type":608,"marks":1644},"To learn more or book a demo, contact us:",[1645,1647],{"type":611,"attrs":1646},{"color":613},{"type":1115},{"type":694,"attrs":1649},{"id":1650,"body":1651},"bb765be4-cc4f-406c-8b97-6acdff7e2789",[1652],{"id":1121,"_uid":1653,"component":1123,"wrap_in_box":50,"redirect_url":1654,"success_file":1655,"default_height":547,"success_message":547,"v2_hubspot_form":50,"success_sub_text":547,"hidden_field_values":1657,"show_on_intelligence":50},"i-9ec83f0c-4e98-4545-beec-6e9f11452e03",{"id":547,"url":547,"linktype":623,"fieldtype":1125,"cached_url":547},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":1656},{},[],{"type":603,"attrs":1659},{"textAlign":49},"Since China introduced export restrictions on rare earths in April 2025, significant regional bifurcation of heavy rare earth prices has developed. In 2025, dysprosium oxide prices on a CIF North America basis were 4.4 times that of EXW China prices, with a similar difference for European prices in terbium.\n\nBy 2027, Benchmark’s Rare Earths Service forecasts that this relative difference will almost double to 8.3 times. Although the difference is expected to reduce to 2035, the regional disparities are expected to persist.",[1662,1672],{"slug":1663,"name":1664,"content":1665},"george-ingall","George Ingall",{"job_title":1666,"image":1667,"bio":1669,"linkedin":1670,"markets_covered":1671},"Price Analyst - Rare Earths & Battery Minerals",{"filename":1668},"https://a.storyblok.com/f/287943243085208/2943x3679/899ad64a5e/george-ingall.jpg","George specialises in rare earths and battery minerals, with expertise in tracking market movements, pricing trends, and supply-demand dynamics across critical raw materials. Experienced in delivering clear market insights and analysis that support commercial strategy, investment decisions, and industry understanding in fast-evolving global commodities markets.","https://www.linkedin.com/in/georgeingall/","Rare Earths, Cobalt, Natural Graphite, Synthetic Graphite, Anode",{"slug":544,"name":543,"content":1673},{"job_title":557,"image":1674,"bio":548,"linkedin":555,"markets_covered":414},{"filename":552},[1676,1677],{"slug":772,"name":773},{"slug":770,"name":414},{"id":1510,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":1511,"copyright":547,"fieldtype":553,"meta_data":1679,"is_external_url":50},{},{"id":1681,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":1682,"copyright":547,"fieldtype":553,"meta_data":1683,"is_external_url":50},129070861042134,"https://a.storyblok.com/f/287943243085208/373d029e01/bm-rare-earth-oxides-2.jpg",{},"Since China introduced export restrictions on rare earths in April 2025, significant regional bifurcation of heavy rare earth prices has developed. In 2025, dysprosium oxide prices on a CIF North America basis were 4.4 times that of EXW China prices.","Mar 24, 2026",{"id":1687,"uuid":1064,"name":1688,"slug":1689,"full_slug":1690,"content":1691},155603467939905,"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":1692,"date":1693,"tags":1694,"editor":1698,"content":1702,"excerpt":1805,"featured":51,"reporter":1806,"component":766,"seo_title":1810,"categories":1811,"visibility":780,"data_vis_image":1815,"featured_image":1817,"seo_description":1821,"formattedDate":1822},"14115946-d1f4-43ad-8499-e9250dc924f3","2026-03-16 00:00",[1695,1696,1697],{"slug":1296,"name":1297},{"slug":584,"name":585},{"slug":575,"name":576},[1699],{"slug":1303,"name":1304,"content":1700},{"job_title":1306,"image":1701,"bio":1309,"linkedin":1310},{"filename":1308},{"type":600,"content":1703},[1704,1712,1745,1753,1762,1783,1789,1797],{"type":603,"attrs":1705,"content":1706},{"textAlign":49},[1707],{"text":1708,"type":608,"marks":1709},"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.",[1710],{"type":611,"attrs":1711},{"color":547},{"type":603,"attrs":1713,"content":1714},{"textAlign":49},[1715,1720,1727,1732,1740],{"text":1716,"type":608,"marks":1717},"The agreement includes definitive offtake for light and heavy rare earth oxides and a $110/kg floor price for neodymium-praseodymium (PrNd) oxide, ",[1718],{"type":611,"attrs":1719},{"color":547},{"text":1721,"type":608,"marks":1722},"mirroring the floor in Lynas’ recent deal with Japan Australia Rare Earths",[1723,1725],{"type":618,"attrs":1724},{"href":1099,"uuid":1100,"anchor":49,"target":1330,"linktype":623},{"type":611,"attrs":1726},{"color":547},{"text":1728,"type":608,"marks":1729}," (JARE), and DoW’s 2025 price floor deal with MP Materials. As of ",[1730],{"type":611,"attrs":1731},{"color":547},{"text":1733,"type":608,"marks":1734},"Benchmark’s 5 March 2026 price assessment",[1735,1738],{"type":618,"attrs":1736},{"href":1737,"uuid":49,"anchor":49,"target":1330,"linktype":1488},"https://downloads.benchmarkminerals.com/?file=d2e15595-ee35-4a53-97cd-a8f6e87fd696&source=sharelink",{"type":611,"attrs":1739},{"color":547},{"text":1741,"type":608,"marks":1742},", PrNd oxide (CIF North America) is currently priced at $137.5/kg.",[1743],{"type":611,"attrs":1744},{"color":547},{"type":603,"attrs":1746,"content":1747},{"textAlign":49},[1748],{"text":1749,"type":608,"marks":1750},"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.",[1751],{"type":611,"attrs":1752},{"color":547},{"type":704,"attrs":1754,"content":1755},{"level":706,"textAlign":49},[1756],{"text":1757,"type":608,"marks":1758},"US supply dependent on China",[1759,1761],{"type":611,"attrs":1760},{"color":547},{"type":1322},{"type":603,"attrs":1763,"content":1764},{"textAlign":49},[1765,1770,1778],{"text":1766,"type":608,"marks":1767},"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 ",[1768],{"type":611,"attrs":1769},{"color":547},{"text":1771,"type":608,"marks":1772},"US defence demand",[1773,1776],{"type":618,"attrs":1774},{"href":1775,"uuid":49,"anchor":49,"target":1330,"linktype":1488},"https://data.benchmarkminerals.com/rare-earths/demand",{"type":611,"attrs":1777},{"color":547},{"text":1779,"type":608,"marks":1780}," 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.",[1781],{"type":611,"attrs":1782},{"color":547},{"type":694,"attrs":1784},{"id":1785,"body":1786},"4d236483-6348-4f5d-bb51-0ecb0cfc4073",[1787],{"id":1376,"_uid":1788,"type":701,"component":702,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"i-8381dcfe-a33f-4f3b-8adb-14ea54db2c87",{"type":603,"attrs":1790,"content":1791},{"textAlign":49},[1792],{"text":1793,"type":608,"marks":1794},"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.",[1795],{"type":611,"attrs":1796},{"color":547},{"type":603,"attrs":1798,"content":1799},{"textAlign":49},[1800],{"text":1801,"type":608,"marks":1802},"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.",[1803],{"type":611,"attrs":1804},{"color":547},"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.",[1807],{"slug":544,"name":543,"content":1808},{"job_title":557,"image":1809,"bio":548,"linkedin":555,"markets_covered":414},{"filename":552},"Lynas Rare Earths signs US$96m rare earth deal with DoW",[1812,1813,1814],{"slug":770,"name":414},{"slug":772,"name":773},{"slug":778,"name":779},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":1816},{},{"id":1818,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":1819,"copyright":547,"fieldtype":553,"meta_data":1820,"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",{"id":1824,"uuid":1100,"name":1825,"slug":1826,"full_slug":1827,"content":1828},153812663098080,"Lynas and JARE sign offtake and price floor commitment up to 2038","lynas-and-jare-sign-offtake-and-price-floor-commitment-up-to-2038","article/lynas-and-jare-sign-offtake-and-price-floor-commitment-up-to-2038",{"_uid":1829,"date":1830,"tags":1831,"editor":1837,"content":1841,"excerpt":1929,"featured":51,"reporter":1930,"component":766,"seo_title":1825,"categories":1934,"visibility":780,"data_vis_image":1937,"featured_image":1939,"seo_description":1929,"formattedDate":1943},"316b2f53-7e2d-400c-a541-f683f966eec2","2026-03-11 00:00",[1832,1834,1836],{"slug":1833,"name":1095},"japan",{"slug":1835,"name":1081},"australia",{"slug":1296,"name":1297},[1838],{"slug":1303,"name":1304,"content":1839},{"job_title":1306,"image":1840,"bio":1309,"linkedin":1310},{"filename":1308},{"type":600,"content":1842},[1843,1862,1869,1874,1879,1886,1900,1907,1912,1917,1924],{"type":603,"attrs":1844,"content":1845},{"textAlign":49},[1846,1848,1853,1855,1860],{"text":1847,"type":608},"Lynas Rare Earths and Japan Australia Rare Earths (JARE) have extended their long-term partnership to 2038, reinforcing a key ",{"text":1849,"type":608,"marks":1850},"non-Chinese supply route",[1851],{"type":618,"attrs":1852},{"href":1343,"uuid":1344,"anchor":49,"target":1330,"linktype":623},{"text":1854,"type":608}," underpinning Japan’s strategy to ",{"text":1856,"type":608,"marks":1857},"diversify rare earth supply",[1858],{"type":618,"attrs":1859},{"href":1562,"uuid":1563,"anchor":49,"target":1330,"linktype":623},{"text":1861,"type":608}," away from China.",{"type":704,"attrs":1863,"content":1864},{"level":706,"textAlign":49},[1865],{"text":1866,"type":608,"marks":1867},"Price floor and upside-sharing",[1868],{"type":1322},{"type":603,"attrs":1870,"content":1871},{"textAlign":49},[1872],{"text":1873,"type":608},"The revised agreement introduces a $110/kg price floor for neodymium-praseodymium oxide (NdPr) and offtake of 5,000tpa of NdPr. An upside-sharing mechanism applies when NdPr prices exceed $150/kg: 30% of the realised price above that level, capped at $10m per year, will be payable to JARE. The framework allows up to 7,200tpa of NdPr to be supplied to JARE through 2038, subject to no opportunity loss to Lynas.",{"type":603,"attrs":1875,"content":1876},{"textAlign":49},[1877],{"text":1878,"type":608},"On heavy rare earths, JARE has committed to purchase 50% of Lynas’ total HRE oxide production. In total, 75% of Lynas’ HRE oxides will be made available to Japan. Lynas is the first company outside China to produce separated dysprosium and terbium, albeit in very low volumes, and expects to add samarium by March 2026 and further products by year-end. Dy-Tb oxide output from Kuantan, derived from Mount Weld ore, is expected to reach 81t by the end of 2026 should the Mount Weld expansion ramp up as planned.",{"type":704,"attrs":1880,"content":1881},{"level":706,"textAlign":49},[1882],{"text":1883,"type":608,"marks":1884},"Downside protection",[1885],{"type":1322},{"type":603,"attrs":1887,"content":1888},{"textAlign":49},[1889,1891,1898],{"text":1890,"type":608},"The same $110/kg floor was agreed last year in a ",{"text":1892,"type":608,"marks":1893},"supply deal between MP Materials and the US Department of War",[1894],{"type":618,"attrs":1895},{"href":1896,"uuid":1897,"anchor":49,"target":1330,"linktype":623},"/publications/analysis/pentagon-invests-in-mp-materials-in-bid-to-break-chinas-rare-earths-dominance-benchmark-rare-earths","52352c78-ba51-45cd-a3d3-e2a0f6377f26",{"text":1899,"type":608}," (DoW), meaning the only two major operating rare earth projects outside China have now accepted the price floor. According to Benchmark cost estimates, the $110/kg floor sits below the incentive price required for almost 80% of the ex-China supply pipeline. The structure may provide Lynas with downside protection while preserving exposure to price upside.",{"type":704,"attrs":1901,"content":1902},{"level":706,"textAlign":49},[1903],{"text":1904,"type":608,"marks":1905},"Japan’s reliance on Chinese rare earth oxides remains",[1906],{"type":1322},{"type":603,"attrs":1908,"content":1909},{"textAlign":49},[1910],{"text":1911,"type":608},"JARE is a special purpose vehicle established by JOGMEC and Sojitz Corporation, reflecting Japan’s continued use of state-backed finance and long-term offtake to secure critical mineral supply chains. Lynas is currently Japan’s largest rare earth supplier outside China.",{"type":603,"attrs":1913,"content":1914},{"textAlign":49},[1915],{"text":1916,"type":608},"Between 2024 and 2026, 85% of Japan’s rare earth oxide imports came from China, with the second-largest share coming from Malaysia at ~7%. Japan also sources ~3% of its total magnetic materials and metals imports from Malaysia, underscoring Lynas Malaysia’s strategic role.",{"type":694,"attrs":1918},{"id":1919,"body":1920},"5ad4b3ae-ec4f-4e01-81c6-273b943bf171",[1921],{"id":1922,"_uid":1923,"type":701,"component":702,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"28006147","i-51b01921-781b-422e-8db4-992570d060b9",{"type":603,"attrs":1925,"content":1926},{"textAlign":49},[1927],{"text":1928,"type":608},"Lynas currently receives mixed rare earth carbonate from Mount Weld in Australia, with cracking and leaching in Kalgoorlie, before intermediate material is shipped to the Lynas Malaysia plant near Kuantan for separation. Kuantan’s NdPr oxide output was ~2,500t in 2025. Lynas plans to increase HRE output by sourcing feedstock from ionic clay deposits in Malaysia, supported by a non-binding Memorandum of Understanding signed with Menteri Besar Inc on 30 May 2025.","Lynas Rare Earths and Japan Australia Rare Earths (JARE) have extended their long-term partnership to 2038, reinforcing a key non-Chinese supply route underpinning Japan’s strategy to diversify rare earth supply away from China.",[1931],{"slug":544,"name":543,"content":1932},{"job_title":557,"image":1933,"bio":548,"linkedin":555,"markets_covered":414},{"filename":552},[1935,1936],{"slug":770,"name":414},{"slug":772,"name":773},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":1938},{},{"id":1940,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":1941,"copyright":547,"fieldtype":553,"meta_data":1942,"is_external_url":50},129070878945760,"https://a.storyblok.com/f/287943243085208/96d8a6ecdb/bm-rare-earths-mine.jpg",{},"Mar 11, 2026",{"id":1945,"uuid":1946,"name":1947,"slug":1948,"full_slug":1949,"content":1950},137092606747601,"ab48f442-51df-4655-a5ac-fd0e55bdf4f6","Site visit: HyProMag opens UK’s first rare earth magnet recycling facility","site-visit-hypromag-opens-uks-first-rare-earth-magnet-recycling-facility","article/site-visit-hypromag-opens-uks-first-rare-earth-magnet-recycling-facility",{"_uid":1951,"date":1952,"live":51,"tags":1953,"editor":1963,"content":1967,"excerpt":2116,"featured":51,"reporter":2117,"component":766,"seo_title":2130,"categories":2131,"visibility":1138,"author_company":547,"data_vis_image":2140,"featured_image":2142,"seo_description":2146,"author_full_name":547,"author_job_title":547,"formattedDate":2147},"433dca55-bd23-48f2-9367-0b936b039392","2026-01-22 00:00",[1954,1957,1960],{"slug":1955,"name":1956},"hypromag","HyProMag",{"slug":1958,"name":1959},"site-visit","Site visit",{"slug":1961,"name":1962},"uk","UK",[1964],{"slug":591,"name":592,"content":1965},{"job_title":594,"image":1966,"bio":597,"linkedin":598},{"filename":596},{"type":600,"content":1968},[1969,1988,1993,2006,2014,2034,2040,2045,2050,2058,2063,2084,2089,2094,2099,2106,2111],{"type":603,"attrs":1970,"content":1971},{"textAlign":49},[1972,1974,1979,1980,1986],{"text":1973,"type":608},"HyProMag inaugurated the UK’s first commercial rare earth magnet recycling and manufacturing facility on 15 January at an event attended by Benchmark rare earth analysts ",{"text":543,"type":608,"marks":1975},[1976],{"type":618,"attrs":1977},{"href":1978,"uuid":49,"anchor":49,"target":49,"linktype":1488},"https://source.benchmarkminerals.com/video/watch/rare-earths-strategic-minerals-at-the-heart-of-energy-security",{"text":654,"type":608},{"text":1981,"type":608,"marks":1982},"Evelyn Zhou",[1983],{"type":618,"attrs":1984},{"href":1985,"uuid":49,"anchor":49,"target":49,"linktype":1488},"https://source.benchmarkminerals.com/article/site-visit-report-aclaras-carina-project-shows-progress-towards-rare-earths-supply-diversification",{"text":1987,"type":608},".",{"type":603,"attrs":1989,"content":1990},{"textAlign":49},[1991],{"text":1992,"type":608},"The facility at Tyseley Energy Park uses Hydrogen Processing of Magnet Scrap (HPMS) technology to produce up to 300 tonnes of NdFeB magnet blocks per year at full capacity.",{"type":603,"attrs":1994,"content":1995},{"textAlign":49},[1996,1998,2004],{"text":1997,"type":608},"Inaugurated by the UK’s Minister for Industry in the Department for Energy Security and Net Zero, Chris McDonald, the facility represents the first commercial production of rare earth permanent magnets in the UK in 25 years. It is a key enabler of the ",{"text":1999,"type":608,"marks":2000},"UK Government’s November 2025 Critical Minerals Strategy",[2001],{"type":618,"attrs":2002},{"href":2003,"uuid":49,"anchor":49,"target":49,"linktype":1488},"https://source.benchmarkminerals.com/article/how-ambitious-is-the-uks-critical-mineral-strategy",{"text":2005,"type":608},", which targets meeting 10% of annual critical mineral demand from domestic sources and 20% through recycling by 2035.",{"type":603,"attrs":2007,"content":2008},{"textAlign":49},[2009],{"type":1508,"attrs":2010},{"id":49,"alt":2011,"src":2012,"title":49,"source":49,"copyright":49,"meta_data":2013},"Chris McDonald MP, Department for Energy Security and Net Zero at the HyProMag inauguration event","https://res.cloudinary.com/benchmarkminerals/images/w_1024,h_576,c_scale/f_auto,q_auto/v1769088189/www-production/HyProMag-Chris-McDonald-MP-Department-for-Energy-Security-and-Net-Zero/HyProMag-Chris-McDonald-MP-Department-for-Energy-Security-and-Net-Zero.jpg",{},{"type":603,"attrs":2015,"content":2016},{"textAlign":49},[2017,2019,2025,2027,2032],{"text":2018,"type":608},"“Seeing HPMS technology operating at commercial scale reinforced our view that recycling is emerging as a critical resilience mechanism for rare earth supply,” said Neha Mukherjee, a research manager at Benchmark. “It is complementing, not replacing, ",{"text":2020,"type":608,"marks":2021},"primary production",[2022],{"type":618,"attrs":2023},{"href":2024,"uuid":49,"anchor":49,"target":49,"linktype":1488},"https://source.benchmarkminerals.com/article/infographic-the-last-30-years-of-rare-earths-mining",{"text":2026,"type":608},", and positioning Europe, and the ",{"text":1962,"type":608,"marks":2028},[2029],{"type":618,"attrs":2030},{"href":2031,"uuid":49,"anchor":49,"target":49,"linktype":1488},"https://source.benchmarkminerals.com/article/uk-and-australian-developers-dominate-african-rare-earths-but-china-gains-influence",{"text":2033,"type":608}," in particular, as increasingly important players in diversified, traceable magnet sourcing.”",{"type":704,"attrs":2035,"content":2037},{"level":2036,"textAlign":49},4,[2038],{"text":2039,"type":608},"How does Hydrogen Processing of Magnet Scrap work?",{"type":603,"attrs":2041,"content":2042},{"textAlign":49},[2043],{"text":2044,"type":608},"HPMS technology offers a distinct advantage over traditional recycling routes as it is agnostic to feedstock, meaning magnets do not need to be extracted from motors, rotors, or electronic components before processing.",{"type":603,"attrs":2046,"content":2047},{"textAlign":49},[2048],{"text":2049,"type":608},"Whole components are exposed to hydrogen gas, causing embedded NdFeB magnets to undergo hydrogen decrepitation, cracking into a demagnetised, brittle powder. This enables efficient physical separation of magnet material from steel and copper without damaging the rare earth content, producing a clean recycled alloy powder suitable for reprocessing.",{"type":603,"attrs":2051,"content":2052},{"textAlign":49},[2053],{"type":1508,"attrs":2054},{"id":49,"alt":2055,"src":2056,"title":49,"source":49,"copyright":49,"meta_data":2057},"HyProMag magnet-to-magnet powder finished products","https://res.cloudinary.com/benchmarkminerals/images/w_1024,h_576,c_scale/f_auto,q_auto/v1769088175/www-production/HyProMag-Magnet-to-magnet-powder-finished-products/HyProMag-Magnet-to-magnet-powder-finished-products.jpg",{},{"type":603,"attrs":2059,"content":2060},{"textAlign":49},[2061],{"text":2062,"type":608},"HyProMag’s facility can recover over 400 kg of rare earth alloy per batch using the HPMS reactor and produce new sintered NdFeB magnet blocks at a capacity of 100 tonnes per annum on a single shift, rising to over 300 tonnes per annum on multiple shifts.",{"type":603,"attrs":2064,"content":2065},{"textAlign":49},[2066,2068,2074,2076,2082],{"text":2067,"type":608},"Initially, the facility’s output will primarily be consumer electronics grades, with ongoing development toward higher-performance magnets suited for use in ",{"text":2069,"type":608,"marks":2070},"permanent magnet synchronous motors",[2071],{"type":618,"attrs":2072},{"href":2073,"uuid":49,"anchor":49,"target":49,"linktype":1488},"https://source.benchmarkminerals.com/article/how-many-rare-earths-are-needed-to-produce-ev-motors",{"text":2075,"type":608}," (PMSM). Validation by GKN and ",{"text":2077,"type":608,"marks":2078},"Toyota",[2079],{"type":618,"attrs":2080},{"href":2081,"uuid":49,"anchor":49,"target":49,"linktype":1488},"https://source.benchmarkminerals.com/article/the-importance-of-evs-to-the-rare-earths-market",{"text":2083,"type":608}," has supported OEM confidence, with customers reportedly willing to pay a premium for supply resilience and traceability.",{"type":704,"attrs":2085,"content":2086},{"level":2036,"textAlign":49},[2087],{"text":2088,"type":608},"What is the global magnet recycling landscape?",{"type":603,"attrs":2090,"content":2091},{"textAlign":49},[2092],{"text":2093,"type":608},"The UK project sits within a rapidly expanding global rare earth recycling landscape. China remains dominant, with around 30 known recycling companies and expected recycling capacity of approximately 67 kt TREO in 2025.",{"type":603,"attrs":2095,"content":2096},{"textAlign":49},[2097],{"text":2098,"type":608},"By comparison, the recycling pipeline outside China remains modest but is growing: projects expected to come online by 2027 total around 6.9 kt of separated rare earth oxides, 1.8 kt of magnet powders, and 1.8 kt of rare earth alloys and magnets.",{"type":694,"attrs":2100},{"id":2101,"body":2102},"8e42b07a-ef36-4233-8a93-341c2ba77bff",[2103],{"id":2104,"_uid":2105,"type":701,"component":702,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"27329408","i-c1beeb03-096c-4a8d-8c53-7df775a3e157",{"type":603,"attrs":2107,"content":2108},{"textAlign":49},[2109],{"text":2110,"type":608},"If fully realised, Western recycling projects could supply around 7.7% of global TREO demand – representing meaningful diversification, but still a supplementary contribution rather than a replacement for primary supply.",{"type":603,"attrs":2112,"content":2113},{"textAlign":49},[2114],{"text":2115,"type":608},"For the UK, which currently has no rare earth production across the value chain, the Tyseley facility is a significant strategic milestone, demonstrating how recycling can underpin resilience while broader upstream capacity remains absent.","HyProMag inaugurated the UK’s first commercial rare earth magnet recycling and manufacturing facility on 15 January at an event attended by Benchmark rare earth analysts Neha Mukherjee and Evelyn Zhou. The facility at Tyseley Energy Park uses Hydrogen Processing of Magnet Scrap (HPMS) technology to produce up to 300 tonnes of NdFeB magnet blocks per ...",[2118,2121],{"slug":544,"name":543,"content":2119},{"job_title":557,"image":2120,"bio":548,"linkedin":555,"markets_covered":414},{"filename":552},{"slug":2122,"name":2123,"content":2124},"evelyn-mengwei-zhou","Evelyn Mengwei Zhou",{"job_title":2125,"image":2126,"bio":2128,"linkedin":2129,"markets_covered":414},"Analyst - Rare Earths",{"filename":2127},"https://a.storyblok.com/f/287943243085208/512x512/e714a08bc6/evelyn-zhou.jpeg","Evelyn is an analyst on the rare earths team at Benchmark Mineral Intelligence, where she works on market analysis for rare earths supply chains, covering supply, demand, cost, pricing and ESG factors. She has an MSc in Environmental System Engineering from University College London and a BSc in Geological Engineering from China.","https://www.linkedin.com/in/evelyn-mengwei-zhou-905097228/","Site visit: HyProMag opens UK’s first rare earth magnet recycl...",[2132,2133,2134,2137],{"slug":772,"name":773},{"slug":770,"name":414},{"slug":2135,"name":2136},"recycling","Recycling",{"slug":2138,"name":2139},"sustainability","Sustainability",{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":2141},{},{"id":2143,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":2144,"copyright":547,"fieldtype":553,"meta_data":2145,"is_external_url":50},137092706381922,"https://a.storyblok.com/f/287943243085208/2560x1503/093a20a4b4/electric-motor-rotor-with-permanent-magnet.jpg",{},"HyProMag inaugurated the UK’s first commercial rare earth magnet recycling and manufacturing facility on 15 January at an event attended by Benchmark rare earth analysts Neha Mukherjee and Evelyn Zhou. The facility at Tyseley Energy Park uses Hydrogen Pro","Jan 22, 2026",{"id":2149,"uuid":1563,"name":2150,"slug":2151,"full_slug":2152,"content":2153},133953829226609,"What are the implications of China’s latest rare earth export restrictions on Japan?","what-are-the-implications-of-chinas-latest-rare-earth-export-restrictions-on-japan","article/what-are-the-implications-of-chinas-latest-rare-earth-export-restrictions-on-japan",{"_uid":2154,"date":2155,"tags":2156,"editor":2163,"content":2167,"excerpt":2261,"featured":51,"reporter":2262,"_editable":2266,"component":766,"seo_title":2267,"categories":2268,"visibility":1138,"author_company":49,"data_vis_image":2271,"featured_image":2274,"seo_description":2278,"author_full_name":49,"author_job_title":49,"formattedDate":2279},"1c929b19-bacc-450a-80ab-86b178c80828","2026-01-13 00:00",[2157,2160,2161,2162],{"slug":2158,"name":2159},"asia","Asia",{"slug":572,"name":573},{"slug":1168,"name":1169},{"slug":1833,"name":1095},[2164],{"slug":591,"name":592,"content":2165},{"job_title":594,"image":2166,"bio":597,"linkedin":598},{"filename":596},{"type":600,"content":2168},[2169,2189,2194,2207,2215,2220,2225,2230,2235,2243,2256],{"type":603,"attrs":2170,"content":2171},{"textAlign":49},[2172,2174,2180,2182,2187],{"text":2173,"type":608},"On 6 January 2026, China announced ",{"text":2175,"type":608,"marks":2176},"tighter export controls",[2177],{"type":618,"attrs":2178},{"href":2179,"uuid":49,"anchor":49,"target":49,"linktype":1488},"https://source.benchmarkminerals.com/article/rare-earth-prices-show-regional-bifurcation-following-export-restrictions-imposed-by-china",{"text":2181,"type":608}," on dual-use items to Japan, including seven medium and heavy ",{"text":2183,"type":608,"marks":2184},"rare earth elements",[2185],{"type":618,"attrs":2186},{"href":2024,"uuid":49,"anchor":49,"target":49,"linktype":1488},{"text":2188,"type":608}," and any products containing them, including rare earth permanent magnets (REPM).",{"type":603,"attrs":2190,"content":2191},{"textAlign":49},[2192],{"text":2193,"type":608},"Although the policy specifically targets Japanese military users, military end uses, and any end uses deemed to enhance Japan’s military capabilities, it will significantly increase regulatory scrutiny on rare earth oxides, metals, and permanent magnets destined for Japan. This added paperwork burden is likely to disrupt most Japanese companies using Chinese rare earths at least in the short term.",{"type":603,"attrs":2195,"content":2196},{"textAlign":49},[2197,2199,2205],{"text":2198,"type":608},"China accounted for 80% of Japan’s ",{"text":2200,"type":608,"marks":2201},"rare earth",[2202],{"type":618,"attrs":2203},{"href":2204,"uuid":49,"anchor":49,"target":49,"linktype":1488},"https://source.benchmarkminerals.com/article/rare-earths-enter-new-era-of-price-volatility",{"text":2206,"type":608}," imports and a third of its REPM imports, highlighting the importance of Chinese material to Japanese supply chains.",{"type":694,"attrs":2208},{"id":2209,"body":2210},"b18897ec-e6e2-4215-8cea-9c7df56c9d55",[2211],{"id":2212,"_uid":2213,"type":701,"_editable":2214,"component":702,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"27177175","i-a564727c-19a2-44c3-87a5-62741af8375d","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-a564727c-19a2-44c3-87a5-62741af8375d\", \"id\": \"\"}-->",{"type":704,"attrs":2216,"content":2217},{"level":2036,"textAlign":49},[2218],{"text":2219,"type":608},"What impact could this have on Japanese companies?",{"type":603,"attrs":2221,"content":2222},{"textAlign":49},[2223],{"text":2224,"type":608},"While military end use has effectively been restricted since the earlier April 2025 export control framework, the January 2026 announcement represents a country-specific tightening. Under the same legal framework, Japanese companies now face stricter license reviews, higher compliance burdens, and greater approval uncertainty compared with other export destinations.",{"type":603,"attrs":2226,"content":2227},{"textAlign":49},[2228],{"text":2229,"type":608},"Japan, like much of the world, remains dependent on China for rare earth raw materials, with reliance even more pronounced for the heavy rare earths, of which over 99% are refined in China. This dependency is particularly acute for magnet producers such as Proterial, Shin-Etsu Chemical, and TDK, all of whom depend on Chinese supplies of NdPr, Dy, and Tb oxides, metals and NdFeB magnets.",{"type":603,"attrs":2231,"content":2232},{"textAlign":49},[2233],{"text":2234,"type":608},"Trade data highlights both dependency and volatility. China’s exports of rare earth oxides and compounds to Japan increased from 4,262 tonnes to 5,380 tonnes year-on-year, a growth of approximately 26%. In 2025, REPM exports dropped sharply between April and June, bottoming at 80 tonnes in May, before rebounding once restrictions eased.",{"type":694,"attrs":2236},{"id":2237,"body":2238},"a59c683a-5746-4bee-93e1-4655bb585bee",[2239],{"id":2240,"_uid":2241,"type":701,"_editable":2242,"component":702,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"27177352","i-c0062a37-bbab-454c-8109-df541e8b6b02","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-c0062a37-bbab-454c-8109-df541e8b6b02\", \"id\": \"\"}-->",{"type":603,"attrs":2244,"content":2245},{"textAlign":49},[2246,2248,2254],{"text":2247,"type":608},"The immediate implementation of the January controls raises risks of shipments being detained at ports, disrupting long-term supply contracts between Chinese exporters and Japanese firms. This poses direct risks to downstream OEMs. Proterial produces 2,500–3,000tpa of sintered NdFeB magnets for ",{"text":2249,"type":608,"marks":2250},"traction motors",[2251],{"type":618,"attrs":2252},{"href":2253,"uuid":49,"anchor":49,"target":49,"linktype":1488},"https://source.benchmarkminerals.com/article/how-many-rare-earths-are-needed-to-produce-ev-motors?",{"text":2255,"type":608}," and supplies Toyota, Lexus, Honda, Nissan, and Mazda. Shin-Etsu operates around 3,400tpa of sintered magnet capacity across Japan and Vietnam, supplying Toyota, Subaru, and Suzuki. Any prolonged delays in raw material licensing could constrain magnet output, affecting EV and wind turbine production schedules.",{"type":603,"attrs":2257,"content":2258},{"textAlign":49},[2259],{"text":2260,"type":608},"Japan is investing in heavy rare earth reduction technologies and overseas capacity. Proterial has announced a new mass production line of Dy/Tb free magnets in 2025 and are ramping up through 2026. However, short term substitution of China’s rare earths remains limited. As a result, the January 2026 controls significantly elevate supply risk for Japan’s EV and renewable energy OEMs, reinforcing rare earths as a critical geopolitical vulnerability rather than a purely commercial input.","On 6 January 2026, China announced tighter export controls on dual-use items to Japan, including seven medium and heavy rare earth elements and any products containing them, including rare earth permanent magnets (REPM). Although the policy specifically targets Japanese military users, military end uses, and any end uses deemed to enhance Japan’s military capabilities, it […]",[2263],{"slug":544,"name":543,"content":2264},{"job_title":557,"image":2265,"bio":548,"linkedin":555,"markets_covered":414},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"1c929b19-bacc-450a-80ab-86b178c80828\", \"id\": \"\"}-->","What are the impacts of China’s REE export restrictions on Japan?",[2269,2270],{"slug":772,"name":773},{"slug":770,"name":414},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":2272,"copyright":547,"fieldtype":553,"meta_data":2273,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1768302709/www-production/Japan-REE-imports@2x/Japan-REE-imports@2x.png?_i=AA",{"alt":547,"title":547,"source":547,"copyright":547},{"id":49,"alt":2275,"name":547,"focus":547,"title":2275,"source":547,"filename":2276,"copyright":547,"fieldtype":553,"meta_data":2277,"is_external_url":51},"The Map and Flag of China and Japan","https://res.cloudinary.com/benchmarkminerals/images/w_2560,h_1600,c_scale/f_auto,q_auto/v1768302646/www-production/shutterstock_2409785595-1/shutterstock_2409785595-1.jpg?_i=AA",{"alt":2275,"title":2275,"source":547,"copyright":547},"On 6 January 2026, China announced tighter export controls on dual-use items to Japan, including seven medium and heavy rare earth elements and any products containing them, including rare earth permanent magnets (REPM). […]","Jan 13, 2026",1783441638924]