Inside the motor of every EV, every wind turbine, every robot, every drone, and every missile hides a tiny magnet — the strongest in the world. It's made from just a handful of rare earth elements, uses only a few grams per part, and is almost impossible to replace. And China controls more than 90% of the "refining" and "magnet-making" behind it. In 2025, China actually played that card as a weapon, and factories around the world stalled. This is the story of the quietest — and most dangerous — bottleneck in the modern economy.
US and allies build non-Chinese rare earth supply chain as China retaliates
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US government funding surge for domestic rare earth projects Washington backed domestic rare earth and magnet projects with billions in loans to Phoenix Tailings, Energy Fuels, and USA Rare Earth, plus a DOE coal-waste grant, accelerating a non-Chinese supply chain.
This is the central new positive force: massive government capital is directly building alternative supply.
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New capacity and international partnerships expand non-Chinese supply Energy Fuels' VAC acquisition, a ReElement-POSCO joint venture, and Brazil's rise added new rare earth and magnet capacity outside China, while the G7 agreed to cap single-country import shares at 50–60% by 2030.
Shows concrete supply additions and a coordinated policy to reduce reliance on China.
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China retaliates with blacklists and export restrictions China blacklisted MP Materials and USA Rare Earth, restricted equipment flows, and halted terbium and dysprosium shipments to Japan, raising costs and disrupting supply for non-Chinese producers.
This is the main new negative force: China's countermeasures directly threaten the emerging supply chain.
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Legal and political risks cloud key US projects MP Materials sued USA Rare Earth for technology theft, and a conflict-of-interest probe into USA Rare Earth's $1.6 billion government deal added uncertainty, potentially slowing progress and deterring investors.
These new risks could undermine the very projects meant to build the non-Chinese supply chain.
Latest
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Western Magnet Supply Ramps as US-China Truce Stays Fragile
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Western magnet production reaches commercial scale Neo Performance started commercial magnet shipments from its European plant to an EV motor customer, and MP Materials is nearing full NdPr output with GM magnet deliveries due by year-end. Real production outside China is replacing promises, a clear lift for the theme.
Shows the theme's core positive force: non-China magnet capacity actually producing and selling.
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New money and projects widen non-China supply TD launched a $150 billion five-year plan including critical minerals financing, Tronox and JX Advanced Metals agreed to fund rare earth studies in Australia and the US, and American Rare Earths raised its Wyoming mine plan. More funding and bigger projects support the buildout.
Captures fresh capital and project expansion that push non-China supply forward.
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US-China truce holds but delivers little on rare earths Trump and Xi extended their trade truce by two months and agreed to keep talking about rare earth supply shortages, but analysts called the results limited and tentative. The fragile calm eases near-term supply fears without solving the underlying bottleneck.
The truce is the main geopolitical swing factor for the theme, and its weakness is the key counterweight.
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Magnet-free motors threaten long-term demand MAHLE unveiled a heavy-truck motor that uses no permanent magnets, cutting rare earth use by up to 3 kilograms per vehicle. Coming after Tesla's rare-earth-free Cybercab motor, it shows automakers actively designing out rare earth demand.
This is the clearest new demand-side risk to the theme's long-term growth story.
Q3 2026
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China's export controls tighten supply; Western funding and capacity grow, but execution risks and stock declines weigh
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China's export controls tighten supply and keep prices high China halted US shipments and halved magnet exports to Japan, tightening global rare earth supply and keeping prices high. The IEA warned of downstream risks.
This is a key negative force that drove the sector by restricting supply and raising costs.
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Western funding and commercial-scale magnet production advance The US, Japan, EU, and Canada provided billions in funding: MP Materials secured Pentagon support, USA Rare Earth locked in $1.55bn, and Western magnet production reached commercial scale.
This shows the positive response to supply risks, expanding non-Chinese capacity.
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Non-China producers post strong revenue growth Non-China producers reported strong results, with MP Materials' revenue up 80%, indicating robust demand and successful ramp-up.
This highlights the positive operational performance of non-Chinese producers.
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Execution risks and stock declines threaten Western projects US magnet capacity may miss the January 2027 deadline, ~80% of Japanese manufacturers faced procurement risks, and rare earth stocks fell sharply (MP Materials -21%, USA Rare Earth -29%).
This underscores the challenges and market skepticism despite positive developments.
Greenland Resources Collects 8 Tonnes of Core, 14 Tonnes of Water for Malmbjerg REE and Magnesium Study
Greenland Resources Inc. has collected more than eight tonnes of drill core and fourteen tonnes of saline and fresh water from its Malmbjerg ore body in Greenland for a by-product test program backed by a non-repayable contribution from the government of Canada. The materials are expected to arrive at SGS Lakefield in Ontario around October 12, and the test program, which aims to verify metallurgical recoveries and concentration grades, will continue until March 2028. The work falls under the Malmbjerg Project Molybdenum Optimization, and Magnesium and Rare Earths By-product Feasibility Study, which received $7 million from Natural Resources Canada's Critical Minerals Research, Development and Demonstration Program. The company noted that China accounts for approximately 69% of global rare earth element production and 89% of global magnesium production, with the EU sourcing 97% of its magnesium from China and US net import reliance on magnesium exceeding 75% of consumption in 2025. The program covers characterization of ore samples and process water, optimization of molybdenum flotation under fresh and saline water conditions, and evaluation of magnesium and REE recovery pathways, with each program potentially advancing to continuous pilot-scale testing.
LH Fund launches IPO of LHCRITMAT fund investing in nine critical mineral groups
Land and Houses Fund Management, or LH Fund, has opened the initial public offering of the LH Critical Materials open-ended fund (LHCRITMAT) from October 6 to 14, 2026, with a risk level of 7. The fund invests in the master fund, the Sprott Critical Materials ETF (SETM), at an average of no less than 80% of net asset value per fiscal year. Monarat Padungsit, Managing Director of LH Fund, said critical minerals are becoming a strategic raw material for the modern world, driven by their necessity for energy production, transmission and storage, as well as the defense and aerospace industries. The master fund is passively managed, tracking the Nasdaq Sprott Critical Materials Index, which selects stocks that derive at least 50% of revenue or assets from the critical minerals business, caps each security's weight at no more than 4.75%, and reviews index constituents every six months. Its key highlight is diversification across nine critical mineral groups through a single fund, with copper at 26.6% and uranium at 25.2%, followed by lithium, silver and rare earths, as of June 30, 2026. The master fund's portfolio has more than 77% combined exposure to companies listed in Canada, Australia and the United States, in line with the trend of supply chain diversification away from China. The master fund returned 60.33% over the past year and an average of 18.36% per year since inception, as of August 31, 2026. On the demand side, China accounts for as much as 90% of global rare earth processing and refining, while Japan relied on imports from China for 63% of its rare earths in 2024. The United States Geological Survey announced its 2025 national critical minerals list of 60 items, 10 more than the previous list. The IEA estimates global power grid investment in 2026 at about 550 billion US dollars, up nearly 20% from the previous year, with nuclear power capacity under construction totaling 78 gigawatts across 15 countries. NATO members aim to raise defense budgets to 5% of GDP by 2035. On the supply side, constraints remain: capital spending by critical minerals mining companies fell 9% in 2025 and exploration budgets dropped 10%. The IEA estimates that by 2035, mines worldwide may produce 30% less copper than needed and 40% less lithium, requiring about 500 billion US dollars in new mine investment by 2040.
Critical Metals Wins Greenland Approval for Tanbreez Rare Earth Mine
Critical Metals Corp. shares rose 13% Monday morning after the company said it received formal mining approvals from the Government of Greenland for its Tanbreez Mine, valid through 2050. The Government of Greenland approved the Mining Plan and Closure Plan for the Tanbreez Project, one of the world's largest heavy rare earth deposits, located in Southern Greenland. The approvals, signed by Minister Múte B. Egede on September 29, 2026, establish a framework for approximately 24 years of permitted operations under the company's existing exploitation licence. They cover the extraction of 19 critical elements, including the heavy rare earths terbium, dysprosium and yttrium, as well as the magnet metals neodymium and praseodymium. The remaining step before construction can begin is obtaining activity-specific operating permits under sections 120 and 121 of the Greenland Mineral Activities Act, covering environmental management, marine transport, health and safety, and the export and sale of minerals. The approvals were granted to the company's Greenlandic subsidiary, Tanbreez Mining Greenland A/S, under Exclusive Licence No. 2020-54, which covers mineral exploitation at Killavaat Alannguat, between Narsaq and Qaqortoq in Southwest Greenland.
CRML · Regulation · Positive Critical Metals Corp. received formal Greenland government mining approvals for its Tanbreez rare earth project, a key regulatory milestone.
Tanbreez Mining Greenland A/S · Regulation · Positive Tanbreez Mining Greenland A/S, the company's subsidiary, was granted the mining and closure plan approvals under its exploitation licence.
US approves new investments in Ukraine reconstruction fund to support power restoration and critical minerals development
The US Treasury Department announced on the 2nd that it has approved new investment projects under its "reconstruction investment fund" with Ukraine. The main pillars are the restoration of heat and power supply infrastructure and the development of critical minerals, supporting Ukrainian companies as infrastructure damage spreads from Russia's invasion. According to the Treasury, the plan is to build power generation and heat supply facilities in multiple regions of Ukraine, aiming to supply thousands of households. It will also provide funding for battery storage projects in six locations across the country, seeking to stabilize power supply in preparation for blackouts caused by Russian military attacks. In addition, it will support the development of rare earths, uranium and other resources, strengthening supply chains for allied nations.
Apex Resources Grants ReOsiris Option to Acquire Wau Mineral Claim
Apex Resources Inc. has entered into an option agreement granting ReOsiris Inc. the exclusive right to acquire Apex's 100% interest in the Wau mineral claim in British Columbia. The option agreement took effect October 1, 2026, with ReOsiris, an arm's-length party, paying a non-refundable upfront cash payment of $20,000 for the grant of the option. ReOsiris must pay an additional $250,000 in cash upon exercising the option, and the upfront payment will not be credited against that exercise price. ReOsiris has 12 months to decide whether to exercise the option. The property consists of mineral tenure No. 1136563 and includes all minerals on the claim in whatever form, including tailings and waste rock, with all amounts stated in Canadian dollars.
Energy Transition & Power Demand › Uranium Mining & Development Capital
Apex Resources Inc. · Capital · Positive Apex grants ReOsiris an option to acquire its Wau mineral claim for $20,000 upfront plus $250,000 on exercise
ReOsiris Inc. · Capital · Neutral ReOsiris obtains an option to acquire the Wau claim, paying $20,000 now and $250,000 if it exercises within 12 months
American Rare Earths Unveils Larger Cowboy State Mine Plan in Updated Scoping Study
American Rare Earths has unveiled an updated Scoping Study for the Cowboy State Mine outlining a larger development concept for Halleck Creek, CEO Mark Wall said. The study evaluates a 4.5-million-tonne-per-year operation with a projected mine life of 26 years, generating an estimated after-tax net present value of approximately US$1.07 billion at an 8% real discount rate. Initial capital is estimated at approximately US$900 million, comprising roughly US$690 million in direct capital and US$210 million in contingency, with the updated study applying a 30% contingency allowance to direct capital versus 20% in the company's 2025 study. Modelled average annual production of neodymium-praseodymium oxide has increased from approximately 1,800 tonnes to 2,500 tonnes, and a separate closure cost provision of approximately US$56 million has been included at the end of the projected mine life. The development concept combines mining, comminution and mineral concentration at the Cowboy State Mine with a separate hydrometallurgical refinery planned for the Wheatland or Laramie area of Wyoming, as the company aims to establish a domestic supply of rare earth oxides and advance technical work to connect those materials with downstream U.S. production of rare earth metals and permanent magnets.
American Rare Earths Limited · Supply · Positive Updated scoping study outlines a larger 4.5Mtpa Cowboy State Mine with higher NdPr output, expanding its rare earth supply project
EQ Resources Swings to A$7.11 Million Full-Year Profit as Sales Reach A$165.44 Million
EQ Resources Limited reported full-year results to 30 June 2026, swinging to a net profit of A$7.11 million from a prior-year net loss. Sales rose to A$165.44 million and revenue to A$167.04 million, and the company moved from a loss per share to positive basic and diluted earnings per share from continuing operations. The company said the turnaround reflects core operations now earning their keep, though it flagged risks around high non-cash earnings, volatile share price moves, concentration in a niche commodity, and recent shareholder dilution. Short-term catalysts center on execution at key projects, integration of the Springer APT joint venture in the US, and governance and capital allocation under a refreshed board and relatively new management team. Simply Wall St Community fair value estimates for EQ Resources range from roughly A$0.25 to A$2.43 across three submissions.
EQ Resources Limited · Capital · Positive EQ Resources swung to a A$7.11 million full-year net profit with sales of A$165.44 million, a financial-results turnaround.
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Rare Earths & Permanent Magnets▲
Mkango Files Amended Form F-4 for Crown PropTech SPAC Merger
Mkango Magnetic Materials Limited announced that its wholly-owned subsidiary, Mkango Rare Earths Limited, filed an amendment to its registration statement on Form F-4 with the United States Securities and Exchange Commission on September 29, 2026, in connection with its proposed business combination with Crown PropTech Acquisitions, first announced on July 3, 2025. The Amended Form F-4 comprises a preliminary proxy statement of CPTK and a preliminary prospectus of MKAR covering the common shares and warrants to be issued in the deal. The filing has not yet been declared effective by the SEC and remains subject to completion or amendment. Subject to the SEC review process and customary closing conditions, including approval by CPTK shareholders, MKAR's common shares and warrants are expected to list on Nasdaq under the symbols MKAR and MKARW on closing. Mkango, which is listed on AIM and the TSX-V, is pursuing a strategy to become a market leader in recycled rare earth magnets, alloys and oxides, and its Songwe Hill and Pulawy rare earths projects have both been selected as Strategic Projects under the European Union Critical Raw Materials Act.
Defense & Geopolitical Fragmentation › Sovereign Critical Minerals & Magnets Capital
Defense & Geopolitical Fragmentation › Sovereign Supply — Minerals & Reshoring Industrials Capital
Crown PropTech Acquisitions · Capital · Positive Amended Form F-4 filed with SEC advances its proposed SPAC business combination with Mkango Rare Earths, with shares/warrants expected to list on Nasdaq.
Chinese Foreign Minister Meets Iwaya, Shifts from Demanding 'Retraction' of Taiwan Remarks to 'Correction'
China's Foreign Ministry announced on September 28 that Foreign Minister Wang Yi met with former Japanese Foreign Minister Takeshi Iwaya and set out conditions for improving what is described as the worst-ever Japan-China relationship. China had repeatedly demanded that Prime Minister Sanae Takaichi retract her remarks about a Taiwan contingency, but at a Foreign Ministry spokesperson's press conference on May 18 the wording shifted to "correction," and at the June 18 press conference no mention of a retraction was made. Rintaro Ogata, a House of Representatives member of the Shishi no Kai, noted that "it is important to pay attention to changes in China's wording," and said that adherence to the "four political documents" demanded by China involves documents drawn up during Liberal Democratic Party administrations, so there would be no contradiction even if Prime Minister Takaichi follows them. On September 29, Iwaya met with Vice Premier He Lifeng, known as a close aide to President Xi Jinping, and obtained agreement to speed up procedures for licensing exports to Japan of rare earths for civilian use. Shinichi Isa, a House of Representatives member of Komeito who visited China in late August, acknowledged that the visit was made with the approval of the Japanese government and that the embassy reported its details to the government.
Metallus Wins $995 Million Defense Logistics Agency Steel Contract, Gets $125 Million Initial Order
Metallus has been awarded a single-award, firm-fixed-price Indefinite Delivery/Indefinite Quantity contract by the U.S. Defense Logistics Agency to supply steel for critical defense applications, with a maximum ceiling of $995 million over a five-year ordering period. The ceiling represents the maximum amount the DLA may order over the contract term and is not a commitment to purchase that amount. On September 29, 2026, Metallus received an initial delivery order under the contract valued at approximately $125 million, and the company has up to 24 months to fulfill each delivery order. Chief executive officer Mike Williams said the award and initial order mark another key step in the continued transformation of Metallus and reflect the company's proven ability to produce specialty steel that meets the rigorous performance, quality and traceability requirements of critical defense applications. Metallus, based in Canton, Ohio, employs approximately 1,850 people and had sales of $1.2 billion in 2025.
Tronox and JX Advanced Metals Sign Rare Earth Cooperation and Investment Agreement
Tronox Holdings plc has signed a cooperation and investment agreement with JX Advanced Metals Corporation to advance its rare earth and critical minerals business. Under the agreement, the two companies will fund on a 50/50 basis approximately $32 million to support a definitive feasibility study for Tronox's proposed rare earth cracking and leaching facility in Australia, a pre-feasibility study for a proposed rare earth oxide refinery in the United States, and development of a US-based pilot facility capable of producing initial quantities of high-purity rare earth oxides. The Cracking Plant is planned for the Rockingham Industrial Zone in Western Australia, about three kilometers south of Tronox's Kwinana TiO2 pigment plant, while the Refinery is expected to be located on Tronox-owned land adjacent to its Hamilton, Mississippi TiO2 pigment facility. Together, the two sites would aim to produce up to 10,000 tonnes per annum of total rare earth oxides, and the agreement also contemplates joint development of niobium, scandium, zirconium, and hafnium from Tronox's mineral resources. If the engineering studies demonstrate technical and commercial viability, the companies will explore forming a joint venture to fund, build, and operate the assets, and they have engaged with government-backed financing institutions including the US Export-Import Bank and Export Finance Australia.
5016.JP · Capital · Positive JX Advanced Metals signs agreement to co-fund ~$32M in rare earth studies and explore a joint venture with Tronox.
TROX · Capital · Positive Tronox signs cooperation and investment agreement with JX Advanced Metals, with 50/50 funding of ~$32M for rare earth feasibility studies and potential JV.
Allied Critical Metals Closes Second Tranche of U.S.$25 Million Placement With Tribeca
Allied Critical Metals Inc. has closed the second tranche of its previously announced U.S.$25 million private placement of common shares, raising gross proceeds of U.S.$15 million from new strategic investor Tribeca Investment Partners. The Second Tranche consisted of 10,317,073 common shares issued at C$2.05 per share, subject to a four-month-and-one-day hold period under applicable securities laws and Canadian Securities Exchange policies. The company said net proceeds will fund development of its Vila Verde pilot project, ongoing exploration and development at the Borralha Tungsten Project, and additional working capital. In connection with the closing, Allied paid Clarus Securities Inc. a finder's fee comprising a cash commission equal to 5% of gross proceeds and broker warrants equal to 5% of the shares issued, each exercisable at the offering price for 24 months. Chief Executive Officer Roy Bonnell said the closing paves the way to continue developing the flagship Borralha Property and the near-term producing Vila Verde Property, while Tribeca portfolio manager Ben Cleary said the two past-producing tungsten assets could become significant contributors to the defense industry amid a dramatic shortage of tungsten concentrates.
Allied Critical Metals Inc. · Capital · Positive Closed second tranche of US$25M placement, raising US$15M to fund Vila Verde and Borralha development
Tribeca Investment Partners · Capital · Positive Tribeca is the new strategic investor funding the placement as portfolio manager cites tungsten shortage
Clarus Securities Inc. · Capital · Positive Clarus Securities received a 5% cash finder's fee and broker warrants for the placement
US and China Agree to Extend Trade Truce by Two Months to January 10, China's Commerce Ministry Confirms
China's Commerce Ministry announced on the 28th that at the US-China summit, the two countries agreed to extend the deadline of their trade war "truce" — under which each side suspends some of its tariffs and the tightening of rare earth export controls — by two months, to January 10 of next year. US Treasury Secretary Bessent had already indicated the extension plan, but China has now formally confirmed it as well, aiming to avoid a renewed flare-up in trade friction ahead of further summit talks expected before the end of the year. The tariff cuts cover roughly 30 billion dollars' worth of goods that the US and China each import from the other, and for about 90 percent of these items on both sides, the tariffs will be lowered to the most-favored-nation rates that WTO members apply in principle. China also explicitly stated its plan to lower tariffs to expand imports of US coal.
Trump-Xi Summit Yields Few Breakthroughs as Fragile Truce Holds
The U.S. and China concluded a Trump-Xi summit in Washington, D.C., with few breakthroughs and a far shorter-than-expected two-month trade truce extension, leaving analysts questioning whether the fragile detente can hold without more tangible outcomes. The two sides issued separate statements rather than a joint one, which Z-ben Advisors managing director Peter Alexander said shows they are locked in a battle over escalation dominance. Both readouts said Trump and Xi intend to attend the APEC meeting in Shenzhen in November and the G20 summit in Miami in December, agreed to hold an AI dialogue within two months and establish a communication channel for AI incidents, and formalized Board of Trade and Board of Investment plans along with an agreement to reduce tariffs on $30 billion worth of goods from the other. China's Commerce Ministry said that figure would include Chinese coal imports from the U.S., with the U.S. readout specifying at least 10 million metric tons of coal each year in 2027 and 2028, and both sides said they would establish a working group on agricultural trade with sector talks starting before the end of 2026. CSIS senior advisor Scott Kennedy said the deliverables on trade, rare earths, refined oil, investment and AI are all quite limited and tentative, and noted that although Taiwan was discussed it did not appear in either side's official readout, suggesting no progress.
China Rare Nonferrous Metals Increases Capital in Wholly-Owned Subsidiary Shengyuan Company by 306 Million Yuan
China Rare Nonferrous Metals announced on September 28 that the company used its own funds to increase capital in its wholly-owned subsidiary Shengyuan Company by 306 million yuan. After the capital increase is completed, the company will still hold 100% equity in Shengyuan Company, and Shengyuan Company will continue to be a wholly-owned subsidiary of the company. As the main entity of the company's high-performance magnetic materials business, this capital increase is conducive to optimizing Shengyuan Company's capital structure, effectively mitigating the risk of high-debt operations, and consolidating the foundation for industrial development.
Trump accepts Xi Jinping's invitation to visit China in mid-November after three-day Washington trip wraps up
US President Donald Trump has accepted an invitation from Chinese President Xi Jinping to visit China in mid-November, after Xi wrapped up a three-day visit to Washington on Friday, September 25. It was his second personal meeting with Trump in 2026 and the first visit to Washington by a Chinese leader in 11 years. The two leaders will meet again at the APEC summit in Shenzhen and the G20 meeting in Miami in December. On trade and investment, the White House said the United States and China have moved forward with the trade and investment mechanism agreed at their meeting in Beijing in May, endorsing a proposal for tariff treatment favorable to trade in non-sensitive goods worth 30 billion dollars for each side's exports. The US side covers agricultural goods, fishery products, wood products and medical equipment, while imports from China cover consumer goods such as small electrical appliances and toys. China will import at least 10 million tons of coal from the United States in 2027 and at least another 10 million tons in 2028. Both sides will continue discussions on supply chain shortages related to rare earths and other critical minerals, and will set up a consultation mechanism on artificial intelligence and a communication channel between the two countries to respond to related incidents. US Trade Representative Jamieson Greer said the Trump administration plans to disclose further details on Monday about what the United States and China achieved in weeks of negotiations.
China agrees to import 10 million tons of US coal annually in 2027-2028
China has agreed to import at least 10 million tons of coal from the United States in 2027 and at least another 10 million tons in 2028, according to the White House, a sign of progress in easing trade tensions between the world's two largest economies. The agreement was reached through the US-China trade committee, which has just begun operating. Both sides will push for more favorable tariff rates on non-sensitive goods from both countries, with a combined value of 30 billion US dollars. US goods eligible for tariff reductions include agricultural products, seafood, timber, cosmetics and medical equipment, while Chinese goods include small electrical appliances, toys, festive decorations and child car seats. The two countries also set up a working group to address market access barriers in the agricultural sector, and an investment committee to discuss investment opportunities and obstacles. They will also address US concerns about supply chain shortages involving rare earths and other critical minerals. Meanwhile, President Donald Trump has called on President Xi Jinping to increase production of refined petroleum products to stabilize global oil supply, and the two leaders agreed to discuss emerging technologies, with the next round of exchanges on artificial intelligence scheduled for November.
Trump and Xi Extend Trade Truce by Two Months, but Rare Earths Remain Unclear
The meeting between U.S. President Donald Trump and Chinese President Xi Jinping on September 24 took place in a friendly atmosphere, with both leaders displaying a good personal relationship. However, analysts in the United States view the meeting as more about image than concrete results. The key outcome so far is the extension of the trade truce by two months, from its original expiry on November 10 to January 10, 2027, to open the way for the two sides to negotiate a more comprehensive economic agreement. Nevertheless, several important issues remain unclear, including tariff reductions, purchases of agricultural goods and Boeing aircraft from the United States, China's rare earth exports, cooperation on artificial intelligence safety, and positions on Taiwan and Iran. Analysts also view the announcement of two giant pandas heading to Zoo Atlanta as a positive signal for people-to-people relations, but say it cannot substitute for resolving the structural conflicts between the United States and China. At the same time, U.S. senators from both the Republican and Democratic parties continue to criticize China, with concerns about its expanding regional influence and military buildup. Analysts say the meeting is significant in terms of maintaining channels of communication and preventing relations between the two countries from deteriorating further, but the main issues of trade, technology, rare earths, Taiwan, and Iran will still need to be watched through actual actions after the meeting.
BA · Tariff · Neutral Boeing aircraft purchases by China are among the unresolved issues in the extended US-China trade truce, with no concrete deal reached.
China Rare Earth Group in Talks to Acquire Shenghe Resources and Its 3% MP Materials Stake
Reuters reported on September 18, 2026 that state-owned China Rare Earth Group is in talks to acquire Shenghe Resources, which holds a roughly 3% stake in US rare earths company MP Materials Corp. and serves as MP's exclusive offtake partner for distributing rare earth concentrate in China. A deal would extend Beijing's consolidation of its rare earths sector to one of the last major Chinese firms in the space with private ownership. Shenghe's roughly 3% holding would not give China Rare Earth Group operational control over MP, which has repeatedly stated that neither Shenghe nor the Chinese government controls its operations, and the U.S. Department of Defense became MP's largest shareholder through a $400 million preferred-equity investment. MP stopped shipping rare-earth concentrate to China in April 2025 and terminated its Shenghe offtake agreement, while the Pentagon provided a 10-year NdPr price floor, long-term magnet purchase commitments and a $150 million loan, and Apple committed $500 million to purchase and develop U.S.-made magnets with MP. Shenghe publicly denied that its controlling shareholder planned a transfer, and Reuters' sources could not determine what would happen to Shenghe's foreign stakes or how the unusual shareholder combination involving China Rare Earth Group and the Pentagon might affect the transaction. Hedge fund count for MP Materials slipped to 50 funds in the second quarter from 52 in the first, even as position value rose to $1.01 billion from $619.1 million, according to Insider Monkey's database.
600392.CG · Capital · Neutral State-owned China Rare Earth Group is in talks to acquire Shenghe Resources, extending Beijing's consolidation of the rare earths sector, though Shenghe denies any controlling-shareholder transfer plan.
MP · Regulation · Neutral China Rare Earth Group's talks to acquire Shenghe, holder of ~3% of MP and its former China offtake partner, could shift the shareholder mix, though Shenghe's stake gives no operational control and the outcome is undetermined.
MP Materials' Magnetics Segment Revenue Rises 50% in First Half of 2026
MP Materials' Magnetics segment, the company's downstream magnet manufacturing arm, generated $37.6 million in revenues in the first half of 2026, up 50% year over year, while segment adjusted EBITDA nearly doubled to $17.1 million from $8.6 million. Within that half, first-quarter revenues surged 306% year over year to $21.1 million on higher magnetic precursor production, with segment adjusted EBITDA of $9.6 million versus $0.49 million a year earlier, while second-quarter revenues declined 17% year over year to $16.5 million and segment adjusted EBITDA fell 7% to $7.5 million, a drop MP attributed to the startup of magnet production at the Independence Facility and its impact on magnetic product pricing rather than weaker demand. MP delivered magnets to General Motors for in-vehicle qualification testing in the second quarter of 2026 and expects to begin commercial magnet shipments in the fourth quarter, followed by a steady production ramp. As of June 30, 2026, MP had collected $150 million in required prepayments from GM under their long-term supply agreement, had delivered $104.5 million of magnetic precursor products, and expects to deliver the remaining $45.5 million within one year, after which it plans to shift to finished magnet sales in 2026. MP is also building a second magnet plant in Northlake, Texas, known as the 10X Facility, expected to lift its overall U.S. rare earth magnet production capacity to roughly 10,000 metric tons per year, and is extending heavy rare earth refining at Mountain Pass.
MP · Capital · Positive MP Materials' Magnetics segment revenue rose 50% in H1 2026 with adjusted EBITDA nearly doubling to $17.1 million.
MP · Demand · Positive MP delivered magnets to GM for in-vehicle qualification testing and expects to begin commercial magnet shipments in Q4 2026.
GM · Demand · Positive GM's long-term supply agreement with MP Materials advances with magnet deliveries for in-vehicle qualification testing and $150M in prepayments collected.
Greenland Mines Lists Shares on Frankfurt Stock Exchange Under Symbol HK6
Greenland Mines Ltd announced that its common shares are now listed and trading on the Frankfurt Stock Exchange under the symbol HK6, complementing its principal Nasdaq listing. No new shares are being issued in connection with the Frankfurt listing, which the company said provides European investors with an additional venue to access its shares. President Bo Møller Stensgaard said Frankfurt is a natural next step for a company building a transatlantic critical-minerals company, adding that Nasdaq gives a strong U.S. platform while Frankfurt expands reach directly into Europe. The listing also complements Greenland Mines' membership in the European Raw Materials Alliance and advances its North Atlantic Critical Metals Corridor strategy, which is intended to connect Greenland's mineral resources with allied capital, infrastructure, processing pathways and industrial demand across North America and Europe. The company is advancing Sarfartoq, its Southwest Greenland rare-earth project focused on neodymium and praseodymium, and Skaergaard, its East Greenland gold, palladium, platinum and critical-metals project.
Stifel Initiates Almonty With Buy Rating and $25 Price Target
Stifel initiated coverage of Almonty Industries with a Buy rating and a $25.00 price target, sending shares up nearly 8% in early Friday trading. Analyst Brock Cannon's target implies substantial upside from trading levels near $12.40. The call comes as Almonty transitions into Phase I commercial production at its flagship Sangdong mine in South Korea, with a slated Phase II buildout at Sangdong and capacity growth at the Panasqueira asset in Portugal expected to make it the premier Western tungsten producer by the end of 2028. Tungsten prices have surged roughly 775% since the start of 2025 after China tightened export controls, structurally altering global supply. Stifel also cited long-term upside from adjacent owned assets and a planned downstream tungsten oxide facility.
19 Democrats Press Trump to Speed Delivery of $15 Billion in Taiwan Aid After Summit With Xi Jinping Yields No Progress
Democratic members of the U.S. Senate criticized the summit between President Donald Trump and President Xi Jinping, saying it prioritized ceremony and optics over real progress on artificial intelligence, trade, strategic minerals, and arms sales to Taiwan. Trump hosted Xi at the White House on Thursday, September 24, amid dignified diplomatic ceremony, but the closed-door discussions showed no sign that the two sides had resolved their disputes. At least 19 Democrats from the Senate's 47-member Democratic caucus signed a statement urging Trump to speed delivery of more than $15 billion in security assistance to Taiwan that Congress has already approved, consisting of $1.3 billion in funding and a $14 billion arms sale package. They also called on the administration to push on human rights issues and the release of Americans who have been wrongfully detained. Some Republican members have likewise urged Trump to quickly release the support funding for Taiwan. Democrats also criticized the Trump administration's easing of restrictions on exports of advanced chips to China, noting that the extension of the tariff truce between the United States and China is not enough to resolve supply chain problems, especially China's dominance of global rare earth smelting and extraction. The Democrats' stance on this summit also reflects the approach party members may take toward China if they can regain a majority in the House of Representatives, the Senate, or both chambers after the midterm elections on November 3.
Goldman Sachs Initiates Almonty at Neutral With $13 Price Target
Goldman Sachs initiated coverage on Almonty Industries with a Neutral rating and a $13 price target, sending shares down 8.3% in Thursday's trading. Analyst Nick Cash said Almonty sits at the center of the Western tungsten investment narrative, as policy actions taken by China have driven global supply concerns and pushed tungsten prices up 8x since the beginning of 2025. Cash expects tungsten prices to normalize as new mine supply, recycling, and refining capacity respond to current economics, and he sees a more gradual ramp-up than the market expects at the Sangdong mine in South Korea, one of the most important tungsten development assets outside China. While remaining constructive on the strategic value of Almonty's asset base, Cash said the current valuation already discounts much of the stock's upside potential, reflecting both a continuation of the current exceptional tungsten market and an aggressive production profile for Sangdong.
ALM · Capital · Negative Goldman Sachs initiated coverage with a Neutral rating and $13 price target, saying valuation already discounts upside and Sangdong ramp-up will be more gradual than expected.
GS · Capital · Neutral Goldman Sachs is the analyst initiating coverage on Almonty; the article reports its rating action but no company-specific development for Goldman itself.
US and Japan Discuss China Yttrium Supply Chain Two Weeks Before US-China Summit
Government officials and corporate executives from the United States and Japan met two weeks before the US-China summit to discuss supply bottlenecks affecting access to Chinese yttrium, a rare earth essential to the aerospace industry and semiconductor manufacturing. According to documents reviewed by Reuters, the Trump administration convened a meeting on the 10th of this month focused specifically on the supply chains for permanent magnets and yttrium, providing an opportunity for candid discussion of current and future strategic supply chain bottlenecks. The senior-level meeting, hosted by the US Department of Energy and involving Japan's Ministry of Economy, Trade and Industry, aimed to identify opportunities for US-Japan cooperation to strengthen supply chain resilience. Reuters was unable to learn the outcome of the event. Experts noted that the meeting illustrates how serious the yttrium shortage has become for US and Japanese companies, and according to Emily Benson, head of strategy at consulting firm Minerva Technology Futures, such meetings are common. The Department of Energy declined to comment on the meeting but said it welcomes partnership with Japan and encourages US and Japanese companies to launch critical minerals projects as part of a broader effort to diversify supply chains and strengthen long-term global energy security. The Chinese embassy said China's rare earth export controls are lawful and consistent with international practice, adding that China remains committed to maintaining the stability and security of global critical minerals supply chains.
Jaguar Uranium Reports Rare Earth Oxides at Berlin Asset in Colombia
Jaguar Uranium Corp. announced assay results from its historical drill-core resampling program at the Berlin Uranium-Rare Earth Project in the Department of Caldas, Colombia, reporting rare earth oxides associated with uranium-phosphate-vanadium mineralization. Selected retained-core intervals returned up to 0.63 m grading 3,570 ppm TREO and 607 ppm MREO, the highest TREO value reported from the selected intervals in this resampling program, along with 1.53 m grading 2,267 ppm TREO and 329 ppm MREO and 0.50 m grading 2,532 ppm TREO and 414 ppm MREO, with reported Nd-Pr-Tb-Dy enrichment within the sampled U-V-phosphate horizon. The tested core was drilled between 2010 and 2012 by U3O8 Corp., and the resampling program was first announced on March 17, 2026. President and Chief Executive Officer Steven Gold said the initial results indicate rare earth elements occur with uranium, phosphate and vanadium mineralization in the selected Berlin core intervals, and the company plans to use them with trenching, geophysics and drilling to refine the geological model and evaluate continuity of mineralization. The company said the results constitute exploration results only and do not represent a mineral resource or mineral reserve, and that any incorporation into future geological modelling and mineral resource work would require additional drilling, continuity assessment, analytical review and other supporting technical studies. Jaguar positioned the Berlin Project within the scope of the recent U.S.-Colombia Critical Minerals Cooperation Agreements, including the Barranquilla Accords established on September 8, 2026.
JAGU · Technology · Positive Assay results show high-grade rare earth oxides with uranium-phosphate-vanadium mineralization at its Berlin Project, supporting the geological model.
China Confirms First AI Talks With U.S., Hints at Trade Truce Extension
China's Commerce Ministry confirmed Thursday that its senior trade negotiators had held their first talks with the U.S. on artificial intelligence. Spokesperson He Yadong told reporters the two sides also discussed plans for reducing tariffs and extending trade arrangements agreed in Kuala Lumpur last October, referring to Vice Premier He Lifeng's meeting with Treasury Secretary Scott Bessent in New York ahead of this week's summit between U.S. President Donald Trump and Chinese President Xi Jinping. As Xi landed in the U.S., Bessent told Fox News on Wednesday that the two countries agreed to extend a trade truce to January; the truce, reached in October 2025, kept tariffs lower and limited China's export controls on rare earths, which are critical components of semiconductors, many household goods and defense products. Earlier in the week, Bessent said the two sides discussed establishing an AI dialogue and a mechanism to alert each other about AI risks. The Chinese confirmation of the AI talks came just hours before Xi and Trump were scheduled to begin talks in Washington, D.C., as part of a state visit, and the ministry added the two sides held constructive, candid talks and reached multiple points of consensus.
Spartan Metals Wins BLM Approval for Seven More Drill Sites at Nevada Tungstonia Claims
Spartan Metals Corp. said the United States Bureau of Land Management accepted its Notice modification authorizing seven additional drill pads at the Tungstonia Claims on its 100% owned Eagle Tungsten-Silver-Rubidium Project in White Pine County, Nevada, bringing the total number of authorized drill sites at Tungstonia to 32. The new locations were developed from the magnetotelluric and direct-current induced polarization surveys reported in the company's news release of September 17, 2026, and several of the new pads are designed to accommodate multiple holes at varying azimuths and inclinations from a single location to provide additional subsurface information without increasing surface disturbance. President and CEO Brett Marsh said the geophysical results enhanced the company's geological interpretation of the system beneath the legacy workings and identified new, high-priority targets. The sites test the vein depth extensions at Veins 1 through 5 and the Spartan A, B and C Vein complex, the SE Tungsten Anomaly, and the interpreted carbonate replacement and skarn targets defined by the geophysical surveys and surface geochemistry. Drilling is currently underway at Eagle with approximately 550 meters of a planned roughly 3,000 meter core drilling program completed, and assay results will be released as they are received, validated and interpreted.
Elmet Group to buy 4.99% stake in Masan High-Tech Materials for $124.75M
The Elmet Group has announced a long-term strategic relationship with Vietnam's Masan High-Tech Materials Corporation that includes acquiring a 4.99% equity stake in MSR for $124.75M. The transaction formalizes a 12-year commercial relationship between the two companies. Alongside the equity investment, ELMT and MSR executed multi-year commercial agreements under which MSR will supply mined tungsten from its Nui Phao Mine in Vietnam, one of the world's largest tungsten deposits, and provide chemical conversion services from its refining complex. The partnership links the entire tungsten supply chain, combining MSR's upstream mining and chemical refining at Vietnam's Nui Phao facility with ELMT's downstream manufacturing of precision components for defense, aerospace, semiconductor, and medical applications. The transaction builds on a $450M committed investment from the U.S. Government received by ELMT on September 14, 2026, aimed at strengthening resilient supply chains for critical defense and industrial materials. Upon completion of the equity transaction, ELMT will secure one seat on MSR's board of directors, and will also support MSR's planned uplisting from the UPCoM exchange to the main board of the Ho Chi Minh Stock Exchange, as well as its ongoing evaluation of an international listing. The equity investment is expected to close in the third quarter of 2026.
ELMT · Capital · Positive ELMT is making a $124.75M equity investment for a 4.99% stake in MSR, a financial/M&A transaction.
ELMT · Supply · Positive ELMT secures long-term mined tungsten supply and chemical conversion from MSR's Nui Phao Mine, locking in upstream critical-materials supply for its downstream manufacturing.
Masan High-Tech Materials Corporation · Capital · Positive MSR receives a $124.75M equity investment from ELMT plus board support for its planned Ho Chi Minh Stock Exchange uplisting and international listing evaluation.
Masan High-Tech Materials Corporation · Demand · Positive MSR gains multi-year commercial agreements to supply mined tungsten and refining services to ELMT, a concrete customer order.
Defense Metals Launches Non-Brokered Private Placement for Up to $6,000,000
Defense Metals Corp. announced a non-brokered private placement for gross proceeds of up to approximately $6,000,000, to be issued as up to 42,857,142 units at $0.14 per unit. Each unit consists of one common share and one-half of one common share purchase warrant, with each whole warrant exercisable at $0.21 per share for 36 months following the closing date. Executive Chairman Guy de Selliers is expected to place a lead order of approximately $500,000, and other members of management may also participate. The company may pay eligible finders a cash commission of up to 7.0% of gross proceeds from introduced purchasers and issue finder's warrants equal to up to 7.0% of units sold to those purchasers, exercisable at $0.14 per share for 24 months. Net proceeds will be used to advance the Wicheeda project toward a feasibility study, support environmental and social baseline work for future permitting, and cover general and administrative expenses and general corporate purposes. The initial closing is expected in October 2026, and the LIFE Offering portion is conditional on raising minimum gross proceeds of at least $3,000,000.
MP Materials Nears Full NdPr Output, Targets GM Magnet Deliveries
MP Materials Corp. told investors at the Jefferies Global Industrials Conference on September 9 that it is nearing full run-rate production of neodymium-praseodymium oxide and expects to deliver commercial magnets to General Motors Company by the end of the year. CFO Ryan Corbett said the company's Mountain Pass facility in California produces NdPr oxide at a pace of about 1,000 metric tons per quarter, which it aims to raise to full capacity, noting the only meaningful historical comparable is Australia's Lynas Rare Earths, which took nearly seven years to reach full run-rate at a similarly scaled separation operation. MP's second-quarter results showed NdPr sales volumes above 1,000 tons for a second consecutive quarter, up 127% year-over-year, with adjusted EBITDA turning positive at $28.5 million from a $12.5 million loss a year earlier. CEO James Litinsky said on the Q2 earnings call that MP has already delivered magnets to General Motors for in-vehicle qualification and regulatory testing, with commercial shipments set to begin in the fourth quarter of 2026 at modest volumes, under a long-term supply arrangement signed in April 2022. Hedge fund holdings of MP Materials slipped to 50 in the second quarter from 52 in the first, while General Motors fell to 75 funds from 77.
MP · Supply · Positive MP is nearing full run-rate NdPr oxide production at Mountain Pass and expects to deliver commercial magnets to GM by year-end.
GM · Demand · Positive MP Materials expects to begin commercial magnet deliveries to GM by end of year under their long-term supply arrangement, securing a key EV magnet supply.
US-China summit puts focus on normalising rare earth exports as China's slow permits slash shipments to Japan
At the US-China summit on the 24th, the focus will be on extending the "trade truce" that halts the tightening of export controls on Chinese rare earths. The deadline is November 10, but delays in Chinese export permits have not been resolved, hobbling the talks. At the US-China ministerial-level talks on the 20th, an extension was put off, and US Trade Representative Greer criticised China's rare earth restrictions for "creating uncertainty"; the two sides failed to agree on the length of an extension, with the US pushing for six months and China for the remainder of the Trump administration's term. China's total rare earth exports came to about 63,000 tons in 2025, the most in a decade, but exports to the US of the permanent magnets needed for electric vehicles fell about 20 percent year on year, and exports to Japan halved in July from a year earlier. As this year's chair of the Group of 20, the US included stabilising critical minerals supply chains in its chair's statement, taking the unusual step of naming China as the sole objector, and the effectiveness of any leaders' agreement will now be tested.
Trump to Host Xi at White House on Sept 24, Trade Truce Hopes Build Ahead of Nov 10 Deadline
President Donald Trump is preparing to welcome Chinese leader President Xi Jinping to the White House on Sept 24, their second meeting this year following a summit in Beijing in May. Xi will arrive in Washington, D.C. on Sept 23, and Trump plans to greet him personally at Joint Base Andrews before a welcome ceremony on the South Lawn of the White House, marking the first state-level official visit by a Chinese leader since 2015. The main item on the negotiating table is the extension of the trade truce agreement set to expire on Nov 10. China wants the truce to last until the end of Trump's term, while U.S. Trade Representative Jamieson Greer has said a 3-6 month framework is acceptable to the United States, because China has fulfilled only about two-thirds of its rare earth commitments under the trade deal. The U.S. is watching for confirmation of China's order for 200 Boeing aircraft and agricultural goods, especially soybeans, worth 29 billion dollars in 2024, as well as a reciprocal tariff reduction package worth 30 billion dollars. China accounts for roughly 70% of global rare earth mining, 85% of refining capacity and about 90% of alloy and magnet production, giving it significant leverage. On Taiwan, China wants the United States to end arms sales and to change its wording from not supporting to opposing Taiwan independence. Analysts at Bank of America Global Research assess that the most likely scenario is an extension of the trade truce by one year.
United StatesChinaJapanUnited KingdomKazakhstanUzbekistanSingaporeBangladesh
Rare Earths & Permanent Magnetsimpact 4
US and China Vie for AI Dominance as Pax Silica and WAICO Reach a Fork in the Road
The United States and China are competing for dominance in the race to spread artificial intelligence, accelerating their efforts to build self-centered "AI economic spheres." Late last year, the United States launched Pax Silica, an initiative to build secure supply chains for AI, semiconductors, and critical minerals, and the number of signatory countries and regions, centered on allies and friendly nations such as Japan and the United Kingdom, has grown to 25. In July of this year, China also established the World AI Cooperation Organization, or WAICO, with 29 countries to extend cheap AI models and communications infrastructure across the Global South. Dubbed an "AI version of the Belt and Road," it now has 38 participating countries. The US State Department was reported to have drafted a document asking Pax Silica signatories not to join WAICO, pressuring them to take a loyalty test, but Kazakhstan has joined both, and Uzbekistan, Singapore, and Bangladesh are also exploring "dual participation." The US-China summit on the 24th is likely to be a venue for gauging the future of cooperation and division over AI.
Greenland Mines Applies to Double Sarfartoq Rare Earth Footprint
Greenland Mines has applied to the Government of Greenland for a new exploration license covering approximately 262 square kilometres immediately east of its existing Sarfartoq license. If granted, the new license would increase the company's controlled footprint at Sarfartoq from approximately 192 square kilometres to approximately 454 square kilometres, more than doubling its position across the known rare earth and carbonatite district. The company plans a two-track strategy at Sarfartoq, advancing the ST1 neodymium-praseodymium rare earth deposit while evaluating known satellite targets and exploring the broader district. The ST1 Hybrid Mineral Resource Estimate comprises 6.9 million tons of Indicated Mineral Resources grading 1.60% total rare earth oxides and 5.3 million tons of Inferred Mineral Resources grading 0.96% TREO, with an Initial Assessment high-case pre-tax NPV of approximately $2.05 billion. The newly applied-for area is not included in the current ST1 resource estimate or economic analysis and remains an exploration opportunity subject to approval by the Government of Greenland.
American Rare Earths Reports High-Grade Assays From First Six Red Mountain Holes
American Rare Earths has reported its first certified assay results from the initial six HQ core holes of its 2026 Feasibility Study drilling program at the Cowboy State Mine within the Red Mountain Project in Wyoming. The six holes returned a pooled average grade of 3,497 parts per million Total Rare Earth Oxides, well above the project's resource cut-off grade of 1,000 ppm TREO, with drill hole HC26-RM051 delivering a maximum single-sample assay of 9,084 ppm TREO over a 3.02-metre interval. Across 386 geological assay intervals analyzed to date, TREO grades averaged 3,497 ppm with a median grade of 3,879 ppm, and roughly 93% of all certified sampled intervals exceeded the established cut-off grade. The results cover six of the planned 18 HQ core holes, with assay data from the remaining 12 holes expected as laboratory processing and technical reviews continue. Chief Development Officer Andrew Conover said the results align closely with the existing Cowboy State Mine geological model and Mineral Resource Estimate, and the company said further results will be released as assays become available and quality assurance reviews are completed.
American Rare Earths Limited · Technology · Positive High-grade certified assays from first six Red Mountain holes (avg 3,497 ppm TREO, 93% above cut-off) support the Cowboy State Mine resource model and feasibility study
China's president to visit US for first time in three years, meeting Trump on the 24th
Chinese President Xi Jinping will visit the United States from the 23rd to the 25th, his first trip there in about three years, and will meet President Trump at the White House on the 24th. He aims to affirm the "constructive strategic stability" relationship agreed at their May summit and to help stabilize ties with the United States. Wang Yi, Politburo member and foreign minister, has described that relationship as one of "cooperation, measured competition, and managing differences," and the Xi administration appears to be seeking to manage conflict in order to avoid a decisive clash. The talks are expected to cover artificial intelligence, where wariness is growing over rapid performance gains, as well as extending the trade-war "truce" agreed at last October's summit, including tariff reductions and the easing of rare-earth export controls. The two sides are also expected to exchange views on the Trump administration's planned arms sales to Taiwan and on the situations in Iran and on the Korean Peninsula.
Trump and Xi Set for High-Stakes Summit on AI, Tariffs and Iran
The summit between President Donald Trump and Chinese leader Xi Jinping in Washington this time marks their second face-to-face meeting this year, with both sides expected to seek ways to strengthen a fragile trade truce amid disputes over artificial intelligence, volatile US tariffs, and sanctions tied to the Iran war. US Treasury Secretary Scott Bessent said on CNBC's Squawk Box that the "deep respect" Trump and Xi have for each other filters down into the broader negotiations between the two countries, and noted that China still has certain deliverables under the trade agreement the two reached in Busan, South Korea, nearly a year ago. The Busan agreement required China to suspend export controls on rare earths and to buy US agricultural products, while the US reduced some tariffs and suspended other countermeasures. It is effective for one year and expires on November 10, one week after the US election, if it is not extended. At the peak of last year's trade war, US tariff rates on Chinese imports climbed to 145%, while Beijing's retaliatory tariffs reached 125%, before being scaled back in May 2025 after talks in Switzerland and reduced further after the Busan agreement. As of July, however, the effective tariff rate on Chinese goods stood at 22.8%, according to the Penn Wharton Budget Model, while an assessment by the US House research service calculated the average rate the US collects on China at about 36.5%, compared with the 31% rate Beijing collects on US goods. Bessent also said there has been progress on a reciprocal tariff-reduction agreement worth 30 billion US dollars that Beijing proposed earlier this month, with US Trade Representative Jamieson Greer having followed up on the proposal, which he called a 30-for-30 trade deal for non-critical goods. On artificial intelligence, Bessent said it will be at the top of the agenda, and he has discussed with Chinese officials the establishment of a framework for talks that would open the way for the two countries to notify each other about AI incidents. On Iran, the US launched an effort last month to step up economic pressure on Tehran, targeting financial backers, which immediately cast a spotlight on China as Tehran's largest trading partner, and Bessent said he discussed these sanctions measures in weekend meetings with Chinese officials, stating that quiet behind-the-scenes discussions are better than public displays. Thursday's state dinner will be attended by several chief executives, including Jeff Bezos of Amazon, Elon Musk of Tesla and SpaceX, Sundar Pichai of Google, Michael Dell of Dell, and Tim Cook, chairman of Apple's board.
Neo Performance Materials Starts Commercial Production at European Magnet Plant
Neo Performance Materials has moved its European permanent magnet plant into commercial production, now shipping rare earth sintered magnets to a Tier 1 electric vehicle traction motor customer. The shift from development to volume supply brings the company directly into the EV motor supply chain, with multiple awarded programs and multi-year visibility tied to vehicle platform lifecycles. Commissioning and expansion of the new European magnet facility, alongside government recognition and support, supports capacity growth from 2,000 to 5,000+ tons, enabling Neo to tap rising European EV and renewable energy demand. The stock last closed at CA$31.10, with a year-to-date share price return of 84.13% and a 1-year total shareholder return of 60.87%, though shares are down 10.73% over the last month and 12.00% over 90 days. The most followed narrative pegs fair value at CA$50.76, framing the magnet ramp as part of a bigger earnings and margin story, while the SWS DCF model estimates shares at CA$10.69, well below the current level.
Neo Performance Materials Inc. · Supply · Positive Commissioning and expansion of the European magnet facility supports capacity growth from 2,000 to 5,000+ tons.
Neo Performance Materials Inc. · Demand · Positive European magnet plant entered commercial production, shipping rare earth sintered magnets to a Tier 1 EV traction motor customer with multiple awarded programs.
Critical Metals Shares Jump 39.5% on US-Greenland Security Agreement
Critical Metals shares surged 39.5% in late-morning trading after President Trump announced a security agreement among the United States, Denmark, and Greenland that will allow the U.S. to expand its military presence in Greenland while barring U.S. adversaries from developing military bases there. The rare-earth stock had fallen about 20% over the previous six months as of this past Friday, and today's move pares back some of that loss. Critical Metals is developing the Tanbreez Rare Earth Project in Greenland, which the company describes as one of the world's largest rare-earth deposits and which carries a high concentration of heavy rare-earth elements used in defense systems, advanced magnets, and precision electronics. The company does not expect to commence ore production until late 2028 or early 2029.
