Sibanye PGM Production Rises in South Africa as US Output Falls

Sibanye

Sibanye PGM production improved in South Africa during the first quarter, but the company’s US mine output weakened because of lower production quality at East Boulder. The mixed result highlights the company’s uneven exposure across primary mining, recycling, zinc and lithium.

Sibanye PGM production in South Africa rose by 2% year on year to 383,241oz of 4E metals, covering platinum, palladium, rhodium and gold. Growth projects supported the increase and helped keep the company on track with its full-year guidance.

Sibanye PGM production in the US moved in the opposite direction. Output of 2E metals, covering platinum and palladium, fell by 5% to 68,386oz, with regular production expected to resume by the end of June.

The company maintained full-year guidance for both regions. South African operations are expected to produce 1.65mn-1.75mn oz, while US operations remain guided at 280,000-300,000oz.

South African Growth Offsets US Mine Weakness

Sibanye’s South African PGM operations remain the stronger side of the portfolio. The 2% increase in first-quarter output shows that ongoing growth projects are helping offset broader pressure across the PGM sector.

This matters because South Africa remains the world’s most important primary PGM supply base. Stable output from large producers supports automotive catalysts, hydrogen technologies, chemicals, electronics and industrial applications.

The US Stillwater operations faced a weaker quarter. Lower production quality at East Boulder reduced output, although Sibanye expects normal production to return by the end of June.

The US decline is important because North American primary PGM supply is limited. Any disruption at Stillwater assets can affect regional availability of palladium and platinum, especially for customers seeking non-Russian and traceable supply.

Recycling helped offset the weaker US mine performance. Sibanye’s US recycled PGM output rose by 50% to 107,597oz, supported by better optimisation of material flows.

That increase reinforces the strategic value of secondary supply. PGM recycling can provide flexible metal units when mine output is uneven, while also supporting lower-carbon and circular supply chains.

Zinc Weakness and Keliber Progress Broaden the Portfolio Story

Sibanye’s Australian Century zinc operation produced 20,000t in the first quarter, down by 25,000t from a year earlier. Above-average rainfall reduced capacity and operating flexibility at the zinc operation.

The decline shows the weather sensitivity of tailings and zinc operations. Heavy rainfall can affect mining rates, processing efficiency, transport and operating continuity.

Century’s weaker output also matters because zinc remains important for galvanizing steel, infrastructure, construction, die casting and industrial manufacturing. Lower production from a major operation can tighten regional supply if weather disruption persists.

Meanwhile, Sibanye’s Keliber lithium project in Finland reached full completion during the first quarter. The first mining blast took place at the Syvajarvi mine in February.

Keliber gives Sibanye a strategic entry into Europe’s lithium supply chain. The project connects the company to battery materials demand and supports Europe’s effort to build more domestic critical mineral capacity.

Sibanye’s portfolio is therefore becoming more diversified. PGMs remain the core earnings and strategic base, but recycling, zinc and lithium all add exposure to different industrial cycles.

The first-quarter results show the benefits and risks of that structure. South African PGMs and US recycling improved, US mine output weakened, zinc suffered weather disruption, and lithium moved closer to future production.

The Metalnomist Commentary

Sibanye’s quarter shows why diversified metals exposure can protect a company from single-asset weakness, but also adds execution complexity. The strongest strategic signal is the rise in recycled PGM output, which could become increasingly valuable as customers seek secure and lower-carbon platinum and palladium supply.

ARM Nkomati Nickel Mine Restart Moves Closer With Boliden Concentrate Deal

African Rainbow Minerals

ARM Nkomati nickel mine restart prospects have strengthened after African Rainbow Minerals signed a multi-year nickel concentrate sales agreement with Swedish mining and smelting group Boliden. The agreement could support the return of one of South Africa’s important multi-metal nickel assets.

The ARM Nkomati nickel mine has been on care and maintenance since 2020. ARM and Norilsk Nickel placed the operation into suspension after profitability weakened because of lower output.

The ARM Nkomati nickel mine produced nickel, copper, cobalt, chrome and platinum group metals. Its potential restart would therefore add more than nickel units to the market, supporting several metals linked to batteries, stainless steel, alloys and industrial supply chains.

The deal with Boliden remains conditional. It depends on approval to recommence open-pit mining of nickel-bearing ore at Nkomati, responsible sourcing due diligence by Boliden and other regulatory clearances.

Boliden Agreement Gives Nkomati a Processing Route

The sales agreement gives ARM a potential outlet for Nkomati nickel concentrate if mining restarts. Boliden expects the concentrate to be shipped to its Harjavalta smelter in Finland.

Harjavalta produces nickel matte, making it a logical destination for nickel-bearing concentrate. The route would connect South African mine supply with European smelting capacity.

This matters because nickel concentrate needs secure processing access before a restart can become commercially meaningful. A mine can have geological potential, but it still needs offtake, logistics, smelting capacity and customer qualification.

Boliden’s responsible sourcing due diligence is also important. European smelters and customers increasingly require stronger documentation around mine origin, ESG standards and supply-chain integrity.

The agreement therefore does more than provide a buyer. It gives the Nkomati restart a possible downstream pathway into a European refining and smelting system.

For ARM, the deal could improve the commercial case for reopening the mine. For Boliden, it could provide another concentrate source for its nickel operations at a time when secure non-Indonesian nickel supply remains strategically relevant.

South African Nickel Supply Could Regain Strategic Relevance

Nkomati’s ownership structure has changed since the mine entered care and maintenance. Nornickel’s South African subsidiary agreed in November 2023 to transfer its 50% stake to ARM, and the transaction was finalised in July 2025.

Full ARM control gives the South African company more direct strategic flexibility. It can evaluate restart options without the same joint-venture complexity that previously shaped the asset.

The potential restart comes at a time when nickel markets remain divided. Indonesia dominates new supply growth, but European and western buyers are increasingly interested in diversified, traceable and geopolitically balanced feedstock.

Nkomati’s multi-metal profile adds to its relevance. Nickel remains important for stainless steel, batteries and superalloys. Cobalt supports batteries and high-performance alloys. Platinum group metals serve automotive catalysts, hydrogen technologies and industrial applications.

However, restart economics will be the decisive issue. The mine was suspended because lower output weakened profitability. Any recommencement will need a stronger operating plan, stable grades, reliable processing economics and clear market support.

The Boliden agreement is an important step, but not the final decision. The project still needs operational approval, regulatory clearance and successful due diligence before concentrate flows can resume.

The Metalnomist Commentary

The ARM-Boliden agreement shows that idled nickel assets can regain value when buyers prioritise diversified and traceable supply. Nkomati’s restart will depend less on headline nickel prices alone and more on whether ARM can rebuild a reliable mine-to-smelter route.

Valterra PGM Production Rises as South African Mines Recover From Flood Disruption

Valterra PGM

Valterra PGM production increased in the first quarter as South African mine output normalised after flooding disrupted operations a year earlier. The company produced 743,500oz of mined platinum group metals in January-March, up 7% from the same period in 2025.

Valterra PGM production was supported by higher output from the Amandelbult and Mototolo mines. Amandelbult recovered from the severe flooding that affected production in the first quarter of last year.

Valterra PGM production growth was partly offset by weaker output at Mogalakwena and Unki. Even so, refined production and sales volumes rose sharply, giving the company a stronger first-quarter operating result.

The company, previously known as Anglo American Platinum, maintained its full-year guidance at 3mn-3.4mn oz for both metal-in-concentrate and refined PGM production.

Amandelbult Recovery Lifts Mined Output

Amandelbult and Mototolo drove the increase in mined PGM output. The year-on-year comparison was helped by the normalisation of Amandelbult after flooding disrupted the mine in early 2025.

Mogalakwena remained a drag on the quarter. PGM production at the mine fell by 6% to 212,300oz because of lower milled volumes.

Unki output also declined. Production fell by 4% to 51,700oz because of the planned mining of lower-grade ore.

The mixed mine performance shows that South African PGM supply remains operationally sensitive. Weather disruption, grade variation and milling rates can all move quarterly output even when full-year guidance remains intact.

For the global PGM market, Valterra’s recovery matters because South Africa remains the largest source of primary platinum group metals. Any improvement in South African output can affect availability for automotive catalysts, hydrogen technologies, chemicals, electronics and jewellery.

Refined Output and Basket Prices Strengthen Revenue Conditions

Refined PGM production increased by 78% on the year to 778,500oz. The rise reflected higher metal-in-concentrate production and the rescheduling of annual stock counts from the first quarter to the third quarter to reduce costs.

Sales volumes rose by 60% to 791,400oz. Higher refined output and a marginal drawdown of refined inventory supported the increase.

Valterra also benefited from stronger pricing. Its average realised basket price rose by 90% on the year to $2,911/oz.

That price increase is important because PGM producers have faced years of margin pressure from volatile demand, cost inflation and weak prices in some metals. A stronger basket price can improve cash generation and support operational stability.

By-product output also increased. Nickel production rose by 41% to 5,880t, while copper output climbed by 26% to 3,845t.

These by-products matter because nickel and copper can improve mine economics. They also link PGM operations to broader battery, alloy and electrification supply chains.

Valterra’s first-quarter result therefore shows improvement across mined output, refined production, sales and by-product recovery. The key question is whether stronger operating performance can be sustained through the rest of the year.

The Metalnomist Commentary

Valterra’s first-quarter recovery shows how quickly PGM production can rebound when operational disruptions normalise. But South African PGM supply remains exposed to mine-specific risks, making stable output just as important as higher prices.

US Copper Flows Shift West as Washington Targets African Supply Chains

Copper

US copper flows are becoming a strategic policy priority as Washington seeks to redirect African copper away from China-oriented supply chains and into western manufacturing networks. The shift shows how copper is moving beyond its traditional role as an industrial commodity.

US policymakers are pursuing a dual strategy. They want to accelerate domestic copper projects and processing while also securing international copper sources that can feed US and allied supply chains faster.

The Democratic Republic of Congo has become central to this effort. The country offers high-quality resources and faster supply potential than many long-dated greenfield copper projects.

US copper flows are therefore being reshaped through offtake agreements, financing structures, infrastructure plans and strategic partnerships. The goal is to create secure mine-to-end-use supply chains that support American manufacturing and reduce dependence on China-linked material routes.

African Copper Becomes a Strategic Supply Target

The DRC’s copper output has historically moved east into Chinese-controlled or China-oriented value chains. Washington now wants to build alternative routes that connect African copper to the US and allied industrial base.

This is not only about copper cathode or concentrate volumes. It is about who controls logistics, financing, offtake, processing and final market access.

The US is already using state-backed financing and trading structures to compete for African copper and cobalt. The DRC, Zambia and Guinea are emerging as priority jurisdictions in this wider mineral strategy.

Glencore’s possible sale of a 40% stake in two DRC copper-cobalt mines to the US-backed Orion Critical Mineral Consortium shows how policy and capital are beginning to move together. More US interest is also emerging in Congolese copper-cobalt, manganese, gold and lithium assets.

This matters because China has built deep influence across African mining, processing and trading channels. Western buyers cannot change copper flows only by expressing demand. They need financing, infrastructure, political support and long-term offtake commitments.

The US strategy also reflects a broader recognition that copper supply security cannot rely only on domestic mines. US copper resources are substantial, including brownfield leach opportunities and idle stockpiles, but permitting remains a major constraint.

International supply partnerships can move faster than many US projects. That makes African copper strategically valuable as Washington tries to support manufacturing, grid expansion, defence supply chains and electrification.

Inventory Distortions Change Copper Market Economics

US copper flows are also being affected by tariff expectations and inventory shifts. Around 1.9mn-2mn t of copper metal inventory is now sitting globally, with roughly 1.2mn t located in the US.

That is an unusually high share because the US consumes about 2mn t/yr, while China consumes roughly 15mn t/yr. The result is a market where headline global stocks look large, but copper outside the US can feel much tighter.

This inventory concentration changes copper economics. The same copper unit can carry different value depending on location, policy exposure, tariff risk and available delivery route.

That marks a major shift from the older copper market model. Copper was once priced mainly around construction cycles, manufacturing demand and visible exchange stocks. It is now increasingly priced around jurisdiction, logistics and strategic access.

The CME-LME arbitrage has reopened to encourage flows into the US. This reflects how policy expectations can pull metal across regions even when global balances appear more comfortable.

Physical demand remains supportive. Chinese demand has stayed resilient, Yangshan premiums have strengthened, and Shanghai inventories have continued to draw. These signals suggest that the broader copper market remains tighter than simple stock numbers imply.

Copper’s role in grids, electrification and data centres has also changed how governments view the metal. Copper is now becoming a strategic asset for industrial policy, not only a material input for construction and manufacturing.

The biggest commercial opportunities may therefore shift from pure price arbitrage to control over flows. Traders, miners and governments will increasingly compete through logistics, financing, offtake and jurisdictional positioning.

US copper flows will remain central to that competition. The race is no longer only about producing more copper. It is about deciding where copper goes, who processes it and which industrial systems it supports.

The Metalnomist Commentary

Copper is becoming a policy metal because electrification has turned physical access into a strategic advantage. The next copper cycle will not be defined only by price, but by who controls African supply routes, financing and end-use allocation.

Lundin Mining Copper Production Holds Steady as Chilean Assets Drive Record Year

Lundin Mining

Lundin Mining copper production held broadly steady in the fourth quarter of 2025, helping the Canadian miner deliver record full-year copper output. The performance reinforces the strategic importance of Chilean assets in Lundin’s portfolio as global copper producers compete to secure growth in a tightening long-term supply market.

The company produced 331,232t of copper in 2025, placing Lundin Mining copper production in the upper half of its revised guidance range of 319,000-337,000t. The result was supported mainly by strong performance at Candelaria and Caserones in Chile, where higher throughput, better recoveries, and increased cathode production strengthened the group’s operating base.

Lundin Mining copper production also remained stable into the end of the year. Fourth-quarter output reached 87,032t, compared with 84,999t in the third quarter. That stability matters because copper buyers are watching not only new project pipelines, but also the ability of established producers to deliver reliable tonnes from existing assets.

Chilean Operations Strengthen Lundin’s Copper Platform

Candelaria remained Lundin’s largest copper-producing asset in 2025, delivering 145,471t of copper. The operation continues to anchor the company’s near-term supply profile and gives Lundin a strong position in one of the world’s most important copper mining jurisdictions.

Caserones also played a central role in the record year, contributing 132,881t of copper. The asset benefited from higher throughput, improved recoveries, and increased cathode output. It also achieved its highest quarterly production since Lundin acquired the operation in mid-2023, showing that the asset is becoming a more productive part of the group.

Chapada in Brazil added 43,974t of copper during the year, giving Lundin a broader South American production base beyond Chile. Gold production reached 141,859oz in 2025, while nickel production totalled 9,907t. Both were within or above guidance, supporting the company’s wider metals portfolio even as copper remains the core strategic focus.

Stable 2026 Guidance Keeps Focus on Efficiency and Growth

Lundin expects copper production to remain broadly stable at 310,000-335,000t in 2026. This suggests the company is entering the year with a focus on cost optimisation, operating discipline, and asset efficiency rather than a sharp near-term volume expansion.

Nickel output fell to 2,174t in the fourth quarter from 2,724t in the third quarter, but the result remained aligned with operational expectations. Rehabilitation work at Eagle East in the United States helped restore mining and processing rates earlier in the year, supporting a more stable operating base.

Longer term, Lundin’s growth strategy depends on asset optimisation and new project development. Further improvements at Caserones could support incremental copper gains, while the Vicuna project with BHP represents a larger strategic growth pathway. If advanced successfully, these initiatives could strengthen Lundin’s position as a more important copper producer in the global energy transition supply chain.

The Metalnomist Commentary

Lundin’s 2025 performance shows why operational reliability is becoming as valuable as headline growth in copper mining. In a market increasingly defined by permitting delays and project scarcity, stable output from Chilean and Brazilian assets can carry real strategic weight.

Glencore-Merafe Lion Smelter Restart Highlights South Africa’s Ferro-Chrome Power Challenge

Glencore-Merafe

Glencore-Merafe Lion Smelter restart has brought some relief to South Africa’s ferro-chrome sector. The joint venture restarted production at Lion Smelter in Limpopo on 16 February. It has currently brought back 50pc of the smelter’s operating capacity. As a result, Glencore-Merafe Lion Smelter restart marks an important operational recovery.

This restart matters because Lion is now the venture’s only active smelter. Boshoek and Wonderkop have remained offline since last year’s suspensions. That leaves Lion carrying the near-term production burden. Therefore, Glencore-Merafe Lion Smelter restart is strategically important for the venture’s output profile.

The company expects Lion to reach full operating capacity by 31 March 2026. That target gives the market a clearer recovery timeline. However, the restart does not solve the venture’s deeper structural problem. South Africa ferro-chrome power costs still remain too high for long-term competitiveness.

South Africa Ferro-Chrome Power Costs Still Threaten Sustainability

South Africa ferro-chrome power costs made this restart possible, but only on a temporary basis. The National Energy Regulator approved a 12-month interim tariff of 87.74¢/kwh. That gave Glencore-Merafe enough short-term relief to restart Lion. Consequently, the company could bring some capacity back online.

However, Merafe made its position clear. The venture says it needs a tariff of 62¢/kwh to operate sustainably. That means the current relief does not provide a durable economic solution. Therefore, South Africa ferro-chrome power costs remain the main constraint on the business.

This issue also affects the two idle smelters. Boshoek and Wonderkop both need the same lower tariff to restart. Without that pricing relief, the venture cannot justify bringing them back. Meanwhile, the company faces a deadline to begin consultation on possible retrenchments.

Ferro-Chrome Competitiveness Remains Under Heavy Pressure

Ferro-chrome competitiveness is now the bigger issue behind this restart. Glencore-Merafe’s ferro-chrome production fell 63pc in 2025. High energy costs and weak market conditions drove that decline. As a result, the venture has lost ground in a very competitive global market.

Inner Mongolia producers remain a major challenge. They benefit from lower production costs and stronger power economics. South African smelters cannot compete effectively under the current cost structure. Therefore, Glencore-Merafe Lion Smelter restart is positive, but still fragile.

The company now wants a long-term tariff solution by 28 February. That deadline matters because employment, capacity planning, and future production all depend on it. Without structural energy reform, South Africa’s ferro-chrome sector may keep losing share. Consequently, ferro-chrome competitiveness now depends as much on power policy as on metal markets.

The Metalnomist Commentary

Lion’s restart is encouraging, but it does not change the core reality. South Africa’s ferro-chrome industry still faces a power cost problem that temporary relief cannot fix. If no long-term tariff solution emerges soon, this restart may look more like a pause in the downturn than the start of a real recovery.

Lobito Corridor Copper and Cobalt Shipment Signals a New Export Route for the DRC

Entreprise Generale du Cobalt

The Lobito corridor copper and cobalt shipment marks a strategic milestone for the Democratic Republic of Congo. Entreprise Generale du Cobalt and Trafigura agreed the first delivery of copper and cobalt to international markets using the Lobito Atlantic Railway. Initial cargoes will go to customers in the United States. As a result, the Lobito corridor copper and cobalt shipment strengthens the US-DRC minerals partnership. 

This matters because the shipment is tied to traceable artisanal cobalt. EGC reported production of its first 1,000t of traceable artisanal cobalt in November. Trafigura already markets cobalt supplied by EGC under an existing agreement. Therefore, the Lobito corridor copper and cobalt shipment is not only a logistics story. It is also a supply-chain transparency story. 

The route itself is strategically important. The Lobito Atlantic Railway offers the shortest path from Kolwezi to an Atlantic port. Inland transit times can fall to about seven days. Consequently, DRC critical minerals exports could become faster and more visible to international buyers. 

Traceable Artisanal Cobalt Gives the Corridor More Strategic Value

Traceable artisanal cobalt gives this shipment a different significance from a normal export cargo. EGC is mandated by the Congolese state to buy cobalt from artisanal producers. That gives the company a central role in formalising part of the country’s cobalt trade. As a result, the Lobito corridor copper and cobalt shipment connects logistics reform with artisanal sector reform. 

Trafigura’s role also matters. The trader signed a five-year supply agreement with EGC in 2020. That deal included funding for controlled artisanal mining zones, ore buying stations, and traceability systems aligned with OECD standards. Therefore, this first shipment reflects years of work on controlled sourcing rather than a one-off transaction. 

The wider objective is clear. The partnership aims to formalise artisanal mining, improve transparency, and eliminate child labour. Those goals matter to western buyers seeking more credible cobalt supply. Meanwhile, the new route may make traceable material more commercially attractive by improving export efficiency. 

DRC Critical Minerals Exports Gain a Faster Atlantic Route

DRC critical minerals exports have long faced costly and slow logistics. The Lobito corridor changes that equation by linking the Copperbelt more directly to the Atlantic. The railway runs from Lobito in Angola to the DRC border, with an extension into the Copperbelt. As a result, the Lobito corridor copper and cobalt shipment may become a model for wider export diversification. 

The infrastructure backing is also important. The Lar consortium recently secured $753mn in debt financing to support rehabilitation and expansion. That level of support shows that the route is being treated as a strategic trade corridor, not just a regional rail asset. Therefore, DRC critical minerals exports could gain a more durable logistics platform. 

This development also aligns with broader western policy. Initial cargoes are heading to US customers under the US-DRC strategic partnership on critical minerals. That makes the corridor part of a bigger effort to diversify metal flows away from more concentrated supply routes. Consequently, the Lobito corridor copper and cobalt shipment carries geopolitical meaning as well as commercial value. 

The Metalnomist Commentary

This shipment matters because it brings together three themes at once: traceability, logistics, and geopolitics. The DRC is not only trying to export more cobalt and copper. It is trying to export them through routes and systems that western buyers can trust. If Lobito keeps scaling, it could become one of the most important critical minerals corridors outside the traditional China-linked trade flow. 

Rainbow Rare Earths Pilot Plant Reaches Commercial-Quality REE Milestone

Rainbow Rare Earths

Rainbow Rare Earths pilot plant has reached a meaningful technical milestone in South Africa. The company said it is now producing commercial-quality high-grade mixed rare earth hydroxide in Johannesburg. This result marks a stronger step toward future downstream rare earth production. As a result, Rainbow Rare Earths pilot plant is becoming more relevant to the non-Chinese rare earth supply story.

The product quality is especially important. Rainbow said it produced about 2kg of mixed rare earth product at roughly 55pc total rare earth oxide. That grade is higher than standard Chinese mixed rare earth carbonate at 42-44pc TREO. Therefore, Rainbow Rare Earths pilot plant is not only producing material. It is producing higher-grade intermediate material with stronger commercial meaning.

This milestone also matters because rare earth projects often struggle to prove processing quality at pilot scale. A higher-grade product can improve confidence in downstream separation potential and project economics. Consequently, this announcement helps move the Phalaborwa rare earth project closer to a more credible development path.

Commercial-Quality Rare Earth Hydroxide Strengthens Project Confidence

Commercial-quality rare earth hydroxide is an important de-risking point for any rare earth development. Rainbow said the new hydroxide product will be used to produce NdPr oxide and an SEG+ stream containing medium and heavy rare earths at more than 99.5pc purity. That means the company is targeting valuable magnet and specialty rare earth outputs. As a result, the project is advancing beyond simple concentrate production.

The processing route also builds on earlier pilot work. Rainbow commissioned the Johannesburg plant in 2023 and produced its first mixed rare earth sulphate in September that year. The latest result shows a further step in process development and product upgrading. Therefore, commercial-quality rare earth hydroxide now gives the company a stronger technical narrative.

This matters for the wider rare earth market. Buyers increasingly want projects that can demonstrate not only resource scale, but also processing performance. A pilot plant that can produce higher-grade mixed rare earth product carries more strategic value than a project with geology alone. Meanwhile, it improves confidence in future downstream partnerships and financing.

Phalaborwa Rare Earth Project Gains a More Credible Development Platform

Phalaborwa rare earth project is now gaining a stronger base for future development. The project holds a resource of 30.4mn t grading 0.44pc TREO, with 29pc made up of neodymium and praseodymium. That gives the deposit exposure to the most commercially important magnet rare earth elements. Consequently, the project has clearer strategic relevance in the current market.

The company described the increased production rate as an important de-risking event. That comment matters because pilot-scale validation is often where investors begin separating credible projects from weaker ones. Rainbow is now showing not just resource potential, but processing progress tied to saleable product quality. Therefore, the Phalaborwa rare earth project may gain stronger market attention if this momentum continues.

The broader implication is clear. Rare earth supply diversification depends on more than finding deposits outside China. It requires practical processing routes that can deliver high-purity products for real end markets. As a result, Rainbow Rare Earths pilot plant is becoming more important as a processing proof point than as a simple pilot announcement.

The Metalnomist Commentary

This update matters because rare earth markets reward processing credibility more than resource size alone. Rainbow is starting to show that Phalaborwa may have both. If it can keep improving purity, scale, and consistency, this project could become a more serious non-Chinese rare earth contender.