Magnesium Added to Greenland Resources License for Malmberg Project

Greenland Resources

Greenland Resources has confirmed that magnesium will be included in its draft exploration license for the Malmberg project in east-central Greenland. The updated scope expands the project’s strategic value beyond molybdenum, as the magnesium Greenland Resources license now aligns with critical mineral priorities in both the US and EU, where domestic magnesium production is absent.

The Greenland government verified magnesium’s presence in the Malmberg deposit, prompting regulators to recommend formal inclusion. The magnesium will be recovered as a byproduct of molybdenum extraction and may also be recovered from saline tailings water, according to Greenland Resources. This multi-source extraction strategy enhances the site’s economic and critical materials relevance.

Dual Critical Mineral Strategy Enhances Malmberg Project Value

The expanded magnesium Greenland Resources license adds new momentum to the Malmberg project, which is already positioned as a high-grade molybdenum source. In February 2025, Greenland Resources signed a 10-year, $1.6 billion offtake deal with Outokumpu, a Finland-based stainless steel producer, for molybdenum oxide. The addition of magnesium strengthens the project’s appeal to industrial buyers facing supply shortfalls.

Magnesium is widely used in lightweight alloys, defense applications, and battery systems, making it a key focus for strategic sourcing. The company’s plan to extract magnesium from both ore and tailings brine also reflects a growing industry trend toward zero-waste and water-integrated metallurgy.

US and EU Magnesium Dependence Highlights Strategic Importance

Neither the United States nor the European Union currently hosts domestic magnesium production, despite listing the metal as a critical raw material. The magnesium Greenland Resources license positions Greenland as a potential supplier to Western markets seeking non-Chinese sources of magnesium.

As supply chain resilience becomes central to industrial policy, Greenland’s geostrategic location and mineral endowment could play a more prominent role in EU and US critical mineral strategies. With permitting underway and magnesium officially recognized, Greenland Resources gains leverage in future financing, offtake, and export agreements.

The Metalnomist Commentary

Adding magnesium to the Greenland Resources license broadens the Malmberg project’s relevance in critical mineral geopolitics. In a supply environment dominated by China, even byproduct recovery from molybdenum mining becomes a strategic lever for Western industrial resilience.

Greenland Resources SSAB Ferro-Molybdenum Deal Strengthens European Alloy Supply

Greenland Resources

Greenland Resources SSAB ferro-molybdenum deal has added another strategic offtake agreement to the Malmbjerg molybdenum project in eastern Greenland. The Canadian mine developer signed an eight-year binding agreement with Swedish steel producer SSAB for future ferro-molybdenum supply.

The agreement includes price floors and ceilings, giving both companies a clearer commercial framework for long-term supply. However, the companies have not disclosed the final offtake quantities.

Greenland Resources SSAB ferro-molybdenum deal is significant because molybdenum is essential for high-strength steels, corrosion-resistant alloys, automotive steels, and defense-grade materials. SSAB’s role gives the agreement direct relevance to European advanced steel manufacturing.

Malmbjerg Project Builds Commercial Momentum

The ferro-molybdenum will be produced from molybdenum ore from Greenland Resources’ Malmbjerg project. The material will later be refined in Belgium, supported by Greenland Resources’ tolling agreement with Molymet.

The Malmbjerg project received a 30-year exploitation permit in June 2025, but commercial production has not yet started. This makes binding offtake agreements important for project financing, customer validation, and future market confidence.

The EU said in December that it would help fund the project. Canada’s natural resources department also conditionally approved a C$7mn grant in March, adding public-sector support to the project’s growing commercial base.

SSAB Agreement Supports Europe’s High-Strength Steel Supply Chain

SSAB has 8.8mn t/yr of steel capacity across Sweden, Finland, and the US. The company produces high-strength steels for industries including defense and automotive, where ferro-molybdenum improves strength, toughness, and high-temperature performance.

Greenland Resources has also signed other molybdenum offtake agreements with Hempel, Cogne, Outokumpu, GMH Group, Rogesa, and now SSAB. This expanding customer base shows that European industrial buyers are actively looking for more secure molybdenum supply.

The Greenland Resources SSAB ferro-molybdenum deal also fits Europe’s broader raw material security strategy. If Malmbjerg advances into production, it could connect Greenlandic ore, Belgian refining, and European steel alloy demand in a more resilient regional supply chain.

The Metalnomist Commentary

The SSAB agreement gives Malmbjerg stronger credibility because it links the project directly to high-strength steel demand. Europe’s molybdenum strategy now depends on turning offtake momentum into real mine, refining, and alloy supply capacity.

China Rare Earth Resources Expand as Maoniuping REO Estimate Nearly Doubles

China Natural Resources

China rare earth resources have received another major boost after the natural resources ministry confirmed 9.67 million tonnes of rare earth oxide resources at the Maoniuping mining area in Sichuan province. The updated estimate nearly doubles the 4.96 million tonnes of REO previously reported by China Rare Earth Group in September 2024.

The Maoniuping mine is operated by China Rare Earth Group, the country’s largest state-owned rare earth producer. The new resource verification strengthens China’s upstream position in a sector where it already dominates separation, refining, magnet materials, and downstream industrial applications.

China rare earth resources remain central to global supply chains for electric vehicles, wind turbines, defense systems, robotics, electronics, and advanced manufacturing. The larger Maoniuping resource base gives Beijing more long-term optionality as rare earth demand rises and geopolitical competition intensifies.

Maoniuping Reinforces China’s Rare Earth Industrial Advantage

The Maoniuping update is strategically important because China’s rare earth strength is not limited to mining. The country controls the most advanced and integrated rare earth processing system, from ore extraction to separated oxides, metals, alloys, and permanent magnets.

A larger confirmed REO resource base supports that industrial chain. It gives China Rare Earth Group a stronger reserve platform and reinforces Beijing’s ability to manage supply, pricing, and export policy across rare earth markets.

The timing also matters. China has pledged to launch a new round of mineral exploration actions over the next five years, aiming for breakthroughs in strategic resources. The Maoniuping result shows how exploration and state-backed consolidation are working together to protect China rare earth resources and industrial competitiveness.

Antimony Discovery Adds Weight to Strategic Mineral Policy

China also confirmed antimony resources equivalent to 51,455 tonnes of metal at the Waxigou mine in Gansu province. The project is held by Gansu Sanchang Mining and adds another resource point in a market already affected by tight supply and export controls.

Antimony has become more strategically visible because it is used in flame retardants, alloys, semiconductors, ammunition, and defense-related applications. China accounts for a dominant share of global refining capacity, making any new domestic resource confirmation important for both supply security and policy leverage.

Beijing has already placed antimony and rare earths under stricter dual-use export licensing controls. As a result, ex-China supply has tightened, prices have surged, and overseas buyers are reassessing dependence on Chinese-controlled critical mineral chains.

The Metalnomist Commentary

China’s latest rare earth and antimony confirmations show that Beijing is strengthening both the upstream and regulatory sides of critical mineral control. For the US, EU, Japan, and Korea, the message is clear: diversification must include mining, refining, recycling, and advanced material production, not just alternative offtake contracts.

Greenland Resources Grant Supports Malmbjerg Molybdenum Processing Study

Greenland Resources

Greenland Resources grant approval from Natural Resources Canada could advance technical work on the Malmbjerg molybdenum project in east Greenland. The Canadian federal department has conditionally approved C$7mn for the company to evaluate processing options and byproduct recovery potential.

The Greenland Resources grant will support feasibility work for primary molybdenum processing. It will also assess whether magnesium and rare earths can be recovered as byproducts, potentially improving the project’s value and strategic relevance.

The Malmbjerg project already holds a 30-year exploitation permit for molybdenum and magnesium. However, the project has not yet entered commercial production, making technical validation and financing support important steps before development can move forward.

Malmbjerg Could Add Strategic Molybdenum Supply

Malmbjerg is positioned as a primary molybdenum project, which gives it importance beyond normal base metals development. Molybdenum is used in stainless steel, specialty steel, high-performance alloys, energy infrastructure, and industrial equipment that require strength, corrosion resistance, and high-temperature performance.

The Greenland Resources grant therefore supports a project linked directly to advanced manufacturing and steel supply chains. In a market where many molybdenum units come as byproducts from copper operations, primary molybdenum projects can offer a more direct supply source.

Greenland Resources has already signed long-term supply agreements with European industrial customers. These include Outokumpu, Hempel Metallurgical, Cogne Acciai Speciali, and Georgsmarienhütte Holding, showing downstream interest from stainless steel, specialty steel, and metal supply companies.

Byproduct Recovery Could Strengthen Project Economics

The study of magnesium and rare earths byproduct recovery could increase the strategic value of Malmbjerg. If technically and economically viable, these materials could broaden the project’s role within critical minerals supply chains.

Magnesium is important for lightweight alloys, aluminium alloying, steel desulphurisation, and industrial applications. Rare earths are central to permanent magnets, advanced electronics, defence systems, and energy transition technologies.

The Greenland Resources grant also reflects Canada’s interest in supporting critical mineral development beyond its domestic borders when projects can strengthen allied supply chains. Greenland’s location and resource base make it increasingly relevant to North American and European raw materials security.

The Metalnomist Commentary

Malmbjerg’s importance lies in its potential to link Arctic resource development with European alloy and steel demand. The next test is whether processing studies can turn molybdenum, magnesium, and rare earth potential into a bankable supply-chain project.

Shenghe Resources Acquires 100% Stake in Peak Rare Earth for Overseas Expansion

Peak Rare Earth

Shenghe Resources completed a strategic Shenghe Peak Rare Earth acquisition worth A$158 million ($729.86 million) to secure complete ownership of the Australian mining company and its Tanzanian assets. The Chinese rare earth producer's subsidiary Ganzhou Chenguang executed the purchase to accelerate overseas rare earth resource development beyond China's domestic market. This Shenghe Peak Rare Earth acquisition builds upon Shenghe's existing 19.9% shareholding established in early 2022 and strengthens China's global rare earth supply chain control.

Ngualla Project Anchors Tanzania Rare Earth Strategy

The Ngualla project represents the centerpiece of the Shenghe Peak Rare Earth acquisition, featuring 4.61 million tonnes of rare earth oxide (REO) resources and 887,000 tonnes of REO reserves. Peak Rare Earth holds an 84% stake in the Tanzanian project, with the government retaining the remaining ownership share. Meanwhile, the project maintains an impressive average grade of 4.8% and praseodymium-neodymium oxide content of 21.26%.

Construction completion and operational startup are scheduled for early 2026, with initial production targeting 18,000 tonnes REO of rare earth concentrate annually. This output will yield approximately 4,000 tonnes of praseodymium-neodymium oxide, critical materials for permanent magnet manufacturing. Therefore, the Ngualla project will significantly boost Shenghe's production capacity for high-value magnetic rare earth elements.

Heavy Mineral Sands Portfolio Expands Through Strategic Acquisitions

Shenghe diversified its Tanzanian operations through the Fungoni project, which commenced heavy mineral sands production in late 2024. The first production line achieved operational status, with additional lines expected online before September to reach 100,000 tonnes per year total capacity. As a result, Shenghe secured both rare earth and heavy mineral sands resources within Tanzania's mineral-rich regions.

The company acquired complete ownership of Strandline Resources UK Limited (SRUL) in May 2024, gaining control of the Fungoni project's operating subsidiary Tanzanian Nyati Mineral Sands. Furthermore, Shenghe purchased a 65% stake in Jiacheng Mining (Shanghai) and 100% of African Resources Company, adding 27 million tonnes of heavy mineral sands resources. However, these acquisitions require integration with existing operations to maximize synergies across the portfolio.

Shenghe's financial performance reflected these strategic investments, with revenues reaching 2.99 billion yuan ($415 million) in the first quarter, representing 3.66% year-over-year growth. Net profit surged to 168.22 million yuan from a previous year loss of 215.57 million yuan. Consequently, rising rare earth prices, tighter spot supplies, and increased sales volumes drove this remarkable financial turnaround for the expanding company.

The Metalnomist Commentary

Shenghe's aggressive overseas acquisition strategy demonstrates China's determination to secure critical rare earth supply chains beyond domestic borders, particularly in Africa's mineral-rich regions. The Peak Rare Earth acquisition provides strategic access to high-grade praseodymium-neodymium resources essential for permanent magnet production, while the Tanzanian portfolio diversification reduces supply concentration risks through geographic and commodity expansion.

Greenland Resources Molybdenum Supply Deal Strengthens Europe’s Steel Alloy Chain

Greenland Resources

Greenland Resources molybdenum supply plans gained further commercial support after the Canadian mine developer signed an MOU with Rogesa for long-term molybdenum products. Rogesa is a subsidiary of German steelmakers Dillinger and Saarstahl, making the agreement directly relevant to Europe’s steel alloy supply chain.

The MOU covers potential supply of ferro-molybdenum, molybdenum oxide and briquettes from Greenland Resources’ Malmbjerg project in eastern Greenland. The molybdenum ore would later be refined in Belgium before entering European industrial markets.

Greenland Resources molybdenum supply remains subject to project development and future commercial arrangements, as the agreement does not yet disclose final volumes. However, the deal adds another offtake signal for a project that Europe increasingly views through the lens of raw material security.

Malmbjerg Project Adds Strategic Value to European Alloy Supply

The Malmbjerg molybdenum project has gained strategic relevance because molybdenum is essential for high-performance steels, stainless steels, tool steels and specialty alloys. It improves strength, corrosion resistance and high-temperature performance in demanding industrial applications.

The project received a 30-year exploitation permit in June 2025, but commercial production has not yet started. This makes offtake interest important because long-term buyers can support financing, project confidence and future market positioning.

The EU’s support for the project also highlights its strategic value. Canada’s natural resources department has conditionally approved a C$7mn grant, while Europe has signalled willingness to help fund the project as part of its broader critical raw materials strategy.

Rogesa Agreement Builds on Wider Offtake Momentum

The Rogesa MOU adds to a growing list of Greenland Resources molybdenum supply agreements. The company has already signed offtake MOUs with Hempel, Cogne, Outokumpu and GMH Group.

This pattern shows that European industrial buyers are looking for more secure molybdenum supply outside traditional channels. For steelmakers, reliable access to molybdenum matters because alloy availability can influence product quality, cost control and production planning.

The planned refining route through Belgium also strengthens the European value-chain angle. If Malmbjerg advances, the project could connect Greenlandic ore, European refining and regional steel alloy demand into a more resilient supply model.

The Metalnomist Commentary

The Rogesa MOU shows that molybdenum is becoming part of Europe’s wider raw material security agenda. Greenland Resources still needs to move Malmbjerg into production, but its growing offtake base gives the project stronger strategic credibility.

Greenland Resources to supply Mo to GMH Group under long-term MOU

Greenland Resources

Greenland Resources to supply Mo to GMH Group as Europe tightens its strategy on critical alloying inputs. Greenland Resources to supply Mo to GMH Group through a long-term memorandum of understanding. Therefore, the deal adds another European steel anchor to Malmbjerg’s offtake portfolio.

Greenland Resources to supply Mo to GMH Group in multiple product forms. The company plans to deliver ferro-molybdenum, molybdenum oxide, and briquettes. Meanwhile, a refinery in Belgium will process material produced from Malmbjerg ore, supporting European value-added conversion.

Greenland Resources to supply Mo to GMH Group from its Malmbjerg project in eastern Greenland. Malmbjerg holds a 30-year exploitation permit granted in June 2025. As a result, the project can frame multi-decade supply discussions even before full commercial ramp-up.

Why GMH’s molybdenum sourcing matters for specialty steel

GMH Group operates in steel markets where molybdenum directly upgrades performance. Molybdenum improves high-temperature strength and corrosion resistance in critical grades. Therefore, stable Mo supply can protect margins in engineering steel, energy, and industrial tooling demand cycles.

European steelmakers also face growing procurement risk for alloying elements. Logistics, permitting delays, and geopolitical friction can disrupt minor metal flows. However, long-term Mo agreements can shorten sourcing lead times and stabilise quality specifications.

Malmbjerg builds a European offtake network around Mo products

The GMH MOU follows earlier offtake agreements Greenland Resources signed with European industrial buyers. Those deals include Hempel, Cogne, and Outokumpu. Meanwhile, adding another German buyer increases the project’s commercial credibility with financiers and export credit agencies.

Product flexibility also signals a practical approach to customer needs. Some buyers prefer oxide for downstream conversion, while others prefer ferro-alloy units. Therefore, offering multiple forms can widen the reachable customer base and reduce single-product exposure.

The Metalnomist Commentary

This MOU strengthens Malmbjerg’s positioning as a Europe-oriented molybdenum supply option. However, project execution and refining readiness will decide whether the contracts translate into real volumes. The winners will be those who lock in specifications early and qualify supply chains fast.

Shenghe Resources Commences Heavy Mineral Sands Production in Tanzania

Shenghe

Shenghe Resources, a Chinese rare earths producer, has announced the commencement of heavy mineral sands production at line 1 of the Fungoni project in Tanzania.  The Fungoni project is owned by Nyati Mineral Sands, a subsidiary of Strandline Resources UK (SRUL), whose parent company is the Australian minerals producer Strandline Resources. In May 2024, Ganzhou Chenguang, a subsidiary of Shenghe Resources, entered into an agreement to acquire 100% of SRUL from Strandline Resources.

Expansion Plans and Resource Base

Additional production lines at the Fungoni project are expected to come online before September 2025, reaching a total production capacity of 100,000 tonnes per year of heavy mineral sands.  Shenghe stated that this project will expand its heavy mineral sand resources and secure its feedstock supplies. Ganzhou Chenguang has paid a total of A$43 million ($26.77 million) to Strandline Resources, with A$27.18 million for the stake acquisition and the remainder for loan repayment. 

SRUL holds an 84% stake in Nyati Mineral Sands, which operates the Fungoni, Tajiri, Sudi, and Bagamoyo heavy mineral sand mines in Tanzania. Nyati holds mining rights for Fungoni and Tajiri, while Sudi and Bagamoyo are still under exploration. The Tanzanian government owns the remaining 16% of Nyati. The Fungoni project boasts an ore resource of 22 million tonnes with an average heavy mineral sand grade of 2.8%, while the Tajiri project has an ore resource of 268 million tonnes with an average grade of 3.3%. Shenghe did not disclose details on construction schedules or launch dates for Nyati's other projects.

Shenghe's Global Expansion and Financial Performance

Shenghe has been actively pursuing overseas resource expansion to develop global supply chains and improve profitability.  The company recently acquired an 18.2% stake in Australian rare earths exploration firm Vital Metals, which owns two rare earth resource projects: the Nechalacho bastnaesite mine in Canada and the Wigu Hill deposit in Tanzania. Shenghe's Q3 2024 revenue was 2.8 billion yuan ($381 million), down 38% year-on-year, while net profit rose 118% to 161 million yuan.  

From January to September 2024, revenue reached 8.24 billion yuan, a 37% decrease year-on-year, and net profit fell 41% to 92.87 million yuan. Shenghe attributed these declines to lower rare earth prices caused by ample spot supplies and weaker-than-expected consumer demand. Average praseodymium-neodymium metal prices fell 28% to 477 yuan/kg ex-works during this period. Despite the price pressures, Shenghe reported increased output and sales of rare earth oxides and metals in the first nine months of 2024, driven by stronger demand from the NEV, wind turbine, energy-saving appliance, and consumer electronics sectors.

Greenland Molybdenum Supply Deal with Cogne Targets European Steel Markets

Greenland

Greenland molybdenum supply deal negotiations advanced as Greenland Resources signed a non-binding memorandum of understanding with Italian specialty steel manufacturer Cogne Acciai Speciali. The potential Greenland molybdenum supply agreement covers ferro-molybdenum and molybdenum oxide sourced from the company's $820 million Malmbjerg project, positioning Greenland Resources to address European Union molybdenum supply security while building strategic partnerships across specialty steel manufacturing.

Malmbjerg Project Resources Support Long-Term Supply Commitments

Greenland molybdenum supply capabilities stem from substantial mineral reserves at the Malmbjerg project containing 245 million metric tonnes of molybdenum disulphide. The reserves maintain an average grade of 0.176% and are expected to yield 571 million pounds (259,000 tonnes) of contained molybdenum metal. These resource volumes position Malmbjerg to supply approximately 25% of European Union molybdenum demand.

Meanwhile, the project's strategic importance reflects the EU's position as the world's second-largest molybdenum consumer without domestic mining operations. This supply gap creates significant opportunities for Greenland Resources to establish long-term customer relationships with European manufacturers. The company also plans to market magnesium as a by-product, diversifying revenue streams while maximizing resource utilization efficiency.

Strategic Processing Partnership Enables Market Entry

However, the molybdenum supply chain requires sophisticated processing capabilities through Greenland Resources' tolling agreement with Molymet Belgium. The Belgian molybdenum converter will process concentrates from Malmbjerg into ferro-molybdenum and molybdenum oxide products suitable for specialty steel applications. This partnership arrangement provides access to established European processing infrastructure without requiring substantial capital investments.

Therefore, the Cogne agreement follows Greenland Resources' successful long-term contract with stainless steel producer Outokumpu for 8 million pounds annually of molybdenum oxide. The Outokumpu deal represents half of that company's annual molybdenum requirements, demonstrating market validation for Malmbjerg's production capacity. Multiple customer agreements reduce concentration risk while establishing predictable revenue foundations.

Government Approval Remains Critical for Project Development

Furthermore, Greenland Resources continues pursuing final exploitation license approval from the Greenland government following receipt of draft license revisions in April. Government approval represents the final regulatory hurdle before commencing mining activities at Malmbjerg. The licensing process reflects Greenland's careful approach to balancing resource development with environmental protection and community interests.

As a result, successful government approval would unlock substantial European molybdenum supply chain benefits while establishing Greenland as a strategic critical minerals producer. The project's scale and customer commitments demonstrate commercial viability that supports both Greenlandic economic development and European industrial supply security. Strategic partnerships with established processors and customers create integrated value chains from mining through end-use applications.

The Metalnomist Commentary

Greenland Resources' molybdenum supply agreements exemplify how emerging mining jurisdictions can address critical European industrial supply gaps through strategic partnerships and processing arrangements. The Malmbjerg project's potential to supply 25% of EU molybdenum demand represents a significant geopolitical shift toward Arctic resource development, particularly important as European manufacturers seek supply chain diversification away from traditional sources amid increasing trade tensions.

Chifeng Gold Laos Rare Earth Output Plan Targets Medium and Heavy Rare Earth Growth

Chifeng Gold

Chifeng Gold Laos rare earth output plans are moving into a faster ramp-up phase as the Chinese diversified mining firm targets higher production from its Mengkang mine this year. The company plans to reach designed output capacity of 3,675t of mixed rare earth oxide at the Laos site.

The Chifeng Gold Laos rare earth output strategy is focused on meeting rising demand from upstream oxide plants. The plan also strengthens China-linked access to medium and heavy rare earth resources outside China’s domestic mining base.

The company produced 998t of rare earth ores at Mengkang in 2025, with sales of 853t and inventories of 145t. The mine only started operating in the third quarter of 2025, meaning 2026 will be an important test of its ramp-up capability.

Chifeng Gold also plans to build a 3,000 t/yr rare earth separation plant in Savannakhet province with Xiamen Tungsten. This would move the Laos platform beyond mining and into early-stage processing, improving value capture and supply-chain control.

Mengkang Ramp-Up Strengthens Medium and Heavy Rare Earth Supply

The Mengkang rare earth project is strategically important because it contains medium and heavy rare earth oxides. These materials remain among the most sensitive parts of the rare earth supply chain because they are essential for high-performance magnets, defense systems, electric vehicles, robotics, wind turbines and advanced electronics.

Chifeng Gold had total proven rare earth resource reserves of 60,000t by the end of 2025. The Mengkang site accounts for 25,500t of medium and heavy rare earth oxide resources, with an average grade of 0.025%.

Some market participants expect the Mengkang project to meet 8-10% of global demand for medium and heavy rare earths once fully operational. If achieved, that would give Laos a more important role in global rare earth supply and strengthen Chifeng Gold’s position in a high-value segment.

Chifeng Gold also holds the Saipan rare earth mining site in Laos. Saipan has proven resources of 32,000t of medium and heavy rare earth oxide, with an average grade of 0.045%.

The presence of both Mengkang and Saipan gives Chifeng Gold a broader Laos rare earth platform. This matters because medium and heavy rare earth supply is difficult to expand quickly, and new projects face technical, environmental and permitting challenges.

The Chifeng Gold Laos rare earth output plan therefore comes at a sensitive time. Global consumers are looking for supply diversification, while Chinese companies are also trying to secure more overseas resources to support oxide separation, metals production and magnet manufacturing.

Xiamen Tungsten Partnership Links Laos Ore to Separation Capacity

Chifeng Gold’s partnership with Xiamen Tungsten gives the Laos rare earth strategy more downstream depth. The two companies signed an agreement in September 2022 to establish Chijin Xiamen Tungsten, a joint venture focused on developing rare earth minerals in Laos.

The joint venture has registered capital of 60mn yuan, or about $8.79mn. Chifeng Gold holds 51%, while Xiamen Tungsten holds 49%.

Chijin Xiamen Tungsten completed its acquisition of the Mengkang project in March 2024 and obtained mining rights from the Laos government in March 2025. This sequence shows that the project has moved from acquisition into operational development within a relatively short period.

Under the partnership, Xiamen Tungsten and its subsidiaries receive priority access to rare earth minerals in Laos. Chifeng Gold will support the joint venture’s registration, launch and policy coordination in Laos.

This arrangement is commercially important because Xiamen Tungsten brings downstream rare earth processing and metals experience. Chifeng Gold brings resource ownership and project development. Together, they can connect mining, separation and downstream supply more effectively.

The planned 3,000 t/yr separation plant in Savannakhet would further strengthen that connection. If delivered, the plant would reduce dependence on exporting raw or semi-processed material and allow more value to remain in the regional processing chain.

Chifeng Gold is also active in other metals. The company holds 583t of gold resources, 590,000t of copper resources, 560,000t of zinc and lead resources, and 80,000t of molybdenum resources.

Its cathode copper output rose by 9.07% on the year to 6,754t in 2025, while sales increased by 9.5% to 6,869t. Copper concentrate output more than doubled to 3,160t, with sales rising to 3,122t.

However, performance across other metals was mixed. Lead concentrate output fell by 9% to 3,680t, while molybdenum concentrate production slipped by 1.6% to 675t.

This broader metals base gives Chifeng Gold diversification, but the rare earth strategy is likely to receive more attention because of its strategic value. Medium and heavy rare earths carry stronger supply-chain importance than most conventional base metal outputs.

The Metalnomist Commentary

Chifeng Gold’s Laos rare earth push shows how Chinese companies are building overseas control in medium and heavy rare earths before supply pressure intensifies. The key issue is whether Laos can move from ore production into reliable separation capacity without becoming only another upstream resource base.

Wogen–EV Resources Antimony Deal Secures Offtake and Early-Stage Funding

EV Resources mine

The Wogen–EV Resources antimony deal advances Los Lirios in Mexico with secured debt. The Wogen–EV Resources antimony deal grants exclusive offtake rights, subject to studies. Therefore, the Wogen–EV Resources antimony deal de-risks early development and aligns financing with marketing.

Structured funding and conditional offtake accelerate timelines

Wogen and partner Xcelsior will arrange $2–3mn in secured debt. The facility funds scoping, site work, and a 100 t/d pilot plant. In exchange, Wogen receives exclusive offtake, pending a positive internal study. EV Resources will process Los Lirios ore and third-party feed. As a result, the project gains cash flow optionality before full-scale build.

Project scope, processing path, and strategic precedents

Los Lirios spans 1,552 hectares with historic pits and workings. The site lacks processing infrastructure after selective high-grade mining. The pilot emphasizes gravity recovery for antimony concentrates. Downstream processing remains a stated goal with Wogen support. Wogen’s Hillgrove precedent shows its offtake-plus-loan model. That 2024 deal provided $4mn for seven years of offtake.

The Metalnomist Commentary

Early debt tied to offtake can bridge juniors to feasibility. Execution now turns on pilot recoveries, permitting, and stable third-party ore. Watch grade control, arsenic levels, and logistics from Oaxaca to export terminals.

Vale Copper Reserves Rise as Base Metals Strategy Shifts Toward Brownfield Growth

Vale

Vale copper reserves and resources increased in 2025 as Vale Base Metals expanded exploration drilling across Brazil and Canada. The company’s copper reserves and resources rose by 6% to 53mn t, while nickel reserves and resources increased by 13% to 14mn t.

The increase supports Vale’s strategy to convert known ore into future supply instead of relying mainly on harder-to-permit greenfield projects. The company aims to raise total reserves and resources by more than 20% by the end of 2027.

Vale copper reserves are especially important because the company plans to nearly double copper output by 2035. That target depends on extending mine life, upgrading existing districts, and using established infrastructure to bring new tonnes into production faster.

Carajas Remains Vale’s Fastest Route to New Copper Tonnes

Vale added new reserves at Bacaba in Brazil’s Carajas district and expanded resources across Sequeirinho, Mata, Cristalino and Paulo Afonso. These additions build on the mine life expansion programme announced in February 2025.

Carajas is strategically attractive because Vale already has mining infrastructure, logistics and operating knowledge in the region. This makes it one of the company’s most practical routes for adding copper supply without the delays often associated with new mining districts.

For the copper market, Vale copper reserves growth adds weight to Brazil’s role as a future supplier of energy transition metal. Copper demand from grids, electrification, renewable power and industrial infrastructure will require more brownfield and near-mine growth from established producers.

Canada Nickel Assets Extend Mine Life and Support Underground Studies

Vale also expanded resources at its Canadian nickel operations. Fresh tonnes at Sudbury in Ontario and Voisey’s Bay supported mine life extensions and new underground studies.

Sudbury reached its highest ore production since 2016 last year, reinforcing the value of long-life underground mining hubs in established jurisdictions. Voisey’s Bay also remains important to Vale’s nickel portfolio as battery and stainless steel demand continue to shape long-term market expectations.

The increase in Vale nickel resources strengthens the company’s ability to compete in battery materials and high-performance alloy supply chains. However, future output will depend on capital discipline, underground development, processing capacity and market conditions for nickel.

The Metalnomist Commentary

Vale’s reserve growth shows that major miners are prioritising brownfield expansion over risky frontier exploration. In copper and nickel, the fastest future supply may come from deeper work inside known districts rather than headline-grabbing new discoveries.

Ferro-Alloy Resources to Supply V2O5 from Kazakh Project to LL-Resources

Ferro-Alloy Resources

Ferro-Alloy Resources (FAR), a leading vanadium producer, has signed a non-binding offtake term sheet with LL-Resources for the sale of the entire vanadium pentoxide (V2O5) output from Phase 1 of its Balasausqandiq project in southern Kazakhstan. This agreement marks a significant milestone for FAR as it progresses toward becoming a major player in the global vanadium market.

The initial agreement spans six years from the start of production, with an option for extension. This partnership ensures a steady demand for V2O5, a critical material used in steel alloys, aerospace applications, and vanadium redox flow batteries (VRFBs), which are essential for renewable energy storage.

Overview of the Balasausqandiq Vanadium Project

The Balasausqandiq project is a two-phase development targeting an annual output of 22,400 tonnes of V2O5.

• Phase 1: Will process 1.65 million tonnes per year (mn t/yr) of ore.

• Phase 2: Aims to scale up processing to 5 mn t/yr of ore, significantly boosting production capacity.

As of May 2023, the project boasts an indicated mineral resource of 32.9 mn tonnes at an average grade of 0.62% V2O5, equating to 203,364 tonnes of contained V2O5. The ongoing feasibility study for Phase 1 is expected to conclude by Q2 2025, offering greater clarity on production timelines and potential.

Strategic Importance of the Offtake Agreement

The collaboration with LL-Resources provides FAR with a reliable trading partner and reinforces its position in the growing vanadium market. Vanadium pentoxide, particularly in its standard form, is crucial for strengthening steel and as a key component in energy storage systems like VRFBs. The agreement aligns with increasing global demand for critical minerals driven by renewable energy adoption and infrastructure development.

Kazakhstan: A Growing Hub for Vanadium Production

Kazakhstan’s rich mineral resources and strategic location make it a rising hub for vanadium production. The Balasausqandiq project adds to the country’s portfolio of critical materials and underscores the potential for Kazakhstan to play a key role in the global supply chain for critical metals.

Austria’s LL-Resources files for insolvency

LL-Resources

Austria’s LL-Resources files for insolvency after losing a key financing channel tied to receivables. Austria’s LL-Resources files for insolvency even though it reported assets above liabilities. As a result, the case highlights how liquidity failures can sink metal traders fast.

Austria’s LL-Resources files for insolvency because it could not utilize credit lines after a factoring agreement ended. The company reported €154.9mn of assets versus €144.9mn of liabilities. However, it still could not meet near-term payment obligations.

Factoring shock exposes liquidity risk in metal trading

Factoring provides working capital by pre-financing customer invoices. In this case, invoices were reportedly pre-financed at 95% under the arrangement. Therefore, ending the agreement likely removed a core cash-flow bridge for inventory and shipments.

The factoring relationship reportedly ended after invoice discrepancies emerged. Investigators are still reviewing the circumstances around the mismatches. Meanwhile, counterparties will scrutinize documentation, credit controls, and receivables quality.

Counterparty impact may ripple across subsidiaries and supply contracts

Austria’s LL-Resources files for insolvency with a footprint that extends beyond trading. The group trades ferro-alloys, steel products, base metals, and minor metals. It also holds subsidiaries and stakes tied to ferro-titanium and ferro-chrome operations.

Market participants will now focus on contract performance and title transfer risk. Purchase and sale commitments can strain cash once banks tighten terms. As a result, the next risk marker will be how administrators handle trading lines and plant operations.

Restructuring remains possible through insolvency proceedings. However, recovery often depends on restoring financing and proving reliable receivables. The credibility of records will shape whether suppliers keep shipping.

The Metalnomist Commentary

This case shows that liquidity can fail even when the balance sheet looks solvent. However, metals trading depends on trust in documents and payment timing. The fastest stabilizer will be transparent receivables validation and secured working capital.

Tungsten Offtake Deal Strengthens EQ Resources’ Role in Tight Western Supply Chains

EQ Resources

Tungsten offtake deal activity is accelerating as Western buyers seek secure supply in a market facing concentrate shortages and sharp price increases. EQ Resources binding agreement with Traxys highlights how tungsten has moved from a niche industrial metal into a strategic supply-chain concern for Europe, North America, and advanced manufacturing sectors.

The Australian producer will sell 3,500 t/yr of tungsten oxide in concentrate to Traxys for five years. Pricing will follow ammonium paratungstate indexes, giving the agreement direct exposure to a market that has rallied sharply over the past year. EQ Resources estimates the deal at A$678mn, or about $479mn.

The tungsten offtake deal also includes a €15mn prepayment that will support refinancing of EQR’s Saloro mining complex in Spain. This matters because European tungsten supply has become increasingly important as buyers face limited concentrate availability and rising concerns over Chinese export restrictions on downstream tungsten products.

Traxys Agreement Supports Saloro Financing and Market Access

The Traxys agreement gives EQ Resources a stronger commercial platform for its tungsten output. Offtake deals are especially important in tight specialty metal markets because they can support financing, improve customer visibility, and reduce marketing risk for producers.

Saloro remains a key asset in this strategy. The Spanish operation gives EQR exposure to European tungsten production at a time when the region is trying to strengthen local and allied supply chains. However, Saloro’s production fell by 13pc year on year in July-September because of declining ore grades, showing that asset optimisation remains critical.

EQR used the quarter to improve ore processing and concentrator plants at Saloro. These upgrades are important because tungsten concentrate supply is not only about mine ownership. It also depends on recovery performance, grade management, processing efficiency, and the ability to deliver consistent concentrate quality into long-term contracts.

Tungsten Price Rally Raises Strategic Value of Concentrate Supply

The tungsten offtake deal comes during an exceptional rally in ammonium paratungstate prices. Super Metal Price assessed tungsten APT at $1,700–1,900/mtu in-warehouse Rotterdam, up by about 390pc from a year earlier. That surge reflects a critical shortage of tungsten concentrates in Europe and tighter availability of downstream tungsten products.

Chinese export restrictions have added pressure to the market. Tungsten is essential for cutting tools, hard metals, defence systems, mining equipment, aerospace components, and high-temperature industrial applications. Any disruption in concentrate or intermediate product availability can quickly affect manufacturing supply chains.

EQR has already built a wider offtake base. The company previously agreed to supply tungsten concentrate to Asian, North American, and European producers, and also signed a five-year offtake deal with US producer Elmet Technologies. The Traxys agreement strengthens that pattern and reinforces EQ Resources’ position as a relevant non-Chinese tungsten supplier.

The Metalnomist Commentary

Tungsten is becoming a clear example of how specialty metals can move from overlooked inputs to strategic bottlenecks. The Traxys-EQR deal shows that secure concentrate access, financing, and processing reliability now matter as much as headline mine capacity.

Greenland resources face extraction hurdles despite renewed US interest

Greenland resources

Greenland resources face extraction hurdles even as Washington again spotlights the territory. Costs, climate, and logistics still block most commercial mining. As a result, Greenland resources face extraction hurdles for rare earths and other critical minerals.

Greenland resources face extraction hurdles as geopolitics heats up around security and supply chains. US leaders frame Greenland as strategically vital for Nato coverage. Meanwhile, European governments push back to defend Danish and Greenlandic sovereignty.

Greenland resources face extraction hurdles because geology and geography punish project economics. Harsh weather shortens operating windows and raises safety costs. Limited ports, roads, and power grids also inflate capital needs.

High costs and thin infrastructure limit near-term viability

Greenland mining requires heavy upfront spending before any revenue starts. Developers must build power, transport, and processing systems in remote terrain. Therefore, many deposits stay stranded without public financing or guaranteed offtake.

Rare earth projects also face complex metallurgy and strict permitting. Producers must separate mixed rare earths into saleable oxides. However, few buyers fund this chain without long-term certainty.

Tanbreez and Malmberg show where momentum concentrates

Tanbreez remains a headline rare earth project with expanding offtake coverage. Offtake deals can reduce demand risk and support bankability. Still, developers must prove consistent concentrate quality and scalable operations.

Malmberg targets molybdenum and magnesium with long-life permitting in place. Supply agreements can anchor revenue expectations for stainless and specialty steel users. Meanwhile, European interest signals strategic demand for defense-grade inputs.

The Metalnomist Commentary

Greenland will not become a fast fix for Western critical minerals shortages. Governments may need to underwrite infrastructure, not just mines. The winners will pair financing with disciplined execution and realistic timelines.

Greenland Resources Malmberg project financing advances Mo-Mg development

Greenland Projects

Greenland Resources Malmberg project financing totals C$11.5mn to accelerate engineering and magnesium metallurgical studies. Greenland Resources Malmberg project financing also supports offtake talks and working capital. The raise follows a 30-year exploitation permit for molybdenum and magnesium, extendable to 50 years. Greenland Resources Malmberg project financing aims to convert permits and partnerships into near-term project readiness.

Funding details and use of proceeds

The company placed 6.7mn shares on 5 August, raising C$10mn. It then sold 1mn shares on 11 August for C$1.5mn. The fresh capital funds engineering, magnesium test work, offtake negotiations, and operations. As a result, technical de-risking should progress in parallel with market outreach.

Permits, offtakes, and market fit

The Malmberg project holds a long-life exploitation permit covering molybdenum and magnesium. Earlier, regulators added magnesium to the draft license in April. Greenland Resources has offtake agreements with Outokumpu and Cogne Acciai Speciali. Therefore, stainless and specialty steel demand can anchor initial volumes.

Molybdenum strengthens steel, cast iron, and superalloys. Meanwhile, magnesium alloys with aluminum and supports die casting. The combined product slate targets diversified end markets. Consequently, the project aligns with European supply security goals and lightweighting trends.

Execution now turns on disciplined studies and commercial validation. Expanded metallurgical data should inform flowsheet selection and product specs. In turn, buyers can refine contract terms and delivery windows. Offtake traction will guide financing structure and construction sequencing.

The Metalnomist Commentary

This raise is modest but well-timed. With permits, named offtakers, and focused studies, Malmberg can move up the readiness curve. Watch for metallurgy results and binding offtakes as the next catalysts.

Perpetua Resources antimony project funding surges to $474mn

Perpetua Resources

Perpetua Resources antimony project secured an extra $49mn in July. After June financings, Perpetua Resources antimony project totals $474mn. The fresh capital supports construction of Idaho’s Stibnite project.

Financing details and permitting momentum

National Bank of Canada and BMO bought 3.7mn shares for $49mn. Earlier, they purchased 24.6mn shares for $325mn. Paulson & Co. added a $100mn private placement. The company also secured its final federal permit in April. Therefore, capital and permitting now align for execution.

Strategic supply implications and next steps

Stibnite contains 148mn pounds of antimony reserves. China suspended antimony exports to the United States in December. The United States produced no marketable antimony in 2024. As a result, the Perpetua Resources antimony project can cut import dependence. Antimony supports defense, flame retardants, and lead-alloy batteries. Perpetua will deploy proceeds to early works and procurement. Meanwhile, pacing will track prices, logistics, and workforce availability. Therefore, disciplined spend and clear milestones will sustain momentum.

The Metalnomist Commentary

This raise narrows America’s antimony gap as geopolitics tighten supply. Watch offtake timing, early-works progress, and cost control through 2026.

Perpetua Resources EXIM Loan Could Advance US Antimony Supply From Stibnite

Perpetua Resources

Perpetua Resources EXIM loan expectations have moved into the final approval stage as the US antimony miner seeks $2.7bn in financing for its Stibnite Gold antimony-gold project in Idaho. The proposed loan from the US Export-Import Bank would support development of one of America’s most important domestic antimony projects.

The EXIM board unanimously decided to notify Congress of the proposed loan. This step begins a 25-day Congressional notice period before the agency’s board can vote on the final loan decision.

Perpetua Resources EXIM loan approval is not yet a firm financing commitment. However, the notification marks a major milestone after more than two years of work between Perpetua and EXIM to secure project financing.

Stibnite Project Targets Domestic Antimony Security

The Stibnite Gold project has strategic value because Perpetua estimates it contains 148mn lb of antimony reserves. Antimony is used in military applications, flame retardants, lead alloys, batteries, cables and other industrial products.

The US has limited domestic antimony supply, making Stibnite important for critical mineral security. A successful development could reduce dependence on foreign supply chains and support defense-linked material availability.

Perpetua received a preliminary, non-binding indicative term sheet from EXIM in September. The proposed financing remained subject to due diligence and the formal loan application process.

Federal Permitting and Financing Could Unlock Development

Perpetua received its final federal permit needed to start construction after being selected for a federal expedited permitting initiative last April. That permitting progress gives the project a clearer development pathway, although financing still needs final approval.

The Perpetua Resources EXIM loan would be significant because mine development requires large upfront capital before production can begin. For critical minerals projects, government-backed financing can help bridge the gap between strategic importance and commercial financing risk.

If approved, the loan could become a model for US support of domestic mineral projects tied to defense and industrial resilience. It would also show that antimony has moved from a niche specialty metal into a national security priority.

The Metalnomist Commentary

Perpetua’s EXIM process shows that critical minerals policy is becoming capital policy. The US can identify strategic minerals, but supply security only improves when permitting, financing and processing capacity move together.

Cobra Resources rare earth discovery expands Boland potential in South Australia

Cobra Resources

Cobra Resources rare earth discovery adds dysprosium and terbium potential at the Boland Project. The Cobra Resources rare earth discovery emerged from re-analysis of historic uranium drilling. As a result, the Cobra Resources rare earth discovery positions South Australia for new magnet metal supply.

Ionic clay system offers low-intensity processing upside

Cobra reports ionic clay rare earths in the Gawler Craton. The Boland deposit hosts REEs adsorbed to fine clays in palaeochannel sands. Therefore, the company believes weak-acidity leaching can recover contained metal efficiently. Dysprosium and terbium support high-temperature permanent magnets. Meanwhile, ionic clays can enable shorter development timelines than hard-rock projects.

Next steps focus on higher grades and scale

Cobra cautions that rotary mud drilling limits representativeness. However, re-assays exceeded initial Boland results. The company will screen remaining samples to prioritise targets. It plans follow-up drilling with improved methods to lift grades. Targeted work aims to add scale and confirm processability. Investors will watch for metallurgy, grade continuity, and strip ratio indicators.

The Boland Project sits in central South Australia near existing infrastructure. This location could reduce logistics costs for reagents and product. Moreover, domestic REE supply supports Australia’s critical minerals strategy. Magnet metals demand from EVs, wind, and defense continues to rise globally.

The Metalnomist Commentary

Cobra’s ionic clay narrative fits today’s market need for lower-capex, faster-to-market REE projects. The key milestones now are leach recoveries, impurity management, and a credible flowsheet. If metallurgy holds, Boland could join Australia’s emerging non-China magnet metals pipeline.