While the United States is setting the global pace in building a strategic raw materials counterweight to China, France is positioning itself in Europe as the leading force in the rare earth sector. There were also new developments surrounding the controversial deep-sea mining industry. Find the details in our roundup.
MP Materials Significantly Increases Revenue as Price Guarantee Supports Results
MP Materials increased first-quarter 2026 revenue by 49% to $90.6 million. In addition, the leading U.S. rare earth producer recorded $42.3 million from a price support agreement with the U.S. Department of Defense, bringing total revenue and related compensation payments to $132.9 million. Despite significantly improved operating metrics, MP Materials still remained in the red overall.
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Paris as Hub for the G7 Raw Materials Strategy?
The G7 countries are reportedly considering the creation of a permanent secretariat to improve coordination of initiatives aimed at securing critical raw materials. The goal is to reduce dependence on China for minerals such as lithium, cobalt, and rare earth elements. Establishing a standing coordination body would help ensure that these initiatives continue beyond the annually rotating G7 presidencies, Reuters reported, citing five sources familiar with the talks. Possible hosts for the secretariat include the OECD or its autonomous agency, the International Energy Agency (IEA), both based in Paris.
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Rare Earths: France Signals Ambition
Since 2021, France has pursued a strategy to reduce dependence on critical metals and rare earth elements. With the newly introduced National Resilience Plan for Rare Earths and Permanent Magnets, the country seeks to respond to tightening supply conditions and the strong concentration of mining and production capacities in only a few countries, most notably China. At the heart of the initiative is the development of a comprehensive value chain in France and across Europe, ranging from the securing of mining concentrates and refining to metallization, as well as the production and recycling of permanent magnets.
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Deep-Sea Mining: The Metals Company Reports “Milestone”
The Canadian company The Metals Company is making progress with its deep-sea mining plans: the US National Oceanic and Atmospheric Administration (NOAA) has classified its application as compliant with regulations. This brings a potential approval closer. The planned extraction would take place in international waters in the Pacific Ocean. However, the project is not without criticism, as the company relies on U.S. government approval, even though the International Seabed Authority (ISA) would normally be responsible. Deep-sea mining is also generally controversial due to the still insufficiently researched environmental impacts.
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