Despite rising temperatures, the critical minerals sector showed no signs of slowing down this week. Key developments included China’s latest June export data, the final investment decision for a new gallium refinery in Australia, and the European Union’s plans to expand financial support for critical mineral supply chains.
China’s Rare Earth Exports Decline in June
China exported nearly 5,105 metric tons of rare earths in June, according to new data from the country’s customs authority. Shipments were therefore lower than both the previous month and the same month a year earlier. More detailed data on the composition and destinations of the exports will be released in the second half of the month.
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Gallium from Australia: Partners Clear the Way
Alcoa, the U.S. aluminum producer, is set to begin construction of its gallium refinery in Australia. The company will build and operate the facility at its existing Wagerup alumina refinery in Western Australia. Australia and the United States are providing financial support for the project in exchange for offtake rights to the critical technology metal. Japan is participating through a joint venture between the state-backed Japan Organization for Metals and Energy Security (JOGMEC) and trading house Sojitz.
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China Consolidates Rare Earth Strength
State-owned China Rare Earth Group has established a joint venture with the mining company Ji’nan Yuxiao Group and a subsidiary of Shenghe Resources. The new venture will process rare earth materials and manufacture and market products including rare earth metal alloys.
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Critical Raw Materials: EU Plans Financial Support for Supply Chain Diversification
The EU aims to reduce its dependence on critical raw materials and intermediate goods from China, but has so far made only slow progress in building alternative supply chains. According to media reports, Brussels is now working on a financing instrument to support companies in diversifying their sources of supply and cushion the impact of potential Chinese retaliation.
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EU Raw Materials Policy: ifo Institute Warns Targets Are at Risk
At the beginning of the year, the European Court of Auditors warned that the EU was at risk of missing the raw materials targets set out in the Critical Raw Materials Act. Efforts to diversify import sources had so far “not produced tangible results”. The Munich-based ifo Institute has now reached a similar conclusion. According to its researchers, the EU accounts for more than 5% of global mine production for only four of the 27 critical raw materials examined, while its share is zero for nine.
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Rare Earths: IEA Sees Progress, but Dependence Remains High
Despite progress, particularly in rare earths, global supply chains for critical minerals remain highly concentrated. New export restrictions introduced by key producing countries over the past year have further increased supply risks, according to the International Energy Agency’s (IEA) latest Global Critical Minerals Outlook. At the same time, the agency argues that diversifying supply chains and building strategic stockpiles could significantly reduce these risks at comparatively modest cost.
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