Data on China’s rare earth exports for the full year of 2024 has been published this week. Meanwhile, other regions around the world are making efforts to challenge the industry leader and gain a larger share of the global market.
China: Rare Earth Exports Up 6% in 2024
China’s rare earth exports grew by nearly six percent in 2024 compared to the previous year, with customs data showing a total of 55,431 tons exported. However, December 2024 saw a sharp decline of 24.7 percent compared to November, continuing a pattern observed in 2023.
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Australia: Arafura Secures Another $124 Million for Rare Earth Project Development
Australian mining company Arafura Rare Earths Limited has secured $124 million (AUS$200 million) in funding from the National Reconstruction Fund Corporation to advance the Nolans rare earth project. Nolans is set to be Australia’s first combined rare earth mine and refinery in the Northern Territory.
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Saudi Arabia and the UK to Sign Critical Minerals Partnership
Saudi Arabia and the UK are set to sign a critical minerals partnership at the Future Minerals Forum in Riyadh this week. The agreement aims to strengthen economic ties, boost supply chains, and attract joint investment in mining projects. With over $2.5 trillion in untapped mineral resources, Saudi Arabia seeks to transform itself into a global leader in mineral trade.
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Rare Earth Specialist Lynas Improves in the Quarter
Lynas achieved a modest revenue increase in the final quarter of 2024, reporting $87.6 million, a 4% rise compared to the same period last year. The Australian company, specializing in rare earth mining and processing, highlighted ongoing challenging market conditions. Demand for Lynas’ products in the key Chinese market remains subdued as the country is slowly recovering from an economic downturn that has dampened domestic demand.
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China Discovers Extensive Rare Earth Deposit in Yunnan
China’s Geological Survey has discovered an extensive ionic adsorption clay rare earth deposit in the Southwestern province of Yunnan. These clays are known for their high concentration of coveted heavy rare earth elements such as dysprosium and terbium. With an estimated reserve of 1.15 million tons, the deposit is the largest of its kind in China.
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