With MP Materials and Solvay, two companies in the rare earth market posted quarterly figures, and the EU announced investments in mineral exploration projects this week. In other news, China implemented export restrictions on gallium and germanium precisely one year ago.
Gallium and Germanium: Export Restrictions Implemented One Year Ago
Exactly one year ago, China implemented export restrictions for gallium and germanium. The measures were justified on the grounds of national security. The development of exports of both metals is currently very different: the amount of germanium exported has recently fallen again, while gallium is approaching the level before the regulations were introduced.
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Despite Losses: MP Materials “Cautiously Optimistic”
MP Materials closed the second quarter with a significant loss. The company, which specializes in mining rare earths, reported a net loss of $34.1 million. In the same period last year, the operator of the Mountain Pass Mine in California generated a net profit of 7.4 million dollars. Despite the setback, the company’s CEO, James Litinsky, is “cautiously optimistic” about the future.
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Neodymium-Praseodymium: Solvay Aims to Supply 30% of Europe’s Demand
The chemical company Solvay announced Wednesday in its half-year report that it aims to supply 30 percent of Europe’s demand for neodymium-praseodymium (NdPr), a central precursor to producing permanent magnets, by 2030. The company added that regular production of NdPr at its plant in La Rochelle, France, will begin in 2025 and that it would source at least 30 percent of feedstock locally.
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EE, EBRD: €100 Million for Critical Raw Material Investments
The European Union and the European Bank for Reconstruction and Development have agreed to invest 100 million euros in critical raw material projects. The capital will be allocated to mineral exploration companies and projects in countries where the EBRD operates and countries covered by the Horizon Europe program. The equity is aimed at offsetting the fact that junior mining companies do not yet generate active revenue in the exploration and development stage.
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