The Rare Earth Monthly Metal Index (MMI) rose 10.4% this month.

Want to use MetalMiner directly in your inbox? Sign up now to get weekly updates.

Earlier this year, we talked about the early elections in Greenland, where the winning left-wing Inuit Ataqatigiit party opposed the promising Kvanefjeld mining project on the southern tip of the island.

The Australian company Greenland Minerals has been working hard to obtain a mining license for the project.

The company stated on its website: "The project is centered on the unique Ilimaussaq alkaline complex in southern Greenland." Distributed in three different areas-Kvanefjeld, Sørensen and District 3. The mineralization is carried by a type of rock called lujavrite and is rich in rare earths, uranium and zinc."

However, the Greenland Parliament voted to ban uranium mining and exploration on Tuesday, effectively stopping the project.

On Wednesday, the Greenland Mining Corporation submitted a request to suspend trading, "waiting for the market update on the Greenland Parliament to pass legislation on uranium." As of Wednesday, the company has not issued a statement on the decision of the parliament.

Australian rare earth company Lynas Rare Earths Limited released its production results for the quarter ended September 30, reporting a production of 3,166 metric tons of rare earth oxides.

The quarterly figure is down from 3,778 metric tons in the previous quarter.

In addition, NdPr production totaled 1,225 metric tons, which was less than 1,393 metric tons.

The company stated in its production report: “In the quarter ending September 30, 2021, the global COVID-19 pandemic continues to present challenges and opportunities for Lynas’ business.” “As the economy recovers from the pandemic , The strong demand in the magnet market and the market pricing of NdPr continue to rise. Invoice revenue for the quarter was US$121.6 million, the second-highest quarterly performance recorded by Lynas."

In view of China's overwhelming advantages in rare earth mining and processing, Europe, the United States and other countries with high-tech manufacturing operations are seeking to develop their own supply chains to reduce their dependence on China.

For example, the United States previously announced an agreement with Australia's Lynas Rare Earth Company. The latter will build a light rare earth separation facility in Hondo, Texas. The Pentagon is investing US$30.4 million in the project.

The Pentagon stated in February 2021: “Light rare earths are essential for many defense and commercial applications, including petroleum refining, glass additives, and magnets for electric vehicle drive train motors and precision guided munitions. If the project is completed, if successful, Lynas will produce approximately 25% of the world's supply of rare earth element oxides."

At the same time, Reuters reported this month that the UK may resume production of rare earth magnets for use in equipment such as wind turbines and electric cars.

According to Reuters, the government-funded feasibility study plan was released this week. According to Reuters, the study will cover the steps the UK needs to take to restart domestic rare earth magnet production.

The U.S. Geological Survey announced this week that it is seeking public comment on a draft list of 50 minerals deemed vital to U.S. national security and economy.

"The U.S. Geological Survey's list of key minerals provides industry, policy makers, economists, and scientists with important information about the most important minerals in the U.S. supply chain," said Tanya Trujillo, Assistant Secretary for Water and Science at the Department of the Interior. "Statistics and information are critical to understanding the vulnerability of the United States when the supply of critical minerals is interrupted, including global supply and demand data on minerals and materials that are critical to the U.S. economy and national security."

In addition to the more frequently discussed commodities such as aluminum, copper, zinc, nickel, platinum, and palladium (among others), the list also includes dysprosium, praseodymium, neodymium, and europium.

Interested parties should submit written comments via email or online before December 9, 2021.

The past month proved to be a strong performance of the rare earth MMI basket of metals.

As of November 1, the price of yttrium in China rose 18.6% month-on-month to 255 yuan per kilogram.

Terbium oxide rose 13.4% to US$1,551 per kilogram. Neodymium oxide rose 21% to $115,773 per metric ton.

Terbium metal rose 12.3% to US$1,969 per kilogram.

Socialize with us. Follow MetalMiner on LinkedIn.

Your email address will not be published. Required places have been marked *

Save my name, email, and website in this browser for the next time you comment.

This website uses Akismet to reduce spam. Learn how to handle your comment data.

©2021 MetalMiner All rights reserved. | Media Kit| Cookie Consent Settings| Privacy Policy| Terms of Service