I recently updated the TMR Advanced Rare-Earth Projects Index, to reflect project updates since the last edition. The effective date of the latest edition is November 19, 2015. The specifics:

• On October 6, 2015, Hastings Technology Metals Limited (ASX:HAS) (formerly Hastings Rare Metals Limited) announced an updated JORC-guided mineral-resource estimate for the Yangibana project in Australia. According to the associated news release, 8.1 Mt of the resource is at the Indicated level @ 1.07% TREO and 4.2 Mt is at the Inferred level @ 1.07% TREO, both without a cut-off grade.
• On October 8, 2015, Crossland Strategic Metals Limited (ASX:CUX) announced that its previous joint-venture partner in the Charley Creek project in Australia, Pancontinental Uranium Corporation (TSX.V:PUC), has sold its stake in the project to a private Australian company 100% owned by EMMCO Mining Sdn Bhd, a private Malaysian company.
• On October 12, 2015, Hastings Rare Metals Limited (ASX:HAS) announced a name change to Hastings Technology Metals Limited.
• On October 16, 2015, the Thorium Foundation announced completion of the acquisition of the Steenkampskraal project in South Africa, formerly owned by Great Western Minerals Group Ltd. (TSX.V:GWG) before being transferred to the Douglas Trust.
• On October 30, 2015, Arafura Resources Limited (ASX:ARU) announced an updated JORC-guided mineral-resource estimate for the Nolans project in Australia. According to the associated news release, 4.9 Mt of the resource is at the Measured level @ 3.2% TREO, 30.0 Mt is at the Indicated level @ 2.7% TREO, and 21 Mt is at the Inferred level @ 2.3% TREO, each at a cut-off grade of 1% TREO.

The Index currently consists of 58 rare-earth mineral resources, associated with 53 advanced rare-earth projects and 49 companies, located in 35 regions within 16 countries.

I have also updated the pricing used in the Index data, to reflect the average monthly prices for October 2015. The underlying pricing data used are copyright © 2015 Argus Media Group, with all rights reserved and used with permission under license. You can access the updated details via the Index page.

One final note – the easy-to-remember shortcut for accessing the Index is www.RareEarths.org.

Disclosure: at the time of writing, Gareth Hatch holds no shares or stock options in any of the companies mentioned in this article, or in any publicly traded rare-earth company, nor is he doing paid consulting for any such company.

I recently updated the TMR Advanced Rare-Earth Projects Index, to reflect project updates since the last edition. The effective date of the latest edition is September 10, 2015. The specifics:

• Per a recent report from PWC, acting as the court-appointed monitor for the Sale or Investor Solicitation Process for Great Western Minerals Group Ltd (TSX.V:GWG), on July 17, 2015 ownership of the Steenkampskraal project in South Africa was transferred to Douglas Trust Reg, as part of the sale of Rare Earth Extraction Co. a Great Western subsidiary.

The Index currently consists of 58 rare-earth mineral resources, associated with 53 advanced rare-earth projects and 49 companies, located in 35 regions within 16 countries.

I have also updated the pricing used in the Index data, to reflect the average monthly prices for August 2015. The underlying pricing data used are copyright © 2015 Argus Media Group, with all rights reserved and used with permission under license. You can access the updated details via the Index page.

One final note – the easy-to-remember shortcut for accessing the Index is www.RareEarths.org.

Disclosure: at the time of writing, Gareth Hatch holds no shares or stock options in any of the companies mentioned in this article, or in any publicly traded rare-earth company, nor is he doing paid consulting for any such company.

I recently updated the TMR Advanced Rare-Earth Projects Index, to reflect project updates since the last edition. The effective date of the latest edition is August 2, 2015. The specifics:

• On May 11, 2015, Ucore Rare Metals Inc. (TSX.V:UCU) announced an updated NI 43-101-guided mineral-resource estimate for the Bokan-Dotson Ridge project in the USA. According to the associated news release, 4.8 Mt of the resource is at the Indicated level @ 0.602% TREO and 1.1 Mt is at the Inferred level @ 0.603% TREO, both at a cut-off grade of 0.40% TREO;
• On May 12, 2015, Frontier Rare Earths Ltd. (TSX:FRO) announced an updated NI 43-101-guided mineral-resource estimate for the Zandkopsdrift project in South Africa as part of a completed pre-feasibility study. According to the associated news release, 23.0 Mt of the resource is at the Measured level @ 2.07% TREO, 22.7 Mt is at the Indicated level @ 1.73% TREO, and 1.1 Mt is at the Inferred level @ 1.52% TREO, each at a cut-off grade of 1% TREO; and
• On June 17, 2015, Geomega Resources Inc. (TSX.V:GMA) announced an updated NI 43-101-guided mineral-resource estimate for the Montviel project in Canada. According to the associated news release, 82.4 Mt of the resource is at the Indicated level @ 1.51% TREO and 184.2 Mt is at the Inferred level @ 1.43% TREO, at an unspecified cut-off grade.

The Index currently consists of 58 rare-earth mineral resources, associated with 53 advanced rare-earth projects and 49 companies, located in 35 regions within 16 countries.

I have also updated the pricing used in the Index data, to reflect the average monthly prices for July 2015. The underlying pricing data used are copyright © 2015 Argus Media Group, with all rights reserved and used with permission under license. You can access the updated details via the Index page.

One final note – the easy-to-remember shortcut for accessing the Index is www.RareEarths.org.

Disclosure: at the time of writing, Gareth Hatch holds no shares or stock options in any of the companies mentioned in this article, or in any publicly traded rare-earth company, nor is he doing paid consulting for any such company.

I recently updated the TMR Advanced Rare-Earth Projects Index, to reflect project updates since the last edition. The effective date of the latest edition is April 2, 2015. The specifics:

• In November 2014, Mineração Serra Verde, a subsidiary of Mining Ventures Brasil, completed a pre-feasibility study for the Serra Verde project in Brazil, which included an upgraded NI 43-101-guided mineral-resource estimate. Per the company’s Web site, 7 Mt of the resource is at the Measured level @ 0.16% TREO, 381 Mt is at the Indicated level @ 0.16% TREO, and 521 Mt is at the Inferred level @ 0.016% TREO, each at a cut-off grade of 0.1% TREO;
• On December 17, 2014, AusAmerican Mining Limited (ASX:AIW), owners of the La Paz project in the USA, changed its name to AusROC Metals Ltd.(ASX:ARK);
• On January 22, 2015, IAMGold Corporation (NYSE:IAG) completed the sale of its Niobec niobium mine in Canada, and the associated adjacent REE deposit, to Magris Resources Inc., a private Canadian company.;
• On February 12, 2015, Greenland Minerals and Energy Ltd. (ASX:GGG) announced an updated JORC-guided mineral-resource estimate for the Kvanefjeld project in Greenland. According to the associated news release, 143 Mt of the resource is at the Measured level @ 1.21% TREO, 308 Mt is at the Indicated level @ 1.11% TREO, and 222 Mt is at the Inferred level @ 1.00% TREO, each at a cut-off grade of 0.015% U3O8. We await a response from the company on some details of the elemental breakdown, before we update the distribution and grade tables; and
• On February 23, 2015, Northern Minerals Limited (ASX:NTU) announced an updated JORC-guided mineral-resource estimate for the Browns Range project in Australia. According to the associated news release, 4.7 Mt of the resource is at the Indicated level @ 0.70% TREO and 4.3 Mt is at the Inferred level @ 0.56% TREO, each at a cut-off grade of 0.15% TREO.

The Index currently consists of 58 rare-earth mineral resources, associated with 53 advanced rare-earth projects and 49 companies, located in 34 regions within 16 countries.

I have also updated the pricing used in the Index data, to reflect the average monthly prices for March 2014, as reported by Metal Pages. You can access the updated details via the Index page.

One final note – the easy-to-remember shortcut for accessing the Index is www.RareEarths.org.

Disclosure: at the time of writing, Gareth Hatch holds no shares or stock options in any of the companies mentioned in this article, or in any publicly traded rare-earth company, nor is he doing paid consulting for any such company.

I recently updated the TMR Advanced Rare-Earth Projects Index, to reflect project updates since the last edition. The effective date of the latest edition is January 21, 2015. The specifics:

• On December 17, 2014, Tantalus Rare Earths AG (F:TAE) announced an updated NI 43-101-guided mineral-resource estimate for the Tantalus project in Madagascar. According to the associated news release, 40.1 Mt of the resource is at the Measured level @ 0.10% TREO, 157.6 Mt is at the Indicated level @ 0.09% TREO, and 430.0 Mt is at the Inferred level @ 0.09% TREO, each at a cut-off grade of 0.03-0.05% TREO without Ce. ; and
• On January 21, 2015, Tasman Metals Ltd. (TSX.V:TSM, MKT:TAS) announced an updated NI 43-101-guided mineral-resource estimate for the Norra Kärr project in Sweden, as part of a completed maiden pre-feasibility study (PFS). According to the associated news release, 31.1 Mt of the resource is at the Indicated level @ 0.61% TREO, at a cut-off grade of 0.4 wt% TREO. We await a response from the company on some details of the elemental breakdown, before we update the various tables with the new resource estimate.

The Index currently consists of 58 rare-earth mineral resources, associated with 53 advanced rare-earth projects and 49 companies, located in 34 regions within 16 countries.

I have also updated the pricing used in the Index data, to reflect the average monthly prices for December 2014, as reported by Metal Pages. You can access the updated details via the Index page.

One final note – the easy-to-remember shortcut for accessing the Index is www.RareEarths.org.

Disclosure: at the time of writing, Gareth Hatch holds no shares or stock options in any of the companies mentioned in this article, or in any publicly traded rare-earth company, nor is he doing paid consulting for any such company.

Usually around this time of year I would have already posted an update on the export quotas issued by the Chinese Ministry of Commerce (MOFCOM) to rare-earth element (REE) producers in China.

Not so this year.

The twice yearly announcements on the specifics of the allocations were always met with a degree of interest that far outweighed their real importance. It was the illusory nature of the export quotas and the complete misreading of the 2010 quota allocations, by entities outside of China, that led to the completely unnecessary, yet unfortunately destructive run up (and subsequent crash) in prices for these materials in 2010 and 2011.

On December 31, 2014 MOFCOM announced that dozens of products previously subject to export quotas would instead now be subject to an export licensing regime. Perhaps the fact that REEs can be found cheek to jowl alongside live cattle, frozen meat, tungsten, sand, motorcycles and paraffin, to name but a few of the commodities listed, will finally correct the notion that some folks have of REEs as unique, precious snowflakes in the grand scheme of nefarious Chinese strategy. Or perhaps not…

We must remember that the export quotas were only one aspect of the overall export regime for REEs and other commodities, subject to the 2014 WTO ruling against China and a subsequent rejected appeal. Another important aspect was the imposition of export tariffs on REE products. The mid-December announcement from the Chinese Ministry of Finance, detailing the export tariffs for REEs in 2015, shows that such tariffs are still alive and well. At the very least, they indicate that China is taking a phased approach to the elimination of its export-control system for REEs in a manner that satisfies the WTO ruling. The continuation of export tariffs on REEs comes in the face of reported recent discussions on the imposition of a new value-added tax on REEs, as a replacement for the revenues generated by export tariffs. There are some indications that a switch over may occur later in 2015, but for now, the export tariffs are here to stay.

Since the announcement on the elimination of export quotas, we have seen dozens of inevitable headlines proclaiming the death of Chinese control over its exports of REEs. The reality is that China is still as much in charge of its REE supply chain as it ever was. An additional MOFCOM announcement indicated that REEs are now to be exported through only 9 designated ports. Export licenses will be “handled” through a Special Commissioner’s Office within MOFCOM, on a case-by-case, shipment-by-shipment basis. A number of sources in China indicate that to date, there is little guidance available to would-be exporters on the criteria to be fulfilled, for an export license to be issued, beyond the presentation of a sales contract with a buyer outside of China.

Such ambiguity would seem to resonate with the third aspect of the WTO complaint and ruling against China, concerning the lack of transparency internally with respect to specific rules and regulations pertaining to exports. Perhaps more details will be officially forthcoming, or perhaps not.

It is unlikely that the announced changes will have any meaningful impact on the “bandwidth” of REE exports that are exported from China via non-official channels (i.e. smuggled out). A number of the recent news stories have lamented that the elimination of export quotas will see increased exports and further decreases in REE pricing. I disagree. Perhaps some of the smuggled materials will now go through official channels, especially in the wake of the ongoing consolidation of the Chinese REE industry into six conglomerates; but the overall supply, through official and non-official channels, is unlikely to be affected.

Furthermore, the discussed new VAT proposed would be at similar levels to the existing export tariffs for REEs, thus the ongoing imposition off export tariffs and the subsequent change over, if and when it happens, is not likely to affect FOB China (export) prices either.

So for the time being at least, it is business as usual for Chinese REE exports.

Update (02/01/15): since this article was originally published, the authorities in China announced plans to eliminate the export tariffs on REEs in May 2015.

I recently updated the TMR Advanced Rare-Earth Projects Index, to reflect project updates since the last edition. The effective date of the latest edition is December 5, 2014. The specifics:

• On October 10, 2014, Rare Element Resources Ltd. (TSX:RES, MKT:REE) shared details of the NI 43-101-compliant mineral-resource estimate for the Bear Lodge project in the USA, which was initially announced earlier in the year, in an updated pre-feasibility study for the project. According to the associated technical report, 2.7 Mt of the resource is at the Measured level @ 3.81% TREO, 13.5 Mt is at the Indicated level @ 2.93% TREO, and 41.7 Mt is at the Inferred level @ 2.53% TREO, each at a cut-off grade of 1.5 wt% TREO;
• On November 10, 2014, Hastings Rare Metals Ltd. (ASX:HAS) announced an updated JORC-compliant mineral-resource estimate for the Yangibana project in Australia, a joint venture with Rare Earth Minerals PLC (AIM:REM). According to the associated news release, 4.0 Mt of the resource is at the Indicated level @ 1.59% TREO, and 2.8 Mt is at the Inferred level @ 1.43% TREO, each at a cut-off grade of 0.5 wt% TREO; and
• In the same news release, Hastings Rare Metals Ltd. (ASX:HAS) indicated that the Hastings project in Australia is now known as the Brockmans project.

The Index currently consists of 58 rare-earth mineral resources, associated with 53 advanced rare-earth projects and 49 companies, located in 34 regions within 16 countries.

I have also updated the pricing used in the Index data, to reflect the average monthly prices for November 2014, as reported by Metal Pages. You can access the updated details via the Index page.

One final note – the easy-to-remember shortcut for accessing the Index is www.RareEarths.org.

Disclosure: at the time of writing, Gareth Hatch holds no shares or stock options in any of the companies mentioned in this article, or in any publicly traded rare-earth company, nor is he doing paid consulting for any such company.

It’s no secret that there is a surplus of cerium (Ce) supply within the rare-earth-element (REE) market. More recently I’ve been hearing folks grumbling that we will soon be awash with yttrium (Y) too, with more than one junior-mining executive referring to Y as “the Ce of the heavy REE world”…

While I do not agree with this sentiment when it comes to future Y supply, I am always interested to learn about potential new applications for this element, given the greater potential for availability in coming years. So when Ryan Castilloux, author of the recent Adamas Intelligence report “Rare Earth Market Outlook: Supply, Demand and Pricing from 2014-2020” told me about an emerging application that could dramatically increase demand for Y, I was intrigued. When he started talking about another application that could also significantly increase demand for Ce as well, I naturally started to pay close attention.

As part of his recent 12-month study of the rare-earth sector, Ryan uncovered these and numerous other potential new uses for REEs that could significantly impact demand before 2020. Not all of them have the same chances of penetrating the market, and the actual impact on demand will vary, but being aware of these new uses is vital to understanding the medium- and long-term prospects for the sector.

Following our recent discussion on his new report, I got together with Ryan again recently and persuaded him to discuss some of these emerging end uses in more detail. We put together a 40-minute video of the discussion, which I think you’ll find to be very interesting.

You can access the free video by clicking here or by clicking the image above. Get in touch with us if you have any questions on the discussion.

You can also get more details on Ryan’s 573-page report by visiting http://www.REEreport.com. – if you order an electronic copy of the report by the end of December 5, 2014, TMR will send you a free printed hard copy, as well as a copy of our forthcoming report on recent global rare-earth import & export statistics, covering dozens of individual rare-earth products and product groups.

You hardly need me to point out that the rare-earth junior mining sector is in a challenging place right now. The current state of rare-earth prices and their impact on the market cap of pretty much every company in the sector, has everyone concerned.

Are things going to get better? Are future rare-earth prices going to reach the numbers predicted in recent scoping and pre-feasibility studies? What will be the effects of the ongoing crackdown on illegal mining in China? What will the demand profile for individual rare earths really be, in the not-too-distant future?

These questions and more like them, were the basis of a 12-month-long ‘deep-dive’ study of the rare-earth sector by Adamas Intelligence. Adamas recently concluded that study and has published its findings in a 573-page report, titled “Rare Earth Market Outlook: Supply, Demand and Pricing from 2014-2020“.

I recently got together with Ryan Castilloux, founder of Adamas and the lead author on the report (which also looks at the period 2008-2013), to discuss some of its major findings.

We put together a 30-minute video of the discussion, which gets into the structure and content of the report, as well as featuring key data and charts to describe top-level data.


The good news? The market and prices are set to bounce back, particularly in the face of growing demand for individual rare earths, for specific applications.

Ryan has done a masterful job with this report, which is just about the most comprehensive review of the rare-earth sector that I’ve ever seen.

You can access the free video by clicking here or by clicking the image above. Get in touch with us if you have any questions on the discussion, or the report itself; and look out for details of a second video that we’re working on, discussing some exciting emerging end-use applications for rare earths, which could have a further positive impact on rare-earth demand before 2020.

I recently updated the TMR Advanced Rare-Earth Projects Index, to reflect a project update since the last edition. The effective date of the latest edition is October 4, 2014. The specifics:

• On September 22, 2014, Matamec Explorations Inc. (TSX.V:MAT) announced that it has regained a 100% interest in the Kipawa deposit in Canada. According to the associated news release, the 49% stake in Kipawa previously owned by Toyotsu Rare Earth Inc. has been converted into a 10% net profits interest royalty;

One other note: On August 5, 2014, Hastings Rare Metals Ltd. (ASX:HAS) announced a maiden JORC-compliant mineral-resource estimate for the Yangibana project in Australia. According to the associated news release, 1.9 Mt of the resource is at the Indicated level @ 1.38% TREO, and 1.5 Mt is at the Inferred level @ 1.29% TREO, each at a cut-off grade of 0.5 wt% TREO. Details of the individual REO grades and distributions are still being clarified with the company; once the details have been received, the project will be added to the Index.

The Index currently consists of 57 rare-earth mineral resources, associated with 52 advanced rare-earth projects and 47 companies, located in 34 regions within 16 countries.

I have also updated the pricing used in the Index data, to reflect the average monthly prices for September 2014, as reported by Metal Pages. You can access the updated details via the Index page.

One final note – the easy-to-remember shortcut for accessing the Index is www.RareEarths.org.

Disclosure: at the time of writing, Gareth Hatch holds no shares or stock options in any of the companies mentioned in this article, or in any publicly traded rare-earth company, nor is he doing paid consulting for any such company.