The heart of a modern weapon isn't gunpowder — it's the "permanent magnet" made from rare earths. It drives the motors in drones, steers missiles, and turns the mechanisms inside fighter jets. The problem: over 90% of the processing and magnet-making at this level sits in China — the same country the West is arming against. This is the story of taking back the military's deepest "bottleneck" — with governments themselves putting up the money to build the mines, the separation plants, and the magnet factories.
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Why is Sovereign Critical Minerals & Magnets moving?
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West's rare earth and magnet supply chain takes real shape
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Greenland clears Tanbreez, a giant heavy rare earth mine Greenland formally approved the mining plan for Critical Metals' Tanbreez deposit, one of the world's largest heavy rare earth resources, valid to 2050. It covers magnet metals and heavy rare earths the West badly needs, moving a major non-China mine toward construction.
A concrete regulatory green light for a large non-China heavy rare earth mine is a core new force for the theme.
MP Materials hits record output and nears heavy rare earths and magnets MP Materials produced record volumes of the key magnet ingredient NdPr, is on track to start making terbium and dysprosium this year, and began commercial magnet production in Texas, with GM shipments due in late 2026. This shows the US mine-to-magnet chain is actually delivering.
It is the clearest evidence yet that a Western integrated rare earth and magnet supply chain is moving from plans to production.
China's rare earth refining grip slips as Japan and US build alternatives China's share of refining rare earths for magnets fell from 91% in 2023 to about 85% in 2025, and could reach 70% by 2035. Japan and the US are funding loans, stockpiles and long-term contracts to build supply chains without China.
It quantifies the central theme force: the West is slowly reducing China's dominance of rare earth processing.
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New capital and plants widen non-China magnet, antimony and Ukraine supply Evolution Metals raised its 2026 revenue outlook 62% and is adding magnet machines in Korea, targeting over 10,000 tonnes of capacity. Nova Minerals moved equipment to build a US antimony plant, and the US approved Ukraine critical minerals funding. These add real non-China capacity.
It shows money and equipment are flowing into several non-China mineral and magnet projects at once, broadening the theme beyond rare earths.
EM&T Raises Fiscal 2026 Revenue Guidance 62% to $11 Million, Reaffirms $460 Million Fiscal 2027 Outlook
Evolution Metals & Technologies Corp. raised its fiscal 2026 revenue guidance to $10 million to $11 million, up from the previous range of $5 million to $8 million issued on September 10, 2026, a 62% increase at the midpoint. The company also reaffirmed its fiscal 2027 revenue guidance of $400 million to $460 million, whose $430 million midpoint represents roughly 41 times the raised fiscal 2026 midpoint. The Miami-based critical materials and advanced manufacturing company said the raise reflects an expanded ex-China rare earth feedstock position, improved rare earth pricing and continued strong commercial demand. Thirteen additional ULVAC sintered magnet production machines are scheduled for delivery in October 2026 and will be installed immediately after delivery in Pohang, Republic of Korea, where they are expected to lift annual magnet production capacity above 10,000 metric tons, including approximately 6,000 metric tons of high-performance sintered magnets. Chief Executive Officer Frank Moon said the company will showcase what it believes is the largest commercial magnet facility in the world, ex-China, on December 17, 2026, and President Andrew Knaggs pointed to DFARS 252.225-7052, which is expected to extend the mine-to-magnet restriction across the entire neodymium-iron-boron magnet supply chain beginning January 1, 2027.
MP Materials Posts Record NdPr Output, Targets Terbium and Dysprosium Production
MP Materials is accelerating its push to build a fully integrated U.S. rare earth supply chain, reporting record NdPr production and progress toward heavy rare earth and magnet manufacturing. In 2025, its Mountain Pass operations delivered a record 2,599 metric tons of neodymium-praseodymium, more than double the 1,294 metric tons produced in 2024. First-quarter 2026 NdPr output hit a record 917 metric tons, up 63% year over year, and second-quarter production rose 41% year over year to 840 metric tons despite a scheduled semiannual maintenance outage; management expects third-quarter 2026 NdPr production to have exceeded 1,000 metric tons. The company remains on track to begin producing terbium and dysprosium later this year, with first samarium production targeted for 2028, and recently signed a multiyear agreement to supply gadolinium oxide to a leading U.S. aerospace and defense manufacturer. In December 2025, MP produced its first commercial-scale neodymium-iron-boron permanent magnets at its Independence facility in Fort Worth, Texas, and it has been delivering magnetic precursor products to General Motors under a supply agreement since the first quarter of 2025. As of June 30, 2026, MP had collected $150 million in required GM prepayments and delivered $104.5 million of precursor products, with the remaining $45.5 million expected within a year, after which it expects to shift to finished magnet sales; it delivered magnets to GM for in-vehicle qualification testing in the second quarter of 2026 and expects commercial shipments to begin in the fourth quarter of 2026. MP has begun construction of the 10X magnetics facility, which is expected to contribute to total production capacity of approximately 10,000 metric tons of NdFeB rare-earth magnets per year, and it has launched Project Swarm with U.S. and allied drone manufacturers while continuing its partnership with Apple on magnet recycling and production.
MP · Supply · Positive MP Materials reported record NdPr output and progress toward terbium, dysprosium, and magnet production, expanding its rare earth supply capacity.
GM · Demand · Positive MP Materials is delivering magnetic precursor products and magnets to GM under a supply agreement, with commercial magnet shipments expected in Q4 2026.
Nova Minerals Moves to Build Alaska Antimony Plant After Equipment Arrives
Nova Minerals Corp said all key plant equipment for its planned antimony processing and refinery operation arrived at Port MacKenzie, Alaska, on October 6, 2026, clearing the way for construction to begin in the coming weeks subject to remaining permits. The delivery included two ball mills, a jaw crusher, an apron feeder, hydraulic filter presses and other ancillary equipment, following a 500-ton shipment of processing and refining equipment that reached Port MacKenzie on September 6. The company is building a vertically integrated U.S. domestic antimony supply chain in Alaska, supported by a $43.4 million award from the U.S. Department of War, with first antimony expected in 2027. The equipment arrival came as the 2026 field season at the Estelle Critical Minerals and Gold Project concluded, with an approximately 8,000m diamond drilling program focused on infill and resource expansion at the RPM gold deposit to advance the Pre-Feasibility Study now complete and assay results expected in due course. Nova also extracted 100 tons of antimony ore to provide initial feed for the Port MacKenzie plant, while construction continues on the Korbel-Stibium access road and the Whiskey Bravo airstrip expansion.
NVA-WT · Supply · Positive Key antimony processing equipment arrived at Port MacKenzie, clearing the way for construction of its vertically integrated US antimony supply chain.
NVA · Supply · Positive Key antimony processing equipment arrived at Port MacKenzie, clearing the way for construction of its vertically integrated US antimony supply chain.
Medaro Mining Reports Multiple Magnetic Targets at Bastnäs Project in Sweden
Medaro Mining Corp. announced results from a high-resolution, low-elevation drone magnetic survey completed across the central section of its Bastnäs Project in central Sweden as part of its 2026 exploration program. The survey identified multiple magnetic high structures correlating with historical iron ore mines, strongly defined magnetic high lineaments trending northeast-southwest across the project area, and a structural fabric overprint that breaks up those lineaments. Coverage gaps caused by terrain, environmental and operational constraints will be infilled during a Phase 2 drone magnetic survey planned for 2027. The geophysical data is being interpreted alongside the company's 2026 surface sampling results, which included 218 rock chip samples collected from new outcrops and historic workings, with previously reported results of up to 32.99% TREO, 16.5 grams per tonne gold and 23.7% copper. Medaro has identified six principal areas of interest from the combined geological, geochemical and geophysical results, and President and CEO Mark Carruthers said the survey has helped prioritize several areas for follow-up exploration and drilling. The Bastnäs Project comprises two mineral exploration permits, Bastnäs 100 and Bastnäs 200, held on trust by McKnight Resources AB, and one permit, Bäckegruvan nr 1, held on trust by Explora Mineral AB, all intended to be transferred 100% to Medaro pending regulatory approvals.
Medaro Mining Corp. · Technology · Positive Drone magnetic survey identified multiple magnetic targets and six priority areas, advancing its Bastnäs exploration program toward follow-up drilling.
Canamera Wins Three-Year Permit for Schryburt Lake REE-Niobium Project, Drilling Starts October 2026
Canamera Energy Metals Corp. has received a three-year Exploration Permit from the Ontario Ministry of Energy and Mines for the Schryburt Lake Rare Earth Element-Niobium Project in northwestern Ontario and has signed a Community Benefit Agreement with Nibinamik First Nation, clearing the way for the project's first-ever diamond drill program to begin in mid-October 2026. The permit, effective from September 10, 2026 to September 9, 2029, authorizes a 19-hole diamond drilling program plus mechanized stripping and trenching, line cutting and geophysical surveys across 36 claims covering the core of the Schryburt Lake Carbonatite Complex. The initial phase, mobilizing October 16, 2026, comprises approximately 1,500 metres of helicopter-supported diamond drilling in three holes testing the Blue Jay, Starling and Blackbird targets, with a budget of approximately CAD $1.7 million. This is the first diamond drill program on the project and the first drilling of any kind since six shallow reconnaissance holes totalling 293 metres were completed in 1977. Expenditures under the program further the CAD $1.5 million First Option expenditure condition under the company's JV Option Agreement, through which Canamera may earn an initial 51% interest in the project, and up to a 90% interest through a three-stage earn-in requiring aggregate expenditures of CAD $9.0 million.
Canamera Energy Metals Corp. · Regulation · Positive Received a three-year Ontario exploration permit and signed a Community Benefit Agreement, clearing the way for its first diamond drill program at Schryburt Lake.
China's Rare Earth Refining Share Falls from 91% to 85% as Japan and the U.S. Build Supply Chains Without China
Each time China uses rare earths as a diplomatic card, momentum grows among Japan and the U.S. in particular to build supply chains that exclude China. According to the International Energy Agency, as of 2025 China accounts for 85% of global rare earth refining, but its share of refining rare earths for magnets has fallen from 91% in 2023 to roughly 85% in 2025, and if planned projects come to fruition it could drop to around 70% by 2035. In October 2025, President Trump and Prime Minister Sanae Takaichi signed a Japan-U.S. framework on the mining and processing of critical minerals and rare earths, setting out a policy of diversifying supply chains through a combination of loans, guarantees, insurance, long-term purchase contracts, stockpiling, recycling, and geological surveys. In April 2026, Prime Minister Takaichi launched the Partnership for Resilient Energy and Resource Supply Capacity in Asia, known as Power Asia, under which financial cooperation totals about 10 billion dollars, equivalent in crude oil and petroleum product procurement to as much as about 1.2 billion barrels, roughly one year's worth of ASEAN's crude oil imports. At the second Pax Silica Summit in June 2026, governments from 35 countries and regions including Japan joined a joint statement on the AI field, and connecting the two frameworks of Power Asia and Pax Silica under Japan's leadership has become a realistic policy concept.
Energy Fuels Holds $996 Million Working Capital as Growth Spending Climbs
Energy Fuels reported $996 million in working capital as of June 30, 2026, up from $927.4 million as of Dec. 31, 2025, including $58.4 million of cash and cash equivalents and $878.3 million of marketable securities. The company's net cash used in operating activities declined to $17.8 million in the first half of 2026 from $44.8 million a year earlier, while net cash used in investing activities rose to $133.3 million from $75.2 million on higher investments in marketable securities, equipment and mineral properties, plus contributions to the Donald Project joint venture. In June, Energy Fuels received a conditional $725 million financing commitment from the U.S. Office of Strategic Capital, a proposed 20-year loan to support critical minerals processing expansion at the White Mesa Mill and a planned U.S. rare earth metals and alloys facility, subject to customary conditions and approvals. Among peers, MP Materials generated $4.9 million of operating cash flow in the first half of 2026 versus an outflow of $66.9 million a year earlier, and spent $307.7 million on property, plant and equipment, up from $59.5 million, ending with $429.6 million in cash, cash equivalents and restricted cash. Centrus Energy reported $16.7 million of operating cash outflow in the first half of 2026 against $89.3 million of inflow a year earlier, with capital expenditures surging to $94.8 million from $5.7 million and cash and cash equivalents of $1.87 billion as of June 30, 2026.
Energy Transition & Power Demand › Uranium Mining & Development Capital
Energy Transition & Power Demand › Nuclear Fuel Cycle (Uranium & Enrichment) Capital
Critical Materials & Supply Chain › Uranium Mining Capital
Energy Transition & Power Demand › Conversion & Enrichment (HALEU) Capital
UUUU · Capital · Positive Energy Fuels reported $996M working capital and a conditional $725M U.S. Office of Strategic Capital financing commitment for critical minerals and rare earth expansion.
LEU · Capital · Negative Centrus reported $16.7M H1 operating cash outflow versus $89.3M inflow a year earlier, with capex surging to $94.8M from $5.7M.
MP · Capital · Positive MP Materials generated $4.9M operating cash flow in H1 2026 versus a $66.9M outflow a year earlier.
Krait Critical Minerals Appoints Dr. Thomas O'Rourke as Strategic Advisor
Krait Critical Minerals Corp. announced the appointment of Dr. Thomas O'Rourke as a Strategic Advisor to the company. Dr. O'Rourke brings more than four decades of experience spanning U.S. federal financial regulation, banking, risk management, strategic leadership and military service, including approximately 27 years with the U.S. Department of the Treasury and roughly 20 years with the New Jersey Air National Guard. He is expected to advise Krait on capital markets, corporate and financial strategy, government engagement, critical-mineral policy and the North American defense and industrial supply-chain environment. The appointment comes as Krait advances its U.S.-based antimony projects in Washington State, acquired through Nevada Hills Antimony, LLC on September 16, 2026, alongside its flagship Goldbar Spider Lake Project in Ontario. Chief Executive Officer Oscar Mendoza said Dr. O'Rourke's experience is particularly relevant given the September 30, 2026 establishment of FORTRESS America, a Department of War program organized around five pillars including supply-chain and defense-industrial base resilience and a strategic defense reserve. Krait noted the memorandum does not identify the company, antimony, individual mining projects, funding amounts or eligibility criteria, and that the appointment does not imply any government affiliation, endorsement, procurement relationship or commitment of funding.
Greenland Resources Collects 8 Tonnes of Core, 14 Tonnes of Water for Malmbjerg REE and Magnesium Study
Greenland Resources Inc. has collected more than eight tonnes of drill core and fourteen tonnes of saline and fresh water from its Malmbjerg ore body in Greenland for a by-product test program backed by a non-repayable contribution from the government of Canada. The materials are expected to arrive at SGS Lakefield in Ontario around October 12, and the test program, which aims to verify metallurgical recoveries and concentration grades, will continue until March 2028. The work falls under the Malmbjerg Project Molybdenum Optimization, and Magnesium and Rare Earths By-product Feasibility Study, which received $7 million from Natural Resources Canada's Critical Minerals Research, Development and Demonstration Program. The company noted that China accounts for approximately 69% of global rare earth element production and 89% of global magnesium production, with the EU sourcing 97% of its magnesium from China and US net import reliance on magnesium exceeding 75% of consumption in 2025. The program covers characterization of ore samples and process water, optimization of molybdenum flotation under fresh and saline water conditions, and evaluation of magnesium and REE recovery pathways, with each program potentially advancing to continuous pilot-scale testing.
SGS Lakefield · Demand · Positive SGS Lakefield is the lab receiving the drill core and water samples to run the metallurgical test program for Greenland Resources.
Evolution Metals Taps INERGX for Planned 5 GW US Critical Materials Facility
Evolution Metals & Technologies Corp. has signed a Strategic Partnership Letter of Intent with UK-based INERGX Energy Optimisation Ltd. to engineer, supply, integrate and service the energy storage and power optimization systems for its planned critical materials and battery black mass recovery facility in the United States. The Facility is planned at approximately 1 GW of on-site capacity within two years, equivalent to the output of one typical U.S. nuclear reactor, and up to approximately 5 GW at full build-out, equivalent to five reactors and to the annual electricity use of approximately 4 million American homes, powered by on-site LNG generation. Under the LOI, INERGX intends to source cells, packs and battery management systems through qualified European or other approved non-China partners, with full country-of-origin documentation and no change in source without EM&T's written approval, addressing the roughly 85% share of global battery cell manufacturing capacity located in China in 2024. INERGX will carry out a First Block Study within eight weeks of receiving EM&T's site inputs, with definitive agreements for the first block targeted within twelve weeks of the study's delivery and acceptance, and a long-term service agreement with an anticipated initial term of ten years. The partnership comes as EM&T executes on its previously announced fiscal 2027 revenue guidance of $400 million to $460 million, reflecting the expected first full-year contribution from expanding its Pohang, Republic of Korea magnet capacity to approximately 10,000 metric tons annually.
EMAT · Demand · Positive Signs LOI with INERGX to engineer and supply energy storage for its planned 1-5 GW US critical materials and battery black mass recovery facility, advancing its expansion.
EMAT · Capital · Positive Partnership supports execution on previously announced fiscal 2027 revenue guidance of $400-460 million tied to expanding Pohang magnet capacity.
LH Fund launches IPO of LHCRITMAT fund investing in nine critical mineral groups
Land and Houses Fund Management, or LH Fund, has opened the initial public offering of the LH Critical Materials open-ended fund (LHCRITMAT) from October 6 to 14, 2026, with a risk level of 7. The fund invests in the master fund, the Sprott Critical Materials ETF (SETM), at an average of no less than 80% of net asset value per fiscal year. Monarat Padungsit, Managing Director of LH Fund, said critical minerals are becoming a strategic raw material for the modern world, driven by their necessity for energy production, transmission and storage, as well as the defense and aerospace industries. The master fund is passively managed, tracking the Nasdaq Sprott Critical Materials Index, which selects stocks that derive at least 50% of revenue or assets from the critical minerals business, caps each security's weight at no more than 4.75%, and reviews index constituents every six months. Its key highlight is diversification across nine critical mineral groups through a single fund, with copper at 26.6% and uranium at 25.2%, followed by lithium, silver and rare earths, as of June 30, 2026. The master fund's portfolio has more than 77% combined exposure to companies listed in Canada, Australia and the United States, in line with the trend of supply chain diversification away from China. The master fund returned 60.33% over the past year and an average of 18.36% per year since inception, as of August 31, 2026. On the demand side, China accounts for as much as 90% of global rare earth processing and refining, while Japan relied on imports from China for 63% of its rare earths in 2024. The United States Geological Survey announced its 2025 national critical minerals list of 60 items, 10 more than the previous list. The IEA estimates global power grid investment in 2026 at about 550 billion US dollars, up nearly 20% from the previous year, with nuclear power capacity under construction totaling 78 gigawatts across 15 countries. NATO members aim to raise defense budgets to 5% of GDP by 2035. On the supply side, constraints remain: capital spending by critical minerals mining companies fell 9% in 2025 and exploration budgets dropped 10%. The IEA estimates that by 2035, mines worldwide may produce 30% less copper than needed and 40% less lithium, requiring about 500 billion US dollars in new mine investment by 2040.
Empower Names ExxonMobil Veteran Andrew Sinclair as Public and Government Affairs Chief
Empower has appointed former ExxonMobil veteran Andrew Sinclair as its chief public and government affairs officer, the Dallas-based lithium producer announced. Sinclair will be based at Empower's new Washington, D.C., office and will also lead a presence in Austin, overseeing government relations, media and communications as the company aligns with U.S. strategic interest in critical minerals. He brings more than two decades of public affairs experience, including nine years at ExxonMobil, where he oversaw state government relations in the Northeast and helped build the public and government affairs team in Guyana. Empower is scaling commercial production of American-made lithium carbonate and plans to launch its first commercial sales in 2027, with CEO Patrick Dowling calling Sinclair the cornerstone of a leadership team assembled to lead American lithium production. The company noted that the United States controls only 1% of global lithium processing capacity.
Empower · Regulation · Positive Empower hired a government/public affairs chief and opened a Washington office to align with U.S. strategic interest in critical minerals as it scales lithium production.
Critical Metals Wins Greenland Approval for Tanbreez Rare Earth Mine
Critical Metals Corp. shares rose 13% Monday morning after the company said it received formal mining approvals from the Government of Greenland for its Tanbreez Mine, valid through 2050. The Government of Greenland approved the Mining Plan and Closure Plan for the Tanbreez Project, one of the world's largest heavy rare earth deposits, located in Southern Greenland. The approvals, signed by Minister Múte B. Egede on September 29, 2026, establish a framework for approximately 24 years of permitted operations under the company's existing exploitation licence. They cover the extraction of 19 critical elements, including the heavy rare earths terbium, dysprosium and yttrium, as well as the magnet metals neodymium and praseodymium. The remaining step before construction can begin is obtaining activity-specific operating permits under sections 120 and 121 of the Greenland Mineral Activities Act, covering environmental management, marine transport, health and safety, and the export and sale of minerals. The approvals were granted to the company's Greenlandic subsidiary, Tanbreez Mining Greenland A/S, under Exclusive Licence No. 2020-54, which covers mineral exploitation at Killavaat Alannguat, between Narsaq and Qaqortoq in Southwest Greenland.
CRML · Regulation · Positive Critical Metals Corp. received formal Greenland government mining approvals for its Tanbreez rare earth project, a key regulatory milestone.
Tanbreez Mining Greenland A/S · Regulation · Positive Tanbreez Mining Greenland A/S, the company's subsidiary, was granted the mining and closure plan approvals under its exploitation licence.
US approves new investments in Ukraine reconstruction fund to support power restoration and critical minerals development
The US Treasury Department announced on the 2nd that it has approved new investment projects under its "reconstruction investment fund" with Ukraine. The main pillars are the restoration of heat and power supply infrastructure and the development of critical minerals, supporting Ukrainian companies as infrastructure damage spreads from Russia's invasion. According to the Treasury, the plan is to build power generation and heat supply facilities in multiple regions of Ukraine, aiming to supply thousands of households. It will also provide funding for battery storage projects in six locations across the country, seeking to stabilize power supply in preparation for blackouts caused by Russian military attacks. In addition, it will support the development of rare earths, uranium and other resources, strengthening supply chains for allied nations.
American Rare Earths Unveils Larger Cowboy State Mine Plan in Updated Scoping Study
American Rare Earths has unveiled an updated Scoping Study for the Cowboy State Mine outlining a larger development concept for Halleck Creek, CEO Mark Wall said. The study evaluates a 4.5-million-tonne-per-year operation with a projected mine life of 26 years, generating an estimated after-tax net present value of approximately US$1.07 billion at an 8% real discount rate. Initial capital is estimated at approximately US$900 million, comprising roughly US$690 million in direct capital and US$210 million in contingency, with the updated study applying a 30% contingency allowance to direct capital versus 20% in the company's 2025 study. Modelled average annual production of neodymium-praseodymium oxide has increased from approximately 1,800 tonnes to 2,500 tonnes, and a separate closure cost provision of approximately US$56 million has been included at the end of the projected mine life. The development concept combines mining, comminution and mineral concentration at the Cowboy State Mine with a separate hydrometallurgical refinery planned for the Wheatland or Laramie area of Wyoming, as the company aims to establish a domestic supply of rare earth oxides and advance technical work to connect those materials with downstream U.S. production of rare earth metals and permanent magnets.
American Rare Earths Limited · Supply · Positive Updated scoping study outlines a larger 4.5Mtpa Cowboy State Mine with higher NdPr output, expanding its rare earth supply project
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Sovereign Critical Minerals & Magnets
Mkango Files Amended Form F-4 for Crown PropTech SPAC Merger
Mkango Magnetic Materials Limited announced that its wholly-owned subsidiary, Mkango Rare Earths Limited, filed an amendment to its registration statement on Form F-4 with the United States Securities and Exchange Commission on September 29, 2026, in connection with its proposed business combination with Crown PropTech Acquisitions, first announced on July 3, 2025. The Amended Form F-4 comprises a preliminary proxy statement of CPTK and a preliminary prospectus of MKAR covering the common shares and warrants to be issued in the deal. The filing has not yet been declared effective by the SEC and remains subject to completion or amendment. Subject to the SEC review process and customary closing conditions, including approval by CPTK shareholders, MKAR's common shares and warrants are expected to list on Nasdaq under the symbols MKAR and MKARW on closing. Mkango, which is listed on AIM and the TSX-V, is pursuing a strategy to become a market leader in recycled rare earth magnets, alloys and oxides, and its Songwe Hill and Pulawy rare earths projects have both been selected as Strategic Projects under the European Union Critical Raw Materials Act.
Defense & Geopolitical Fragmentation › Sovereign Critical Minerals & Magnets Capital
Defense & Geopolitical Fragmentation › Sovereign Supply — Minerals & Reshoring Industrials Capital
Crown PropTech Acquisitions · Capital · Positive Amended Form F-4 filed with SEC advances its proposed SPAC business combination with Mkango Rare Earths, with shares/warrants expected to list on Nasdaq.
Tronox and JX Advanced Metals Sign Rare Earth Cooperation and Investment Agreement
Tronox Holdings plc has signed a cooperation and investment agreement with JX Advanced Metals Corporation to advance its rare earth and critical minerals business. Under the agreement, the two companies will fund on a 50/50 basis approximately $32 million to support a definitive feasibility study for Tronox's proposed rare earth cracking and leaching facility in Australia, a pre-feasibility study for a proposed rare earth oxide refinery in the United States, and development of a US-based pilot facility capable of producing initial quantities of high-purity rare earth oxides. The Cracking Plant is planned for the Rockingham Industrial Zone in Western Australia, about three kilometers south of Tronox's Kwinana TiO2 pigment plant, while the Refinery is expected to be located on Tronox-owned land adjacent to its Hamilton, Mississippi TiO2 pigment facility. Together, the two sites would aim to produce up to 10,000 tonnes per annum of total rare earth oxides, and the agreement also contemplates joint development of niobium, scandium, zirconium, and hafnium from Tronox's mineral resources. If the engineering studies demonstrate technical and commercial viability, the companies will explore forming a joint venture to fund, build, and operate the assets, and they have engaged with government-backed financing institutions including the US Export-Import Bank and Export Finance Australia.
5016.JP · Capital · Positive JX Advanced Metals signs agreement to co-fund ~$32M in rare earth studies and explore a joint venture with Tronox.
TROX · Capital · Positive Tronox signs cooperation and investment agreement with JX Advanced Metals, with 50/50 funding of ~$32M for rare earth feasibility studies and potential JV.
Allied Critical Metals Closes Second Tranche of U.S.$25 Million Placement With Tribeca
Allied Critical Metals Inc. has closed the second tranche of its previously announced U.S.$25 million private placement of common shares, raising gross proceeds of U.S.$15 million from new strategic investor Tribeca Investment Partners. The Second Tranche consisted of 10,317,073 common shares issued at C$2.05 per share, subject to a four-month-and-one-day hold period under applicable securities laws and Canadian Securities Exchange policies. The company said net proceeds will fund development of its Vila Verde pilot project, ongoing exploration and development at the Borralha Tungsten Project, and additional working capital. In connection with the closing, Allied paid Clarus Securities Inc. a finder's fee comprising a cash commission equal to 5% of gross proceeds and broker warrants equal to 5% of the shares issued, each exercisable at the offering price for 24 months. Chief Executive Officer Roy Bonnell said the closing paves the way to continue developing the flagship Borralha Property and the near-term producing Vila Verde Property, while Tribeca portfolio manager Ben Cleary said the two past-producing tungsten assets could become significant contributors to the defense industry amid a dramatic shortage of tungsten concentrates.
Allied Critical Metals Inc. · Capital · Positive Closed second tranche of US$25M placement, raising US$15M to fund Vila Verde and Borralha development
Tribeca Investment Partners · Capital · Positive Tribeca is the new strategic investor funding the placement as portfolio manager cites tungsten shortage
Clarus Securities Inc. · Capital · Positive Clarus Securities received a 5% cash finder's fee and broker warrants for the placement
Trump accepts Xi Jinping's invitation to visit China in mid-November after three-day Washington trip wraps up
US President Donald Trump has accepted an invitation from Chinese President Xi Jinping to visit China in mid-November, after Xi wrapped up a three-day visit to Washington on Friday, September 25. It was his second personal meeting with Trump in 2026 and the first visit to Washington by a Chinese leader in 11 years. The two leaders will meet again at the APEC summit in Shenzhen and the G20 meeting in Miami in December. On trade and investment, the White House said the United States and China have moved forward with the trade and investment mechanism agreed at their meeting in Beijing in May, endorsing a proposal for tariff treatment favorable to trade in non-sensitive goods worth 30 billion dollars for each side's exports. The US side covers agricultural goods, fishery products, wood products and medical equipment, while imports from China cover consumer goods such as small electrical appliances and toys. China will import at least 10 million tons of coal from the United States in 2027 and at least another 10 million tons in 2028. Both sides will continue discussions on supply chain shortages related to rare earths and other critical minerals, and will set up a consultation mechanism on artificial intelligence and a communication channel between the two countries to respond to related incidents. US Trade Representative Jamieson Greer said the Trump administration plans to disclose further details on Monday about what the United States and China achieved in weeks of negotiations.
Trump and Xi Extend Trade Truce by Two Months, but Rare Earths Remain Unclear
The meeting between U.S. President Donald Trump and Chinese President Xi Jinping on September 24 took place in a friendly atmosphere, with both leaders displaying a good personal relationship. However, analysts in the United States view the meeting as more about image than concrete results. The key outcome so far is the extension of the trade truce by two months, from its original expiry on November 10 to January 10, 2027, to open the way for the two sides to negotiate a more comprehensive economic agreement. Nevertheless, several important issues remain unclear, including tariff reductions, purchases of agricultural goods and Boeing aircraft from the United States, China's rare earth exports, cooperation on artificial intelligence safety, and positions on Taiwan and Iran. Analysts also view the announcement of two giant pandas heading to Zoo Atlanta as a positive signal for people-to-people relations, but say it cannot substitute for resolving the structural conflicts between the United States and China. At the same time, U.S. senators from both the Republican and Democratic parties continue to criticize China, with concerns about its expanding regional influence and military buildup. Analysts say the meeting is significant in terms of maintaining channels of communication and preventing relations between the two countries from deteriorating further, but the main issues of trade, technology, rare earths, Taiwan, and Iran will still need to be watched through actual actions after the meeting.
BA · Tariff · Neutral Boeing aircraft purchases by China are among the unresolved issues in the extended US-China trade truce, with no concrete deal reached.
China Rare Earth Group in Talks to Acquire Shenghe Resources and Its 3% MP Materials Stake
Reuters reported on September 18, 2026 that state-owned China Rare Earth Group is in talks to acquire Shenghe Resources, which holds a roughly 3% stake in US rare earths company MP Materials Corp. and serves as MP's exclusive offtake partner for distributing rare earth concentrate in China. A deal would extend Beijing's consolidation of its rare earths sector to one of the last major Chinese firms in the space with private ownership. Shenghe's roughly 3% holding would not give China Rare Earth Group operational control over MP, which has repeatedly stated that neither Shenghe nor the Chinese government controls its operations, and the U.S. Department of Defense became MP's largest shareholder through a $400 million preferred-equity investment. MP stopped shipping rare-earth concentrate to China in April 2025 and terminated its Shenghe offtake agreement, while the Pentagon provided a 10-year NdPr price floor, long-term magnet purchase commitments and a $150 million loan, and Apple committed $500 million to purchase and develop U.S.-made magnets with MP. Shenghe publicly denied that its controlling shareholder planned a transfer, and Reuters' sources could not determine what would happen to Shenghe's foreign stakes or how the unusual shareholder combination involving China Rare Earth Group and the Pentagon might affect the transaction. Hedge fund count for MP Materials slipped to 50 funds in the second quarter from 52 in the first, even as position value rose to $1.01 billion from $619.1 million, according to Insider Monkey's database.
600392.CG · Capital · Neutral State-owned China Rare Earth Group is in talks to acquire Shenghe Resources, extending Beijing's consolidation of the rare earths sector, though Shenghe denies any controlling-shareholder transfer plan.
MP · Regulation · Neutral China Rare Earth Group's talks to acquire Shenghe, holder of ~3% of MP and its former China offtake partner, could shift the shareholder mix, though Shenghe's stake gives no operational control and the outcome is undetermined.
US and Japan Discuss China Yttrium Supply Chain Two Weeks Before US-China Summit
Government officials and corporate executives from the United States and Japan met two weeks before the US-China summit to discuss supply bottlenecks affecting access to Chinese yttrium, a rare earth essential to the aerospace industry and semiconductor manufacturing. According to documents reviewed by Reuters, the Trump administration convened a meeting on the 10th of this month focused specifically on the supply chains for permanent magnets and yttrium, providing an opportunity for candid discussion of current and future strategic supply chain bottlenecks. The senior-level meeting, hosted by the US Department of Energy and involving Japan's Ministry of Economy, Trade and Industry, aimed to identify opportunities for US-Japan cooperation to strengthen supply chain resilience. Reuters was unable to learn the outcome of the event. Experts noted that the meeting illustrates how serious the yttrium shortage has become for US and Japanese companies, and according to Emily Benson, head of strategy at consulting firm Minerva Technology Futures, such meetings are common. The Department of Energy declined to comment on the meeting but said it welcomes partnership with Japan and encourages US and Japanese companies to launch critical minerals projects as part of a broader effort to diversify supply chains and strengthen long-term global energy security. The Chinese embassy said China's rare earth export controls are lawful and consistent with international practice, adding that China remains committed to maintaining the stability and security of global critical minerals supply chains.
China Confirms First AI Talks With U.S., Hints at Trade Truce Extension
China's Commerce Ministry confirmed Thursday that its senior trade negotiators had held their first talks with the U.S. on artificial intelligence. Spokesperson He Yadong told reporters the two sides also discussed plans for reducing tariffs and extending trade arrangements agreed in Kuala Lumpur last October, referring to Vice Premier He Lifeng's meeting with Treasury Secretary Scott Bessent in New York ahead of this week's summit between U.S. President Donald Trump and Chinese President Xi Jinping. As Xi landed in the U.S., Bessent told Fox News on Wednesday that the two countries agreed to extend a trade truce to January; the truce, reached in October 2025, kept tariffs lower and limited China's export controls on rare earths, which are critical components of semiconductors, many household goods and defense products. Earlier in the week, Bessent said the two sides discussed establishing an AI dialogue and a mechanism to alert each other about AI risks. The Chinese confirmation of the AI talks came just hours before Xi and Trump were scheduled to begin talks in Washington, D.C., as part of a state visit, and the ministry added the two sides held constructive, candid talks and reached multiple points of consensus.
Elmet Group to buy 4.99% stake in Masan High-Tech Materials for $124.75M
The Elmet Group has announced a long-term strategic relationship with Vietnam's Masan High-Tech Materials Corporation that includes acquiring a 4.99% equity stake in MSR for $124.75M. The transaction formalizes a 12-year commercial relationship between the two companies. Alongside the equity investment, ELMT and MSR executed multi-year commercial agreements under which MSR will supply mined tungsten from its Nui Phao Mine in Vietnam, one of the world's largest tungsten deposits, and provide chemical conversion services from its refining complex. The partnership links the entire tungsten supply chain, combining MSR's upstream mining and chemical refining at Vietnam's Nui Phao facility with ELMT's downstream manufacturing of precision components for defense, aerospace, semiconductor, and medical applications. The transaction builds on a $450M committed investment from the U.S. Government received by ELMT on September 14, 2026, aimed at strengthening resilient supply chains for critical defense and industrial materials. Upon completion of the equity transaction, ELMT will secure one seat on MSR's board of directors, and will also support MSR's planned uplisting from the UPCoM exchange to the main board of the Ho Chi Minh Stock Exchange, as well as its ongoing evaluation of an international listing. The equity investment is expected to close in the third quarter of 2026.
ELMT · Capital · Positive ELMT is making a $124.75M equity investment for a 4.99% stake in MSR, a financial/M&A transaction.
ELMT · Supply · Positive ELMT secures long-term mined tungsten supply and chemical conversion from MSR's Nui Phao Mine, locking in upstream critical-materials supply for its downstream manufacturing.
Masan High-Tech Materials Corporation · Demand · Positive MSR gains multi-year commercial agreements to supply mined tungsten and refining services to ELMT, a concrete customer order.
Masan High-Tech Materials Corporation · Capital · Positive MSR receives a $124.75M equity investment from ELMT plus board support for its planned Ho Chi Minh Stock Exchange uplisting and international listing evaluation.
Japan Watches Trump-Xi Summit, Urges US and China to Help Build Stability
Minoru Kihara, Japan's Chief Cabinet Secretary, said Japan will closely monitor the summit between US President Donald Trump and Chinese President Xi Jinping due to be held in the United States. Kihara made the remarks at a press conference in Tokyo after Japanese Prime Minister Sanae Takaichi held talks with Trump in New York on Tuesday, September 22, on the sidelines of the United Nations General Assembly. The two sides agreed to cooperate closely on various issues related to China, including economic security, and agreed to strengthen the deterrence and response capabilities of the Japan-US alliance. Kihara said that for Japan, what matters is that US-China relations contribute to stability for the international community, including Japan. Relations between Japan and China have grown more tense since Takaichi said in parliament last November that if China attacked Taiwan, Japan's Self-Defense Forces might have to respond jointly. Since then, China has taken a number of political and economic countermeasures against Japan, including restricting exports of rare earths, raw materials needed to produce many types of high-tech goods. Japan is also concerned that if the United States softens its stance toward China on the Taiwan issue, it could affect Japan's national security as well.
Trump Welcomes Xi Jinping, Extends Tariff Truce to January 10
US President Donald Trump personally greeted Chinese President Xi Jinping at Joint Base Andrews in Maryland on Wednesday, opening a three-day US visit that is the Chinese leader's first in nearly three years. US Treasury Secretary Scott Bessent said the two sides reached an agreement to extend the 11-month-old trade truce until January 10, from a previous expiry date of November 10, speaking in an interview on Fox News's Special Report. Talks between the two leaders are scheduled for Thursday and could lead to agreements on tariff reductions in some sectors, cooperation on combating drug trafficking, and expanded military-to-military discussions, while deep-seated disputes remain, including export controls on rare earth minerals and computer chips, China's relationship with Iran, and US support for Taiwan. A state dinner on Thursday is expected to bring together executives from major companies in both markets, such as Tim Cook of Apple, Jensen Huang of Nvidia, and Sam Altman of OpenAI. The welcome marks the first time in 11 years that a US president has personally greeted a foreign leader at Joint Base Andrews, with the last such occasion coming under President Barack Obama when he welcomed Pope Francis in 2015.
US and China extend trade truce by another 2 months, to January 10, 2027
US Treasury Secretary Scott Bessent revealed that the United States and China have reached an agreement to extend the trade truce by another 2 months, from its previous expiry on November 10 to January 10, 2027. The announcement came as President Xi Jinping, accompanied by First Lady Peng Liyuan, made his first state visit to the United States in 11 years, and President Donald Trump traveled to personally welcome the couple at Joint Base Andrews outside Washington on Wednesday, September 23, local time. That made him the first US president in 60 years to greet a foreign leader at that airfield, not counting receptions for the Pope. The Chinese government has not yet confirmed the deadline, and hopes of reaching a major agreement at this summit remain low. Previously, some US officials had expected an extension of 3 to 6 months. The 2-month extension covers two global leaders' summits in Shenzhen and Miami later this year, where Trump and Xi Jinping are expected to meet again. Bessent also told Fox News that China has not been able to comply with some commitments as hoped, with its exports of rare earth magnets still far below levels seen before the trade truce. Adam Farrar, an economist at Bloomberg Economics, said the short truce extension reflects a reduction in tensions rather than any resolution of deeper disagreements.
Largo Shifts to Higher-Margin Vanadium and Copper-PGM Output, Advances Debt Restructuring
Largo Inc. announced a strategic shift toward higher-margin products, reporting that recent sales of copper-platinum group metal concentrates generated approximately US$4.7 million in revenue at an operating profit margin above 90%, making it the company's highest-margin product. The company is evaluating an expansion that could potentially approximately double copper-PGM concentrate production capacity during 2027, while targeting current output of approximately 300 to 380 tonnes per month. On the vanadium side, an optimization study indicated capacity to raise high-purity production to approximately 68% of total vanadium production, with overall vanadium pentoxide output expected to trend toward approximately 876 tonnes per month, the low end of current guidance, versus approximately 1,000 tonnes per month at the upper end. Largo has produced and shipped its first high-purity vanadium pentoxide material for the U.S. Defense Logistics Agency and is completing production of its second shipment. Separately, Largo executed a definitive debt-restructuring agreement with Banco do Brasil, its largest creditor, which together with a previously executed agreement with Caixa Econômica Federal covers approximately 48% of its approximately US$82 million in commercial bank senior debt.
LGO · Capital · Positive Definitive debt-restructuring agreement with Banco do Brasil covering, with the Caixa agreement, ~48% of its ~US$82M commercial bank senior debt.
LGO · Demand · Positive First high-purity vanadium pentoxide shipped to the U.S. Defense Logistics Agency, with a second shipment in production, plus copper-PGM concentrate sales generating ~US$4.7M at >90% margin.
Banco do Brasil S.A. · Capital · Neutral Named as Largo's largest creditor in the debt-restructuring agreement; no independent financial impact on Banco do Brasil is described.
US-China summit puts focus on normalising rare earth exports as China's slow permits slash shipments to Japan
At the US-China summit on the 24th, the focus will be on extending the "trade truce" that halts the tightening of export controls on Chinese rare earths. The deadline is November 10, but delays in Chinese export permits have not been resolved, hobbling the talks. At the US-China ministerial-level talks on the 20th, an extension was put off, and US Trade Representative Greer criticised China's rare earth restrictions for "creating uncertainty"; the two sides failed to agree on the length of an extension, with the US pushing for six months and China for the remainder of the Trump administration's term. China's total rare earth exports came to about 63,000 tons in 2025, the most in a decade, but exports to the US of the permanent magnets needed for electric vehicles fell about 20 percent year on year, and exports to Japan halved in July from a year earlier. As this year's chair of the Group of 20, the US included stabilising critical minerals supply chains in its chair's statement, taking the unusual step of naming China as the sole objector, and the effectiveness of any leaders' agreement will now be tested.
Trump to Host Xi at White House on Sept 24, Trade Truce Hopes Build Ahead of Nov 10 Deadline
President Donald Trump is preparing to welcome Chinese leader President Xi Jinping to the White House on Sept 24, their second meeting this year following a summit in Beijing in May. Xi will arrive in Washington, D.C. on Sept 23, and Trump plans to greet him personally at Joint Base Andrews before a welcome ceremony on the South Lawn of the White House, marking the first state-level official visit by a Chinese leader since 2015. The main item on the negotiating table is the extension of the trade truce agreement set to expire on Nov 10. China wants the truce to last until the end of Trump's term, while U.S. Trade Representative Jamieson Greer has said a 3-6 month framework is acceptable to the United States, because China has fulfilled only about two-thirds of its rare earth commitments under the trade deal. The U.S. is watching for confirmation of China's order for 200 Boeing aircraft and agricultural goods, especially soybeans, worth 29 billion dollars in 2024, as well as a reciprocal tariff reduction package worth 30 billion dollars. China accounts for roughly 70% of global rare earth mining, 85% of refining capacity and about 90% of alloy and magnet production, giving it significant leverage. On Taiwan, China wants the United States to end arms sales and to change its wording from not supporting to opposing Taiwan independence. Analysts at Bank of America Global Research assess that the most likely scenario is an extension of the trade truce by one year.
United StatesChinaJapanUnited KingdomKazakhstanUzbekistanSingaporeBangladesh
Sovereign Critical Minerals & Magnets▲impact 4
US and China Vie for AI Dominance as Pax Silica and WAICO Reach a Fork in the Road
The United States and China are competing for dominance in the race to spread artificial intelligence, accelerating their efforts to build self-centered "AI economic spheres." Late last year, the United States launched Pax Silica, an initiative to build secure supply chains for AI, semiconductors, and critical minerals, and the number of signatory countries and regions, centered on allies and friendly nations such as Japan and the United Kingdom, has grown to 25. In July of this year, China also established the World AI Cooperation Organization, or WAICO, with 29 countries to extend cheap AI models and communications infrastructure across the Global South. Dubbed an "AI version of the Belt and Road," it now has 38 participating countries. The US State Department was reported to have drafted a document asking Pax Silica signatories not to join WAICO, pressuring them to take a loyalty test, but Kazakhstan has joined both, and Uzbekistan, Singapore, and Bangladesh are also exploring "dual participation." The US-China summit on the 24th is likely to be a venue for gauging the future of cooperation and division over AI.
US, Denmark and Greenland Reach Security Pact on Sensitive Investments
President Trump announced that the United States, Denmark and Greenland have reached a security agreement barring US adversaries from making sensitive investments in Greenland without express written approval, a move that pulls the global rare earth supply race northward. According to reporting by CNBC, the broader provisions would prohibit sensitive investments by non-allied nations in Greenland's critical minerals and mining sectors, and the governments of Denmark and Greenland said they expect to sign the agreement this week during the UN General Assembly, though it still requires ratification by the Danish and Greenlandic parliaments. The global rare earth elements market was estimated at $3.95 billion in 2024 and is projected to reach $6.28 billion by 2030, an 8.6% compound annual growth rate from 2025 to 2030, according to Grand View Research, while Mordor Intelligence sizes the market at 208.02 kilotons in 2026 and expects 273.30 kilotons by 2031, a 5.61% compound annual growth rate. US-listed companies with Greenland exposure rallied sharply on Monday, with the largest percentage moves concentrated in the smallest names, though the full legal text has not been released and nothing announced so far grants any company a permit, an offtake or funding. Greenland Mines Ltd. announced it has applied to the Government of Greenland for a new license covering approximately 262 km² east of its existing Sarfartoq license, MEL 2020-32, which if granted would grow its Sarfartoq footprint from about 192 km² to about 454 km², and the company's ST1 deposit carries an S-K 1300 Mineral Resource Estimate of 6.9 million tons Indicated at 1.60% TREO and 5.3 million tons Inferred at 0.96% TREO, with a high-case pre-tax NPV of approximately $2.05 billion.
GRML · Regulation · Positive Greenland Mines applied for a new ~262 km² license east of its Sarfartoq license, expanding its footprint, amid the US-Denmark-Greenland security pact restricting adversary investment in Greenland's critical minerals.
Trump Dismisses AI Guardrails as Sons Invest in AI-Linked Ventures
President Trump has rejected calls to impose federal restrictions on artificial intelligence, calling concerns about the technology a "SICK conspiracy" in a Sept. 14 Truth Social post and arguing that the only guardrail AI needs is a strong and smart president. The comments followed an essay by Anthropic CEO Dario Amodei urging companies to slow the pace of development, which was endorsed by OpenAI CEO Sam Altman. Meanwhile, the Trump family is building business interests in the industry: Donald Trump Jr. is a partner at 1789 Capital, which closed a $1.2 billion deal focused on real estate ventures including data centers, and both he and Eric have joined Dominari Holdings and helped launch American Data Centers. The brothers also have ties to defence technology, including the rare-earth magnet startup Vulcan Elements, in which 1789 Capital took a stake three months after the company received a $620 million Pentagon loan, and Eric is an investor in Space-Eyes, which uses AI to process satellite data. A Washington Post analysis in July found 15 companies tied to the brothers' investment funds have generated at least $3.2 billion in federal business since they joined, with SpaceX and the AI-powered defence firm Anduril accounting for 97% of that figure. Trump's own investment accounts have made nearly 30,000 securities transactions since he returned to the White House, including purchases of Dell Technologies, Micron Technology and GE Vernova, and Trump Media & Technology Group has merged with a nuclear-fusion venture and announced it will license Truth Social posts to AI labs.
Nasdaq 100 Hits Record as Markets Eye Trump-Xi Summit
The Nasdaq 100 posted its best session since early August on Monday, surging 2.8% to a record close as investors concluded that AI-driven earnings growth has made the Federal Reserve's latest rate hike a secondary concern. Meta added approximately 12% on the same session, boosted by the breakout success of its AI agent app Muse, while U.S. crude oil tumbled 4.5% and Brent fell 3.4%, pulling the 10-year Treasury yield down more than four basis points to 4.95%. The Fed raised its benchmark rate by 25 basis points last week to a target range of 3.75%-4.00%, its first rate increase since 2023, with projections showing the policy rate peaking at 4.00%-4.25% by year-end before holding steady through 2027, well below the 5.5% ceiling hit in the prior tightening cycle. The week's central event is the Trump-Xi summit scheduled for Thursday at the White House, where Boeing orders, rare earths, and AI regulation are on the agenda, with markets focused above all on whether the U.S.-China tariff truce, currently set to expire on November 10, will be extended into 2027. Yardeni Research analysts called it arguably the most consequential encounter of either man's presidency, warning that failure to extend the truce by November 10 risks reigniting triple-digit tariff escalation that would disproportionately hit semiconductor supply chains, while noting that Chinese exports surged 25% year over year in August after rising 23.9% in July and Chinese shipments to the United States are up 6.1% so far this year despite U.S. tariffs.
China's president to visit US for first time in three years, meeting Trump on the 24th
Chinese President Xi Jinping will visit the United States from the 23rd to the 25th, his first trip there in about three years, and will meet President Trump at the White House on the 24th. He aims to affirm the "constructive strategic stability" relationship agreed at their May summit and to help stabilize ties with the United States. Wang Yi, Politburo member and foreign minister, has described that relationship as one of "cooperation, measured competition, and managing differences," and the Xi administration appears to be seeking to manage conflict in order to avoid a decisive clash. The talks are expected to cover artificial intelligence, where wariness is growing over rapid performance gains, as well as extending the trade-war "truce" agreed at last October's summit, including tariff reductions and the easing of rare-earth export controls. The two sides are also expected to exchange views on the Trump administration's planned arms sales to Taiwan and on the situations in Iran and on the Korean Peninsula.
Trump and Xi Set for High-Stakes Summit on AI, Tariffs and Iran
The summit between President Donald Trump and Chinese leader Xi Jinping in Washington this time marks their second face-to-face meeting this year, with both sides expected to seek ways to strengthen a fragile trade truce amid disputes over artificial intelligence, volatile US tariffs, and sanctions tied to the Iran war. US Treasury Secretary Scott Bessent said on CNBC's Squawk Box that the "deep respect" Trump and Xi have for each other filters down into the broader negotiations between the two countries, and noted that China still has certain deliverables under the trade agreement the two reached in Busan, South Korea, nearly a year ago. The Busan agreement required China to suspend export controls on rare earths and to buy US agricultural products, while the US reduced some tariffs and suspended other countermeasures. It is effective for one year and expires on November 10, one week after the US election, if it is not extended. At the peak of last year's trade war, US tariff rates on Chinese imports climbed to 145%, while Beijing's retaliatory tariffs reached 125%, before being scaled back in May 2025 after talks in Switzerland and reduced further after the Busan agreement. As of July, however, the effective tariff rate on Chinese goods stood at 22.8%, according to the Penn Wharton Budget Model, while an assessment by the US House research service calculated the average rate the US collects on China at about 36.5%, compared with the 31% rate Beijing collects on US goods. Bessent also said there has been progress on a reciprocal tariff-reduction agreement worth 30 billion US dollars that Beijing proposed earlier this month, with US Trade Representative Jamieson Greer having followed up on the proposal, which he called a 30-for-30 trade deal for non-critical goods. On artificial intelligence, Bessent said it will be at the top of the agenda, and he has discussed with Chinese officials the establishment of a framework for talks that would open the way for the two countries to notify each other about AI incidents. On Iran, the US launched an effort last month to step up economic pressure on Tehran, targeting financial backers, which immediately cast a spotlight on China as Tehran's largest trading partner, and Bessent said he discussed these sanctions measures in weekend meetings with Chinese officials, stating that quiet behind-the-scenes discussions are better than public displays. Thursday's state dinner will be attended by several chief executives, including Jeff Bezos of Amazon, Elon Musk of Tesla and SpaceX, Sundar Pichai of Google, Michael Dell of Dell, and Tim Cook, chairman of Apple's board.
Critical Metals Shares Jump 39.5% on US-Greenland Security Agreement
Critical Metals shares surged 39.5% in late-morning trading after President Trump announced a security agreement among the United States, Denmark, and Greenland that will allow the U.S. to expand its military presence in Greenland while barring U.S. adversaries from developing military bases there. The rare-earth stock had fallen about 20% over the previous six months as of this past Friday, and today's move pares back some of that loss. Critical Metals is developing the Tanbreez Rare Earth Project in Greenland, which the company describes as one of the world's largest rare-earth deposits and which carries a high concentration of heavy rare-earth elements used in defense systems, advanced magnets, and precision electronics. The company does not expect to commence ore production until late 2028 or early 2029.
Takaichi to Visit the US, Deliver First UNGA Address, Discuss China's Rare Earth Export Controls with Trump
Japanese Prime Minister Sanae Takaichi is scheduled to travel to the United States this evening, September 21, to deliver her first speech at the United Nations General Assembly since taking office as Japan's prime minister last October, and she plans to meet with US President Donald Trump on the sidelines of the gathering. The departure, originally set for 7:00 p.m., had to be delayed by about four hours because of the impact of a large typhoon battering Japan. Kyodo News, citing sources in the Japanese government, reported that in her speech at the UNGA in New York on Tuesday, September 22, Takaichi is expected to stress Japan's commitment to an international order based on the rule of law and to mention efforts to strengthen energy security in response to the war in the Middle East. Her talks with Trump, also set for Tuesday, come as Japan, a close US ally, seeks to coordinate with Washington on issues related to China. Trump is scheduled to meet Chinese President Xi Jinping on Thursday, September 24, which would be Xi's first visit to the White House in 11 years. Takaichi is expected to use her talks with Trump to raise China's controls on exports to Japan, especially rare earths, as well as security concerns in the Indo-Pacific region, amid China's increasingly assertive posture and North Korea's continued nuclear and missile development programs. At the same time, many parties are expected to watch whether Takaichi raises the US sanctions on Tomoko Akane, a Japanese national who serves as president of the International Criminal Court. Japan's Ministry of Foreign Affairs said that during her visit to New York through Wednesday, September 23, arrangements have been made for Takaichi to meet UN Secretary-General Antonio Guterres, and she is expected to affirm that Japan continues to support the United Nations and to push for reform of the UN Security Council. The year 2026 marks the 70th anniversary of Japan's admission to the United Nations.
Buffett steps down as Berkshire chairman, Howard Buffett takes over
Warren Buffett, 96, has stepped down as chairman of Berkshire Hathaway and moved to the role of honorary chairman, with his eldest son Howard Buffett becoming the new chairman. This means the legendary investor will no longer have a management role at the company he has run since 1965. Meanwhile, U.S. President Donald Trump and Chinese President Xi Jinping will hold talks in New York this week, covering issues ranging from tariffs to technology, amid the risk that China's upcoming restrictions on exports of critical minerals and rare earths will disrupt supply chains. Earlier, U.S. and Chinese officials led by U.S. Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng held talks in New York. The International Monetary Fund said governments around the world need to do more to reduce budget deficits and control public debt, which is at a record high, and forecast that global public debt will rise above 100% of gross domestic product by 2029, driven mainly by increases in U.S. and Chinese debt. On oil prices, the October West Texas Intermediate crude contract closed at 100.30 dollars a barrel, down 1.61 dollars, or 1.58%, and the November North Sea Brent crude contract closed at 104.87 dollars a barrel, down 95 cents, or 0.93%, after China acted on a Saudi request by asking Iran to help curb Houthi attacks on Saudi oil infrastructure.
BRK-B · · Neutral Warren Buffett steps down as chairman and Howard Buffett becomes chairman, a leadership change with no stated operational or financial driver.
BRENT · Geopolitics · Negative Brent fell as China's request to Iran to curb Houthi attacks on Saudi oil infrastructure reduced the geopolitical supply threat.
WTI · Geopolitics · Negative WTI fell after China asked Iran to help curb Houthi attacks on Saudi oil infrastructure, easing Middle East supply-disruption risk.
US, Denmark and Greenland Close Security Deal, Paving Way for Permanent US Military Presence
Denmark and Greenland have confirmed that the security agreement being drafted with the United States will not affect the sovereignty or territorial integrity of the Kingdom of Denmark, after President Donald Trump said the deal would give the US a long-term controlling role in Greenland's security. The agreement will open the way for the US military to significantly expand its role and presence in Greenland, while imposing restrictions to prevent countries the US regards as rivals from establishing military bases or investing in ventures deemed sensitive without US approval. The US already holds rights to overflight, access and basing in Greenland under an agreement dating from 1951, and the new deal will upgrade those rights to a more permanent character, covering restrictions on non-NATO countries establishing bases in Greenland as well as screening of certain types of investment. A formal signing is expected during next week's United Nations General Assembly. Greenland's Prime Minister Jens-Frederik Nielsen stressed that the agreement still affirms sovereignty and territorial integrity, as well as the right of Greenland's people to determine their own future. NATO said it welcomed the agreement, seeing it as helping to strengthen security, stability and cooperation in the Arctic region. Earlier, the European Union announced a 200 million euro investment plan for Greenland, or about 232 million US dollars, focused on critical minerals, satellite communications and renewable energy, and offered to raise its support budget for Greenland over the 2028-2036 period to 530 million euros, up from 225 million euros under the current budget framework.
