With a dire need to secure rare earth outside of China, companies like MP Materials are racing to return to production in the U.S. In fact, its Mountain Pass mine is one of the largest producers of rare earth elements, and constitutes 15 percent of the world’s production of the minerals, as noted by National Defense Magazine. Better, analysts at UBS say electric vehicle demand could trigger a big increase in rare earth prices over the next few years, “especially for neodymium and praseodymium (commonly traded as NdPr) which could double from $50/kilogram to $100/kg by 2024. To meet rare earth demand in EVs, which require about five-times as much rare earth material as vehicles with a combustion engine, an estimate which means the supply for NdPr needs to triple by 2030.” The news is creating excitement for Defense Metals Corp. (TSXV:DEFN)(OTCQB:DFMTF), Tesla Inc. (NASDAQ:TSLA), Texas Mineral Resource Corp. (OTC:TMRC), MP Materials (NYSE:MP), and Energy Fuels Inc. (NYSE:UUUU)(TSX:EFR).
Defense Metals Corp. (TSXV:DEFN)(OTCQB:DFMTF) BREAKING NEWS: Defense Metals Corp. is pleased to announce the appointment of Mr. Jamie Spratt as a Strategic Advisor to the Company. Mr. Spratt is Principal at Walmsley Capital Inc., a focused mining corporate finance and advisory business that he founded in 2019. Over the past 14 years, Jamie has developed extensive mining capital markets and investment sector experience. He has built a strong reputation as an analyst and advisor having built deep partnerships with mining CEOs and institutional investors. Jamie was a Partner and Equity Research Analyst at Clarus Securities Inc., a small and mid-capitalization focused boutique investment bank for 10 years, where he was instrumental in building one of the leading mining practices in Canada.
Based on his track record, Jamie became a highly rated mining analyst and attracted top institutional investors to many of his investment ideas. Jamie started his career in investment banking at an independent investment bank where he advised on M&A, merchant banking and corporate finance mandates primarily in the metals and mining sector and achieved valuable transaction experience. He has an MBA from the Rotman School of Management, a B.A. in Applied Economics from Queen’s University and a CFA Charterholder. He is also a registered dealing representative at Belco Private Capital Inc., an exempt market dealer.
Craig Taylor, CEO comments, “Mr. Spratt brings a wealth of corporate finance, capital markets, and M&A experience to bear on Defense Metals efforts to advance the Wicheeda REE Deposit. We look forward to Mr. Spratt’s contributions in light of sustained upward price pressures on critical magnet metals, principally neodymium and praseodymium. Over the past six months we have seen an 80% increase in neodymium oxide spot prices from approximately USD$40/kg in early June to most recently USD$72/kg as of December 1, 2020. Defense Metals believes these price increases represent real future demand trends triggered as a result of the beginning of a fundamental shift towards thegreen energy-electric vehicle sector.”
Other related developments from around the markets include:
Tesla Inc. (NASDAQ:TSLA) reported, “In the third quarter, we produced just over 145,000 vehicles and delivered nearly 140,000 vehicles. In terms of days of sales, new vehicle inventory declined further in Q3 as we continue to improve our delivery efficiency. Our net income and cash flow results will be announced along with the rest of our financial performance when we announce Q3 earnings. Our delivery count should be viewed as slightly conservative, as we only count a car as delivered if it is transferred to the customer and all paperwork is correct. Final numbers could vary by up to 0.5% or more. Tesla vehicle deliveries represent only one measure of the company’s financial performance and should not be relied on as an indicator of quarterly financial results, which depend on a variety of factors, including the cost of sales, foreign exchange movements and mix of directly leased vehicles.”
Texas Mineral Resource Corp. (OTC:TMRC) just reported, “Search Minerals Inc. and USA Rare Earth, LLC are pleased to announce that they have entered into a Technical Collaboration Framework Agreement to govern initial cooperation between USA Rare Earth and Search Minerals in a number of important areas of mutual interest. Search holds patented Direct Extraction Process technology and a 100% owned Critical Rare Earth Element District in SE Labrador, Canada. USA Rare Earth is establishing an integrated mine-to-magnet strategy independent of China, including funding and developing the Round Top Heavy Rare Earth and Critical Minerals Project in West Texas.”
MP Materials (NYSE:MP), the largest rare earth materials producer in the Western Hemisphere, announced the completion of its business combination with Fortress Value Acquisition Corp., a special purpose acquisition company sponsored by an affiliate of Fortress Investment Group LLC. The combined company, MP Materials Corp., will begin trading on the New York Stock Exchange, November 18th, under the ticker symbol “MP”. MP Materials owns and operates Mountain Pass, an iconic American industrial asset, which is the only rare earth mining and processing site of scale in the Western Hemisphere and currently produces approximately 15% of global rare earth content. The market for separated rare earth elements is expected to see significant growth, as these materials are critical inputs for the magnets that enable the mobility of electric vehicles, drones, defense systems, wind turbines, robotics and many other high-growth, advanced technologies. MP Materials’ integrated operations at Mountain Pass uniquely combine low production costs with best-in-class environmental standards, thereby restoring American leadership to a critical industry with a strong commitment to sustainability.
Energy Fuels Inc. (NYSE:UUUU)(TSX:EFR) is pleased to announce that the Company has produced a rare earth element carbonate concentrate on a pilot scale at its 100% owned White Mesa Mill, located near Blanding, Utah. This REE Concentrate was produced using existing infrastructure and technologies at the Mill from a sample of monazite sands from a North American source. Monazite sands are a valuable natural uranium ore, which also contain high concentrations of REEs. The Mill recovered the high concentrations of REEs in the monazite sands, in addition to the contained uranium which will be sold into the nuclear fuel industry. The REE Concentrate produced this weekend is of high purity and is ready to be sent to a separation plant and further downstream REE processing facility for final acceptance test work.
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