Aluminum, steel most exposed metals to Trump tariffs, Citi says
A 25% tariff as announced by Trump on Monday would likely cause steel prices to rise by $100 to $150 a short ton, the analysts said.
USA Rare Earth announced that it expects to produce nearly half of the critical minerals listed in the US Geological Survey’s revised list of raw materials deemed crucial for national security and the economy.
In a press release, the Texas-based company said that together with partner Texas Mineral Resources, it is committed to developing the Round Top heavy rare earth, lithium and critical minerals project in Hudspeth County, thus making it a national strategic asset for supply chains essential to the US economy.
“USA Rare Earth will bring into domestic production nearly half of the critical minerals identified by the USGS, including gallium, which tops the new Critical Minerals List,” Thayer Smith, USA Rare Earth president, said in the media brief. “We commend the USGS for its robust evaluation of these important mineral commodities and for identifying the material constraints for American technology and national defence.”
According to Smith, in February 2021, the USGS identified Round Top as the largest gallium deposit in the United States. Gallium is a critical semiconductor chip material, for which there are currently no US producers.
In addition to Ga, the Survey deemed 16 rare earths as critical, including neodymium, dysprosium, praseodymium, and terbium.
Smith pointed out that the Round Top project, which should become operational in 2023, is a uniquely enriched polymetallic deposit weighted toward heavy rare earths and contains 16 of the 17 existing rare earth elements, as well as lithium, gallium and other US-listed critical minerals.
At the planned initial production rate, the mine has sufficient identified resources to operate for more than 100 years.
The mining rate has been estimated at 20,000 tonnes per day, with all mineral processing expected to take place on-site. REO production is projected to average 2,313 tonnes per year total, including approximately 180 TPY of Neodymium and 67 TPY of praseodymium. The lithium resource is estimated at 9,800 TPY lithium carbonate production.
“USA Rare Earth is developing a fully domestic mine-to-magnet supply chain, while the lithium at Round Top will also support the manufacture of battery electric vehicles,” Smith said. “Rare earth magnets are necessary for defence, medical, green energy, and electric vehicle production. Currently, US companies get the vast majority of their rare earth materials and magnets from China.”
The Mountain Pass mine in California, controlled by MP Materials Corp, is the only active rare earths mine in the United States.
7 Comments
Cesare moretto
I thought MP was brought out of bankrupty by a Chinese company and the bulk material was sent back to China for refining since such facilities are’nt available in the US yet?
Jon Warcup
This planet has been protesting the people by having a magnetic field. Has anyone ever figure if you disturb any mineral that runs this magnetic fields. That mean we won’t be protected any more. Meaning if the Corp can make an air conditioner using Freon. Instead of the chemical made to help the environment (only for a short time) a substitute of Freon .
Then changed back over expense. 1970.
Never play god , where you might disturb life
john
The earth’s magnetic field originals in the iron core. The surface is a tiny crust layer on top. Your concerns are ill-founded. The benefits of atomic power and electric vehicles ate profound.
D.A.S.
Why was the Mountain Pass mineing site raided by several Government agencies a few years back. Guns drawn on workers and Admin. staff.
David radzieta
Lets hope they can get it under production ASAP and it does not destroy the surrounding areas
Patrick D. Shannon
Your generic name obscures your ID. What is your stock ticker>
Amanda Stutt
Hi Patrick, this company is not listed yet.