Rare earths

Planned and under-construction rare earths projects with a publicly announced capital cost, public financial backing, or both. Each line is one statement by the named publisher on the given date; the atlas adds nothing to it.

• CAREMAGUnder constructionProcessing

  Caremag SAS · Lacq, in the south of France · France · Rare earths

  “ont posé la première pierre de l’usine Caremag” · status as printed on 2025-03-31Direction générale du Trésor

  Announced capital cost

  EUR 216 M2025-03-17Carester

  financing secured to build the rare earth recycling and refining industrial facility in Lacq (printed as financing, not as a cost estimate) · Carester

  The publisher's words: “has secured €216 million to build its cutting-edge rare earth recycling and refining industrial facility in Lacq”

  Public backing

  • no amount statedStrategic project status · “recognised as Strategic Project (Commission Decision C(2025) 1904, annex item 7)” · 2025-03-25European Commission

    European Commission

    The publisher's words: “CAREMAG is an ongoing processing project in France. The project promoted by Caremag SAS”

  • EUR 106 MOther support · “subsidies and repayable advances granted under the France Relance and France 2030 project calls, as well as a Green Industry tax credit” · 2025-03-17Carester

    French government

    The publisher's words: “this project is backed by €110 million from Japanese investors and €106 million from the French government”

• Elk Creek ProjectPlannedMine and processing

  NioCorp Developments Ltd. · southeast Nebraska · United States · Rare earths

  “subject to satisfactory completion of EXIM’s current due diligence review of NioCorp’s application for debt financing” · status as printed on 2026-10-15NioCorp Developments Ltd.

  Announced capital cost

  USD 1.85 bn2026-08-10NioCorp Developments Ltd.

  Upfront Capital Estimate (2026 Feasibility Study); table row: Total Upfront CAPEX ($M) $1,849 · NioCorp Developments Ltd.

  The publisher's words: “Upfront Capital Estimate of $1.85 Billion Reflects a Substantially Redesigned Processing Plant and Mining Operation”

  Public backing

  • no amount statedOther support · “letter of support” · 2026-10-15Export-Import Bank of the United States

    Export-Import Bank of the United States

    The publisher's words: “The Export-Import Bank of the United States’ letter of support marks an important step towards making the Elk Creek Critical Minerals Project a reality”

  • no amount statedOther support · “target ... of providing debt financing equivalent to approximately 65% of the Project’s upfront CAPEX requirements” · 2026-10-15NioCorp Developments Ltd.

    Export-Import Bank of the United States

    The publisher's words: “EXIM retains our target outlined in the Preliminary Project Letter of providing debt financing equivalent to approximately 65% of the Project’s upfront CAPEX requirements”

A short, hand-read list, not a census: 19 projects in all. Announced amounts are not spending, a letter of interest or a conditional commitment is not a loan, and amounts stay in the currency of the announcement.

Stockpiles, price floors, offtake and purchasing programmes and public funds whose source names rare earths, and general critical-minerals instruments (marked). Each is one statement by its publisher.

1. 2024-05-23in force from · European UnionJoint purchasingin forceOfficial Journal of the European Union

   The Critical Raw Materials Act obliges the Commission to run a demand-aggregation and joint-purchasing system for strategic raw materials and to set a benchmark for strategic stocks.

   Covers: “strategic raw materials” · Materials: Cobalt, Copper, Gallium, Germanium, Lithium, Graphite, Nickel, Rare earths, Tungsten

   The publisher's words: “The Commission shall set up and operate a system to aggregate the demand of interested undertakings consuming strategic raw materials established in the Union”

   2 further statements from the source

   joint negotiation of purchases allowed (Article 25(5))Official Journal of the European Union

   The publisher's words: “may, on a transparent basis, jointly negotiate the purchase, including the prices or other terms and conditions of the purchasing agreement”

   coordination of strategic stocks (Article 23)Official Journal of the European Union

   The publisher's words: “shall adopt a benchmark indicating a safe level of Union strategic stocks of strategic raw materials”

2. 2024-08-29published · United StatesStockpileannouncedFederal Register

   Federal Register notice seeking comments on the proposed fiscal year 2026 plan for National Defense Stockpile acquisitions, including antimony, tungsten and neodymium-praseodymium oxide.

   Covers: “Proposed Fiscal Year 2026 Annual Materials Plan (potential acquisitions, conversions and disposals of the National Defense Stockpile)” · Materials: Antimony, Tungsten, Rare earths

   The publisher's words: “is seeking public comments on the potential market impact of proposed changes to the Fiscal Year (FY) 2026 Annual Materials Plan (AMP)”

   4 further statements from the source

   potential acquisition: antimony, 700 metric tonsFederal Register

   The publisher's words: “Antimony....................................... MT............................... 700”

   potential acquisition: tungsten, 587,000 lbs WFederal Register

   The publisher's words: “Tungsten....................................... Lbs W............................ 587,000”

   potential acquisition: NdPr oxide, 300 metric tonsFederal Register

   The publisher's words: “Neodymium-Praseodymium Oxide................... MT............................... 300”

   nature of the stockpileFederal Register

   The publisher's words: “The NDS is a strategic stockpile, not an economic stockpile. It is not intended to influence prices in the market”

3. 2025-06-17announced · G7Other supportannouncedPrime Minister of Canada

   G7 leaders launched a Critical Minerals Action Plan with a roadmap for standards-based markets and a call for more public and private capital for critical minerals projects.

   Covers: “critical minerals”

   critical minerals in general; the source does not name rare earths

   The publisher's words: “We will develop a roadmap to promote standards-based markets for critical minerals”

   3 further statements from the source

   launch of the planPrime Minister of Canada

   The publisher's words: “We are launching a G7 Critical Minerals Action Plan”

   roadmap contentPrime Minister of Canada

   The publisher's words: “The roadmap will establish a set of criteria that constitute a minimum threshold for standards-based markets”

   capital mobilisationPrime Minister of Canada

   The publisher's words: “We encourage our export credit agencies and development finance institutions (DFIs) to identify more opportunities for collaboration”

4. 2025-07announced · United StatesPrice floorannouncedCongressional Research Service

   In a public-private partnership with MP Materials, the Department of Defense committed to a price floor for neodymium-praseodymium, with direct payments to the company when prices fall below it.

   Covers: “per kilogram of Nd-Pr” · Materials: Rare earths

   The publisher's words: “commit to an REE price floor, offering direct payments to MP Materials if prices fall below $110 per kilogram of Nd-Pr”

5. 2025-10-20signed · United States and AustraliaFundannouncedThe White House

   Bilateral, non-binding framework in which both governments commit financing for critical minerals and rare earths projects and name price floors as a possible pricing tool.

   USD 1 bn · “at least $1 billion in financing to projects located in each of the United States and Australia”

   Covers: “critical minerals and rare earths” · Materials: Rare earths

   The publisher's words: “the Participants are taking measures to provide at least $1 billion in financing to projects located in each of the United States and Australia”

   2 further statements from the source

   price floors namedThe White House

   The publisher's words: “within a pricing framework including price floors or similar measures”

   non-binding characterThe White House

   The publisher's words: “does not constitute or create any legally binding or enforceable obligations, express or implied”

6. 2025-10-28signed · United States and JapanOther supportannouncedThe White House

   Bilateral, non-binding framework on financial support, pricing measures and a possible complementary stockpiling arrangement for critical minerals and rare earths.

   Covers: “critical minerals and rare earths” · Materials: Rare earths

   The publisher's words: “The Participants intend to work together to consider a mutually complementary stockpiling arrangement, utilizing existing national systems”

   2 further statements from the source

   pricing measuresThe White House

   The publisher's words: “pricing measures to support alternative projects and such high-standard markets”

   financial support within six monthsThe White House

   The publisher's words: “the Participants intend to take measures to provide financial support to selected projects”

7. 2025-11-04published · CanadaFundannouncedDepartment of Finance Canada

   Budget 2025 proposes a Critical Minerals Sovereign Fund at Natural Resources Canada for equity investments, loan guarantees and offtake agreements, and a First and Last Mile Fund.

   CAD 2 bn · “$2 billion over five years, on a cash basis, starting in 2026-27”

   Covers: “critical minerals projects and companies”

   critical minerals in general; the source does not name rare earths

   The publisher's words: “provide $2 billion over five years, on a cash basis, starting in 2026-27, to Natural Resources Canada to create the Critical Minerals Sovereign Fund”

   3 further statements from the source

   tools of the fundDepartment of Finance Canada

   The publisher's words: “including equity investments, loan guarantees, and offtake agreements”

   First and Last Mile FundDepartment of Finance Canada

   The publisher's words: “provide $371.8 million over four years, starting in 2026-27, to Natural Resources Canada to create the First and Last Mile Fund”

   absorbs the Critical Minerals Infrastructure FundDepartment of Finance Canada

   The publisher's words: “would absorb the Critical Minerals Infrastructure Fund and leverage its existing funding envelope to provide up to $1.5 billion in support through 2029-30”

8. 2025-11-22published · United KingdomFundannouncedDepartment for Business and Trade

   The UK critical minerals strategy Vision 2035 announces public funding for critical mineral projects and says stockpiling through procurement will be considered for the defence sector.

   GBP 50 M · “up to £50 million”

   Covers: “critical mineral projects in the UK”

   critical minerals in general; the source does not name rare earths

   The publisher's words: “funding of up to £50 million will be made available by DBT to support critical mineral projects”

   2 further statements from the source

   stockpiling under considerationDepartment for Business and Trade

   The publisher's words: “Measures could include stockpiling, including through procurement mechanisms”

   later programme page (published 22 June 2026): grant shareDepartment for Business and Trade

   The publisher's words: “with £45 million of this available as grant funding”

9. 2025-12-03announced · European UnionFundannouncedEuropean Commission

   The Commission adopted the RESourceEU Action Plan: project financing, a European Critical Raw Materials Centre, joint purchasing through the Raw Materials Platform and a stockpiling pilot.

   EUR 3 bn · “up to €3 billion over the next 12 months”

   Covers: “critical raw materials, such as rare earth elements, cobalt or lithium” · Materials: Rare earths, Cobalt, Lithium

   The publisher's words: “The EU will mobilise up to €3 billion over the next 12 months to support concrete projects”

   5 further statements from the source

   adoptionEuropean Commission

   The publisher's words: “The European Commission has adopted today the RESourceEU Action Plan”

   European Critical Raw Materials Centre plannedEuropean Commission

   The publisher's words: “In early 2026, the Commission will set up a European Critical Raw Materials Centre”

   joint purchasing and offtake via the Raw Materials PlatformEuropean Commission

   The publisher's words: “the Raw Materials Platform will facilitate the efforts of the companies to aggregate demand, jointly purchase strategic raw materials and secure offtake agreements”

   stockpiling pilotEuropean Commission

   The publisher's words: “with a pilot scheme set to become operational in early 2026”

   materials namedEuropean Commission

   The publisher's words: “secure the EU's supply of critical raw materials, such as rare earth elements, cobalt or lithium”

10. 2026-01-12announced · AustraliaStockpileannouncedExport Finance Australia

    The Australian Government announced the design of its Critical Minerals Strategic Reserve, which secures rights to minerals produced in Australia and on-sells them, with some selective stockpiling.

    AUD 1.2 bn · “$1.2 billion”

    Covers: “antimony, gallium and rare earth elements” · Materials: Antimony, Gallium, Rare earths

    The publisher's words: “The first minerals to be the focus of the Strategic Reserve will be antimony, gallium and rare earth elements”

    4 further statements from the source

    size of the reserveExport Finance Australia

    The publisher's words: “new details of its $1.2 billion Critical Minerals Strategic Reserve”

    how it operatesExport Finance Australia

    The publisher's words: “The Reserve will operate by securing rights to minerals produced in Australia and on-selling those rights to meet demand”

    transactions drawn from the Critical Minerals FacilityExport Finance Australia

    The publisher's words: “The Reserve includes $1 billion for transactions to be drawn from the expanded $5 billion Critical Minerals Facility”

    stockpiling shareExport Finance Australia

    The publisher's words: “A further $185 million has been allocated for selective stockpiling of minerals”

11. 2026-01-14signed · United StatesPrice floorannouncedThe White House

    Presidential proclamation under section 232 directing negotiations on imports of processed critical minerals, in which price floors for trade in critical minerals are to be considered.

    Covers: “processed critical minerals and their derivative products (PCMDPs)”

    critical minerals in general; the source does not name rare earths

    The publisher's words: “the Secretary and the Trade Representative should consider price floors for trade in critical minerals and other trade-restricting measures”

12. 2026-02-02announced · United StatesStockpileannouncedExport-Import Bank of the United States

    The Export-Import Bank approved a direct loan for Project Vault, a public-private partnership that is to establish a U.S. Strategic Critical Minerals Reserve storing raw materials for manufacturers.

    USD 10 bn · “a Direct Loan of up to $10 billion”

    Covers: “essential raw materials”

    critical minerals in general; the source does not name rare earths

    The publisher's words: “the EXIM Board of Directors approved a Direct Loan of up to $10 billion to Project Vault”

    4 further statements from the source

    what it establishesExport-Import Bank of the United States

    The publisher's words: “a supply chain security initiative establishing the U.S. Strategic Critical Minerals Reserve”

    storageExport-Import Bank of the United States

    The publisher's words: “that will store essential raw materials in facilities across the United States”

    borrower structureExport-Import Bank of the United States

    The publisher's words: “providing long-term financing to a partnership between original equipment manufacturers and private sector capital providers”

    later EXIM release of May 4, 2026 restating the loanExport-Import Bank of the United States

    The publisher's words: “The transaction includes a direct loan of up to $10 billion”

13. 2026-05-21announced · AustraliaOfftakeannouncedTreasury Ministers, Australian Government

    Through the Critical Minerals Strategic Reserve the Australian Government gave a non-binding commitment to secure rare earths from the Nolans project of Arafura Rare Earths.

    Covers: “500 tonnes of rare earths” · Materials: Rare earths

    The publisher's words: “The Government has provided a non-binding commitment to secure 500 tonnes of rare earths from the project, through the Reserve”

    2 further statements from the source

    funding committed to the reserveTreasury Ministers, Australian Government

    The publisher's words: “The Government has committed $1.2 billion to establish”

    productTreasury Ministers, Australian Government

    The publisher's words: “The Nolans project will produce neodymium-praseodymium oxide, or NdPr”

There is no open price series for rare earths, so these instruments are listed without a chart.