By Adam Currie — Exclusive to Rare Earth Investing News
Market sources confirmed that prices for lanthanum/cerium mischmetal (La 35 percent, Ce 65 percent) moved up to trade around RMB85,000/tonne in comparison to RMB80,000/tonne a week ago.An unnamed source at a Chinese-based producer was quoted in the media as saying that “[m]ore downstream consumers have been tending to buy mischmetal recently and sales for the material have been running.” He added that an increase in lanthanum/cerium chloride prices has also contributed to the rise in lanthanum/cerium mischmetal prices. Prices for lanthanum/cerium chloride (La 35 percent, Ce 65 percent) are currently holding at RMB22,000/tonne, up from RMB18,000 to 20,000/tonne a week ago. Dysprosium oxide prices saw no change last week, closing the trading at RMB4,300 to RMB4,600 per kilogram. Samarium prices also remained flat throughout last week at RMB270,000/tonne, while gadolinium maintained its pricing at RMB178,000 per metric tonne. Junior mining news Quantum Rare Earth Developments Corp. (TSXV: QRE) CEO Peter Dickie noted in an interview that based on an updated resource estimate, Quantum's Elk Creek, Nebraska niobium project could cut US dependence on imports of the strategic material. He also said that the project contains one of North America's largest undeveloped niobium deposits in terms of grade and tonnage, and is the only primary niobium deposit under development in the US. The updated estimate shows a resource containing over 129,000 tonnes of niobium (Nb2O5) in the indicated category, and over 524,000 tonnes of niobium (Nb2O5) in the inferred category, with the deposit open in three directions. Great Western Minerals Group Ltd. (TSXV: GWG) announced that it is on track for its strategy of becoming a fully-integrated rare earth producer and processor. The rare earth focused company has several operational targets this year, including the refurbishment of the mine shaft at the Steenkampskraal mine in South Africa and the completion of the NI 43-101 report for the mine by mid-May.
The company recently unveiled assay results from the first batch of samples taken as part of the phase one program at Steenkampskraal. Within the underground channel sampling results, assays ranged from 15.9 percent total rare earth oxide (TREO) to 40.12 percent TREO with an average of 23.75 percent TREO.Drill core assays ranged from 0.18 percent TREO to 31.07 percent TREO, with an average grade of 13.83 percent TREO. Surface tailings results from the first batch of 54 assays ranged from 3.85 percent TREO to 12.01 percent TREO with an average of 7.27 percent TREO. The remaining results from the phase one program will continue to be released over the next few weeks. Securities Disclosure: I, Adam Currie, hold no direct investment interest in any company mentioned in this article. China Sets Up Rare Earth Industry Association from Rare Earth Investing News