Alkane Resources expects to receive approval for its billion dollar rare earths project in Australia in the first quarter of 2015, according to the Sydney Morning Herald. The company anticipates that the approval could facilitate a share rerating for the company.
The extended difficulties that Lynas Corp. and the Molycorp have experienced commissioning new rare earths processing plants have pushed the share prices of both companies to penny dreadful levels amid doubts about their prospects for financial survival given their heavy debt burdens.
After falling 10.7%, cerium oxide landed at CNY 12,500 ($2,041) per metric ton and making it the week’s biggest mover on the weekly Rare Earths MMI®. The price of samarium oxide decreased to CNY 17,000 ($2,776) per metric ton, a 8.1% decline from the previous week. Yttria dropped 8.1% over the past week to CNY 34,000 ($5,552) per metric ton.
The price of praseodymium oxide fell 7.4% over the past week to CNY 440,000 ($71,844) per metric ton. This was the third week in a row of declining prices. The past week saw europium oxide close at CNY 1,900 ($310.23) per kilogram after a 7.3% decline. Europium oxide prices fell to CNY 1,900 ($310.23) per kilogram, down from CNY 2,050 ($333.78) a week ago. Lanthanum oxide weakened by 7.1% to land at CNY 13,000 ($2,123) per metric ton.
One of the big movers this week was terbium metal, which shot up 5.6% to reach CNY 3,800 ($620.47) per kilogram. Neodymium oxide finished the week at CNY 262,000 ($42,780) per metric ton after falling 4.7%. With a 4.2% climb, dysprosium oxide claimed the week’s largest gain, settling at CNY 1,480 ($241.66) per kilogram. After a 2.9% decline, praseodymium neodymium oxide closed out the week at CNY 272,000 ($44,413) per metric ton.
Neodymium prices were off slightly at CNY 350,000 ($57,148) per metric ton, down from CNY 355,000 ($57,801) a week ago. At CNY 25,000 ($4,082) per metric ton, the week finished with no movement for rare earth carbonate. Closing at CNY 270.00 ($44.09) per kilogram, yttrium remained unchanged for the week.
The Rare Earths MMI® collects and weights 14 global rare earth metal price points to provide a unique view into rare earth metal price trends. For more information on the Rare Earths MMI®, how it’s calculated or how your company can use the index, please drop us a note at: info (at) agmetalminer (dot) com.