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Hindustan Times
6 days ago
- Business
- Hindustan Times
Australian Rare Earth Producer Braces to Take on Rival China With Help From Trump
Lynas Rare Earths reported a jump in fourth-quarter production and revenue, and sounded optimistic about benefiting from President Trump's efforts to loosen China's chokehold on critical minerals needed for cars, smartphones and missile systems. Earlier this month, the U.S. Defense Department agreed to invest in rival producer MP Materials in a deal that included a guaranteed price floor at nearly double recent rare-earth prices. Lynas Chief Executive Amanda Lacaze said Thursday that the unusual deal sent a clear message that the U.S. is determined to rebuild a rare-earth supply chain outside China, which currently refines around 90% of the world's rare earths. That should ease concerns among manufacturers about the availability of future supplies, and result in a much larger and more dynamic industry elsewhere in the world, Lacaze told analysts on a call. 'On balance, our view is that developing a vibrant outside-China industry will be good for everyone,' she said. 'But it will be best for us,' she added. Lynas is the largest producer of separated rare earths outside of China. Western companies have long complained that China uses its control over rare earths to suppress competition, sometimes flooding the market to drive out rivals and at other times imposing restrictive export policies that disrupt manufacturers. Lacaze's remarks followed Lynas's fourth-quarter production results, in which the Perth, Australia-based miner said rare-earth output rose 68% from the prior quarter. The company produced 3,212 metric tons of rare earth oxide in the three months ended June 30, including 2,080 tons of neodymium and praseodymium, up 38% from the previous quarter. Sales revenue rose by 38% to 170.2 million Australian dollars, around US$112 million. It is the first time Lynas has produced more than 2,000 tons of neodymium and praseodymium, used in permanent magnets for electric vehicles and consumer electronics, in a single quarter. The rise in output reflects recent investments in its plant, Lynas said, adding that it aims to stabilize production at higher levels while also ensuring output aligns with market demand. 'We continue to be very focused on how we deliver growth in what is an excellent market in which to be participating, and which we expect will continue to be a significant growth market,' said Lacaze. Lynas said it is experiencing a significant increase in demand from customers and new magnet manufacturing projects. 'We continue to sell pretty much everything that we produce,' Lacaze said. According to Lynas, its average sales price rose to the highest level since mid-2022. That reflects an ongoing focus on building strategic customer relationships and some pricing agreements independent to the market index, it said. Lynas also announced a memorandum of understanding with South Korean permanent-magnet maker JS Link to collaborate on a new magnet manufacturing facility in Malaysia. Shares in the company rose more than 3% by mid-afternoon in Sydney. Lynas recently began producing some heavy rare earths, the first time those critical minerals have been commercially produced outside China in decades. It began producing dysprosium in May and terbium in June. The company said it has received strong interest from customers for those products. 'Our heavy rare earth production is key to our competitive advantage,' said Lacaze. She said that the industry has been on 'a rollercoaster' in recent months as rare earths became a key battleground in the U.S.-China trade war. As U.S.-China tensions escalated in early April, Beijing said it would begin requiring licenses for the export of certain rare earths, including dysprosium and terbium. China's exports of rare-earth magnets last month increased nearly threefold from the previous month after the country lifted some export controls following a truce with the U.S. Lacaze said that it is unclear how the price floor in the Pentagon's deal with MP Materials will affect the industry's benchmark price index, but she believes a dynamic market should generally support higher prices for the critical minerals. Lynas, which is developing a rare-earth processing facility in Seadrift, Texas, continues to maintain a very positive relationship with the U.S. government, Lacaze said when asked whether the Australian company is now at a disadvantage to MP Materials. Under MP Materials's deal with the Pentagon, the U.S. government is committing to spend billions of dollars investing in that company and purchasing its output. The price floor protects the company if China fully lifts its restrictive export policies, which could tank global prices. A White House spokesman earlier said the deal marked 'a major step in rebuilding America's domestic rare earth industry.' Lynas is well positioned to sign new supply deals to take advantage of market strength following that agreement, Jefferies analyst Mitch Ryan said in a client note. 'We are today the only scale producer of light rare earth and heavy rare earth,' Lacaze said. 'And I think, as we have seen at times over the past decade in particular, having our assets in place as operational when the cycle turns—and we are looking at some very positive moves in terms of price right now—means that we can take full advantage of that upswing.' Write to Rhiannon Hoyle at
Boston Globe
21-07-2025
- Politics
- Boston Globe
High-level talks held on support for Ukraine a week after Trump said Europe will pay for weapons
In an shift of tone toward Russia, the U.S. president last week gave Moscow a 50-day deadline to agree to a ceasefire or face tougher sanctions. Advertisement Trump's arms plan, announced a week ago, involves European nations sending American weapons to Ukraine via NATO — either from existing stockpiles or buying and donating new ones. The U.S. president indicated discussions were partly focused on advanced Patriot air defense systems and said a week ago that deliveries would begin 'within days.' But last week various senior officials suggested no transfers had yet taken place. NATO's Grynkewich told The Associated Press on Thursday that 'preparations are underway' for weapons transfers to Ukraine while U.S. Ambassador to NATO Matthew Whitaker said he couldn't give a time frame. German Chancellor Friedrich Merz said Thursday that Germany will finance two new Patriot systems for Ukraine and raised the possibility of supplying systems it already owns and having them replaced by the U.S. Advertisement But delivery could take time, Merz suggested because 'they have to be transported, they have to be set up; that is not a question of hours, it is a question of days, perhaps weeks.' Other Patriot systems could come thanks to Switzerland, whose defense ministry said Thursday it was informed by the U.S. Defense Department that it will 'reprioritize the delivery' of five previously ordered systems to support Ukraine. While Ukraine waits for Patriots, a senior NATO official said the alliance is still coordinating the delivery of other military aid — such as ammunition and artillery rounds — which includes aid from the U.S. that was briefly paused. The official spoke on condition of anonymity to discuss sensitive matters. Ukrainian President Volodymyr Zelenskyy said Saturday that his officials have proposed a new round of peace talks this week. Russian state media on Sunday reported that no date has yet been set for the negotiations, but said that Istanbul would likely remain the host city. The Kremlin spokesman said Sunday that Russia is open to peace with Ukraine, but achieving its goals remains a priority.
NBC News
17-07-2025
- Business
- NBC News
Ukraine to boost domestic arms production in war with Russia, says Zelenskyy
KYIV, Ukraine — A new Ukrainian government approved Thursday will race to expand domestic arms production to meet half the country's weapons needs within six months as it tries to push back Russia's invasion, Ukrainian President Volodymyr Zelenskyy said. Meanwhile, Switzerland said Thursday that the U.S. Defense Department had informed it that Washington is diverting a Swiss order for Patriot air defense systems to help Ukraine, which badly needs to improve its response to increasingly heavy Russian aerial attacks. Patriot air defense systems for Ukraine The Swiss Defense Ministry, which in 2022 ordered five Patriot systems, said Thursday it has been informed by the U.S. Defense Department that it will 'reprioritize the delivery of Patriot systems to support Ukraine.' It was not immediately clear whether the Swiss-ordered Patriots would go directly to Ukraine or would replace units in other European countries that may be donated to Kyiv. Delivery to Switzerland of the systems, worth billions of dollars, was scheduled to begin in 2027 and be completed in 2028. But the Swiss government said Washington informed it of the delay on Wednesday, adding that it was unclear how many systems would be affected. The need to adequately arm Ukraine's military is pressing as Russia looks to drive forward its summer offensive after three years of war and pounds Ukrainian cities with hundreds of drones and ballistic and cruise missiles. It remains unclear when the promised U.S.-made weapons, especially the Patriot systems, might reach Ukraine. Trump has agreed to send the weaponry, but it will be paid for by European countries. No timeframe for foreign weapons in Ukraine The U.S. Ambassador to NATO, Matthew Whitaker, said he couldn't give a timeframe for when Ukraine might get extra foreign weapons. 'We are all moving with haste to facilitate this and get this done. Things are actually moving very quickly, but I can't verify a date that this will all be completed. I think it's going to be an ongoing movement,' he told reporters in Brussels. 'The plan is that there will be American-made defense equipment, capabilities, that will be sold to our European allies, that they will provide to Ukraine,' he said. British Defense Secretary John Healey said Thursday he and his German counterpart Boris Pistorius will chair a meeting of Ukraine's allies on Monday to discuss U.S. President Donald Trump's weapons plans. Healey said U.S. Defense Secretary Pete Hegseth and NATO leader Mark Rutte will attend the meeting of the Ukraine Defense Contact Group. NATO's Supreme Allied Commander Europe, Gen. Alexus Grynkewich, told The Associated Press Thursday that 'preparations are underway' for weapons transfers to Ukraine and that NATO is working 'very closely' with Germany to transfer Patriot systems. Grynkewich said at a military event in Wiesbaden, Germany, that he had been ordered to 'move (the weapons) out as quickly as possible.' He said the number of weapons being transferred is classified. German Defense Ministry spokesperson Mitko Müller said Wednesday he couldn't confirm that anything is currently on its way to Ukraine. Rutte, the NATO chief, said in Washington on Monday that the alliance is coordinating the military support with funding from allies in Europe and Canada. He said there were commitments from Germany, Finland, Denmark, Sweden, Norway, the United Kingdom, the Netherlands and Canada, 'with more expected to follow.' Ukraine now makes 40% of its own weapons Ukraine's domestic defense manufacturing already accounts for almost 40% of weapons used by the Ukrainian military, according to Zelenskyy. As uncertainty grows about how many more weapons shipments Western countries can provide — and how quickly — Ukraine is keen to increase its output and widen its strikes on Russian soil. 'What we need is greater capacity to push the war back onto Russia's territory — back to where the war was brought from,' Zelenskyy said late Wednesday in his nightly video address. 'We must reach the level of 50% Ukrainian-made weapons within the first six months of the new government's work by expanding our domestic production.' Ukraine has also developed its own long-range drones, which it uses to strike deep inside Russia . Russian air defenses shot down 122 Ukrainian drones overnight, the country's defense ministry said Thursday. The wave of drones caused flights to be grounded at airports in Moscow and St. Petersburg, although most of the drones were reportedly destroyed over the border regions of Bryansk and Kursk. Meanwhile, Russia attacked Ukraine with 64 Shahed and decoy drones overnight, killing at least one person, the Ukrainian air force reported. The assault centered on the industrial Dnipropetrovsk region, officials said. In other developments: Russia on Thursday sent to Ukraine 1,000 bodies, including some of the country's fallen soldiers, the Ukrainian Coordination Headquarters for the Treatment of Prisoners of War said. At the same time, Russia received the bodies of 19 soldiers, Russian presidential aide Vladimir Medinsky said. The exchange was part of a deal reached at direct peace talks last May and June that produced few other agreements between the sides.
Global News
17-07-2025
- Business
- Global News
U.S. diverts Swiss order for Patriot air defence system to Ukraine
A new Ukrainian government approved Thursday will race to expand domestic arms production to meet half the country's weapons needs within six months as it tries to push back Russia's invasion, Ukrainian President Volodymyr Zelenskyy said. Meanwhile, Switzerland said Thursday that the U.S. Defense Department had informed it that Washington is diverting a Swiss order for Patriot air defence systems to help Ukraine, which badly needs to improve its response to increasingly heavy Russian aerial attacks. Patriot air defense systems for Ukraine The Swiss Defense Ministry, which in 2022 ordered five Patriot systems, said Thursday it has been informed by the U.S. Defense Department that it will 'reprioritize the delivery of Patriot systems to support Ukraine.' Story continues below advertisement It was not immediately clear whether the Swiss-ordered Patriots would go directly to Ukraine or would replace units in other European countries that may be donated to Kyiv. 2:24 'Very serious': Russia wants to know what motivated Trump's 50-day deadline to end war in Ukraine Delivery to Switzerland of the systems, worth billions of dollars, was scheduled to begin in 2027 and be completed in 2028. But the Swiss government said Washington informed it of the delay on Wednesday, adding that it was unclear how many systems would be affected. The need to adequately arm Ukraine's military is pressing as Russia looks to drive forward its summer offensive after three years of war and pounds Ukrainian cities with hundreds of drones and ballistic and cruise missiles. It remains unclear when the promised U.S.-made weapons, especially the Patriot systems, might reach Ukraine. Trump has agreed to send the weaponry, but it will be paid for by European countries. Story continues below advertisement No timeframe for foreign weapons in Ukraine The U.S. Ambassador to NATO, Matthew Whitaker, said he couldn't give a timeframe for when Ukraine might get extra foreign weapons. Get breaking National news For news impacting Canada and around the world, sign up for breaking news alerts delivered directly to you when they happen. Sign up for breaking National newsletter Sign Up By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy 'We are all moving with haste to facilitate this and get this done. Things are actually moving very quickly, but I can't verify a date that this will all be completed. I think it's going to be an ongoing movement,' he told reporters in Brussels. 'The plan is that there will be American-made defence equipment, capabilities, that will be sold to our European allies, that they will provide to Ukraine,' he said. British Defense Secretary John Healey said Thursday he and his German counterpart Boris Pistorius will chair a meeting of Ukraine's allies on Monday to discuss U.S. President Donald Trump's weapons plans. Healey said U.S. Defense Secretary Pete Hegseth and NATO leader Mark Rutte will attend the meeting of the Ukraine Defense Contact Group. Story continues below advertisement 1:54 Trump gives Putin ultimatum for ending Ukraine war NATO's Supreme Allied Commander Europe, Gen. Alexus Grynkewich, told The Associated Press Thursday that 'preparations are underway' for weapons transfers to Ukraine and that NATO is working 'very closely' with Germany to transfer Patriot systems. Grynkewich said at a military event in Wiesbaden, Germany, that he had been ordered to 'move (the weapons) out as quickly as possible.' He said the number of weapons being transferred is classified. German Defense Ministry spokesperson Mitko Müller said Wednesday he couldn't confirm that anything is currently on its way to Ukraine. Rutte, the NATO chief, said in Washington on Monday that the alliance is coordinating the military support with funding from allies in Europe and Canada. He said there were commitments from Germany, Finland, Denmark, Sweden, Norway, the United Kingdom, the Netherlands and Canada, 'with more expected to follow.' Story continues below advertisement Ukraine now makes 40 per cent of its own weapons Ukraine's domestic defence manufacturing already accounts for almost 40 per cent of weapons used by the Ukrainian military, according to Zelenskyy. As uncertainty grows about how many more weapons shipments Western countries can provide — and how quickly — Ukraine is keen to increase its output and widen its strikes on Russian soil. 'What we need is greater capacity to push the war back onto Russia's territory — back to where the war was brought from,' Zelenskyy said late Wednesday in his nightly video address. 'We must reach the level of 50 per cent Ukrainian-made weapons within the first six months of the new government's work by expanding our domestic production.' Ukraine has also developed its own long-range drones, which it uses to strike deep inside Russia . Russian air defences shot down 122 Ukrainian drones overnight, the country's defence ministry said Thursday. The wave of drones caused flights to be grounded at airports in Moscow and St. Petersburg, although most of the drones were reportedly destroyed over the border regions of Bryansk and Kursk. Story continues below advertisement 2:04 Trump 'very unhappy' with Russia, threatens 100% tariffs if no deal to end Ukraine war in 50 days Meanwhile, Russia attacked Ukraine with 64 Shahed and decoy drones overnight, killing at least one person, the Ukrainian air force reported. The assault centered on the industrial Dnipropetrovsk region, officials said. Russia, Ukraine exchange bodies of fallen soldiers Russia on Thursday sent to Ukraine 1,000 bodies, including some of the country's fallen soldiers, the Ukrainian Coordination Headquarters for the Treatment of Prisoners of War said. Story continues below advertisement At the same time, Russia received the bodies of 19 soldiers, Russian presidential aide Vladimir Medinsky said. The exchange was part of a deal reached at direct peace talks last May and June that produced few other agreements between the sides. —Burrows reported from Wiesbaden, Germany. Geir Moulson in Berlin and Lorne Cook in Brussels contributed to this report.
The Hill
17-07-2025
- Business
- The Hill
Ukraine to boost domestic arms production to counter Russia's invasion, says Zelenskyy
KYIV, Ukraine (AP) — A new Ukrainian government approved Thursday will race to expand domestic arms production to meet half the country's weapons needs within six months as it tries to push back Russia's invasion, Ukrainian President Volodymyr Zelenskyy said. Meanwhile, Switzerland said Thursday that the U.S. Defense Department had informed it that Washington is diverting a Swiss order for Patriot air defense systems to help Ukraine, which badly needs to improve its response to increasingly heavy Russian aerial attacks. Patriot air defense systems for Ukraine The Swiss Defense Ministry, which in 2022 ordered five Patriot systems, said Thursday it has been informed by the U.S. Defense Department that it will 'reprioritize the delivery of Patriot systems to support Ukraine.' It was not immediately clear whether the Swiss-ordered Patriots would go directly to Ukraine or would replace units in other European countries that may be donated to Kyiv. Delivery to Switzerland of the systems, worth billions of dollars, was scheduled to begin in 2027 and be completed in 2028. But the Swiss government said Washington informed it of the delay on Wednesday, adding that it was unclear how many systems would be affected. The need to adequately arm Ukraine's military is pressing as Russia looks to drive forward its summer offensive after three years of war and pounds Ukrainian cities with hundreds of drones and ballistic and cruise missiles. It remains unclear when the promised U.S.-made weapons, especially the Patriot systems, might reach Ukraine. Trump has agreed to send the weaponry, but it will be paid for by European countries. No timeframe for foreign weapons in Ukraine The U.S. Ambassador to NATO, Matthew Whitaker, said he couldn't give a timeframe for when Ukraine might get extra foreign weapons. 'We are all moving with haste to facilitate this and get this done. Things are actually moving very quickly, but I can't verify a date that this will all be completed. I think it's going to be an ongoing movement,' he told reporters in Brussels. 'The plan is that there will be American-made defense equipment, capabilities, that will be sold to our European allies, that they will provide to Ukraine,' he said. British Defense Secretary John Healey said Thursday he and his German counterpart Boris Pistorius will chair a meeting of Ukraine's allies on Monday to discuss U.S. President Donald Trump's weapons plans. Healey said U.S. Defense Secretary Pete Hegseth and NATO leader Mark Rutte will attend the meeting of the Ukraine Defense Contact Group. NATO's Supreme Allied Commander Europe, Gen. Alexus Grynkewich, told The Associated Press Thursday that 'preparations are underway' for weapons transfers to Ukraine and that NATO is working 'very closely' with Germany to transfer Patriot systems. Grynkewich said at a military event in Wiesbaden, Germany, that he had been ordered to 'move (the weapons) out as quickly as possible.' He said the number of weapons being transferred is classified. German Defense Ministry spokesperson Mitko Müller said Wednesday he couldn't confirm that anything is currently on its way to Ukraine. Rutte, the NATO chief, said in Washington on Monday that the alliance is coordinating the military support with funding from allies in Europe and Canada. He said there were commitments from Germany, Finland, Denmark, Sweden, Norway, the United Kingdom, the Netherlands and Canada, 'with more expected to follow.' Ukraine now makes 40% of its own weapons Ukraine's domestic defense manufacturing already accounts for almost 40% of weapons used by the Ukrainian military, according to Zelenskyy. As uncertainty grows about how many more weapons shipments Western countries can provide — and how quickly — Ukraine is keen to increase its output and widen its strikes on Russian soil. 'What we need is greater capacity to push the war back onto Russia's territory — back to where the war was brought from,' Zelenskyy said late Wednesday in his nightly video address. 'We must reach the level of 50% Ukrainian-made weapons within the first six months of the new government's work by expanding our domestic production.' Ukraine has also developed its own long-range drones, which it uses to strike deep inside Russia . Russian air defenses shot down 122 Ukrainian drones overnight, the country's defense ministry said Thursday. The wave of drones caused flights to be grounded at airports in Moscow and St. Petersburg, although most of the drones were reportedly destroyed over the border regions of Bryansk and Kursk. Meanwhile, Russia attacked Ukraine with 64 Shahed and decoy drones overnight, killing at least one person, the Ukrainian air force reported. The assault centered on the industrial Dnipropetrovsk region, officials said. In other developments: Russia on Thursday sent to Ukraine 1,000 bodies, including some of the country's fallen soldiers, the Ukrainian Coordination Headquarters for the Treatment of Prisoners of War said. At the same time, Russia received the bodies of 19 soldiers, Russian presidential aide Vladimir Medinsky said. The exchange was part of a deal reached at direct peace talks last May and June that produced few other agreements between the sides. ___
