Getting real on rare earths 
Recent rumblings and trade tensions are making for an uncertain future of rare earths supplies.
Elusive details have emerged regarding a US-China deal to expedite rare earths shipments from China following the country’s previous clampdown on exports. But Western countries are still waiting for the green light to get their hands on the much-needed mineral. This hold-up might just stoke the already simmering trade tension between the US and China.
Once ignored, rare earths are now the golden children of the electric vehicle (EV) and wind turbine supply chains. With the escalating demand for renewable technology, both in Australia and abroad, these elements have become pivotal in the global energy transition.
This newfound attention has led to more interest in the rare earths market, especially considering the International Energy Agency’s (IEA) prediction that come 2030, China could be sitting on a whopping 77% of rare earths refining. This potential monopoly raises the stakes in geopolitical risk.
Australia has considerable interest, not only because of the inherent need for rare earths, but also because the country holds at least 4% of global rare earth element (REE) reserves, according to Geoscience Australia.
In the fourth instalment of our Critical Minerals Outlook series, we spotlight some rare earths research under the Critical Minerals Trailblazer at Curtin University and the emerging projects set to make their mark on global industry.
The Australian Mining Review speaks with Curtin University Resources Technology and Critical Minerals Trailblazer director Rohan McDougall, WA School of Mines: Minerals, Energy and Chemical Engineering Associate Professor Dr Laurence Dyer and Critical exploration manager Stuart Owen to uncover Australia’s rare earths potential.
AMR: What is the long-term production potential like for REE in Australia?
Rohan McDougall: Australia’s long-term potential in REE production is underpinned by a robust geological endowment, mature regulatory frameworks and increasing international demand for supply chain diversification. Through the Resources Technology and Critical Minerals Trailblazer, we are advancing projects that target not just extraction efficiency, but downstream processing, metallurgical innovation and strategic end-use alignment.
In light of recent geopolitical events, building Australia’s sovereign capability across the entire REE value chain has become more important than ever before. By industry and academia working together to invest in R&D, Australia is well placed to lead in delivering stable, ethical and high-purity supply for global markets and our allies.
Laurence Dyer: The potential’s enormous in terms of what the resource looks like. WA could be a rare earth powerhouse. The answer to that question however comes with a but. It’s fantastic if we can find a way to process.
AMR: For Australia, is discovery, extraction or processing the limiting factor at the moment?
RMD: The bottleneck lies in developing economic and scalable processing pathways for Australia’s clay-hosted rare earth deposits. Current test work shows traditional acid leaching or kiln-based processing is neither efficient nor economic??. As such, Australia’s immediate challenge is innovation in hydrometallurgy and mineral processing to unlock these resources.
AMR: What makes Australia’s clay-hosted deposits significant? What challenges do these come with? How can Australia develop a pathway for environmentally sustainable REE extraction techniques?
RMD: Australia’s clay-hosted rare earth deposits represent an extraordinary opportunity. Their scale, accessibility, and potential to diversify global supply chains position us strategically on the world stage. But the path forward is not without complexity. These deposits come with unconventional mineralogy, and they don’t respond to traditional ionic leach or acid cracking methods. Innovative approaches are needed to make the most of this strategic opportunity.
That’s why the work we’re supporting through the Trailblazer program is so critical. Our researchers are developing entirely new flow sheets using recyclable, less hazardous reagents. We’re embedding sustainability from the outset, minimising energy consumption, managing tailings responsibly, and treating mine-impacted water.
Most importantly, we’re doing this in close partnership with industry. It’s this kind of cross-sector collaboration that will allow us to realise the full value of these resources and build a more resilient supply chain for critical minerals.
LD: Australia’s mining industry is built on the principle of making people’s lives better and we can’t do that if what we’re developing to improve revenue destroys the planet in the process.
AMR: Can you tell us more about the recovery of REEs from Jupiter and Brothers deposits clay mineralogy? How can improved recovery positively affect the value chain?
Stuart Owen: Australia already has very significant REE mining operations, development proposals and resources, and enormous exploration potential for further world class REE discoveries. With respect to REE resource growth, Critica recently (February 2025) defined a very large clay-hosted REE deposit (1.8bt at 1700ppm total rare earth oxides [TREO]) at Jupiter in WA, potentially enough in itself for many decades of production, as well as numerous satellite REE targets within the broader Brothers Project for future resource growth.
Exploration for clay-hosted REE deposits in Australia is a relatively recent development and in addition to Critica’s Jupiter deposit there are several other exploration and development companies with significant discoveries of this class.
The Australian clay-hosted REE deposits, including Jupiter, are world class in both scale and grade. Australia already has the resource base for more significant REE production, has the potential for more globally significant REE resource discoveries, but the development of these deposits will require sustained effort and investment in REE extraction in particular.
REE mineralogy and metallurgy is notoriously difficult and the development of suitable process pathways for any REE deposit can be expected to involve a lot of sophisticated mineralogical microanalysis and metallurgical research work.
To assist with this, Critica has initiated an ongoing research program with Curtin University, supported by Trailblazer, into the extraction of REEs from the Jupiter deposit.
The initial work successfully shows that the REE phosphate minerals can be upgraded via conventional processing such magnetic separation and flotation, and work is now focussed on optimising recovery and concentrate grades. It must also be noted that while phosphates dominate the REE deportment at Jupiter there is significant scale potential for other REE mineralogies within such a large deposit, and the Critica-Curtin University research program will certainly investigate this.
The Critica-Curtin research is also set to investigate the extraction of REEs from Jupiter mineral concentrates and what REE products may be produced to align with buyers and maximise value for Critica. In addition to established commercial REE extraction methods there are some novel leaching methods developed in the last decade that Critica and Curtin are very interested in and intend investigating. The REE product train has many potential entry points, with different pricing and desirability. We need to work out where we can readily get to in that product train, and again, very large deposits such as Jupiter have the scale, mineralogy and REE deportment budget to justify establishment of suitable extraction and product pathways and potentially support very long term REE mineral production and processing.
REE prospects
The Australian Trade and Investment Commission’s (Austrade) Critical Minerals Prospectus showcases eight investment-ready REE projects in Australia: Northern Minerals’ (ASX: NTU) Browns Range HRE project, Astron Corporation’s (ASX: ATR) Donald rare earth and mineral sands project, Australian Strategic Materials’ (ASX: ASM) Dubbo project, Iluka Resources’ (ASX: ILU) Eneabba rare earths refinery, Gippsland Critical Minerals’ Fingerboards mineral sands project, VHM (ASX: VHM) Goschen rare earths and mineral sands project, Arafura Rare Earths’ (ASX: ARU) Nolans rare earths project and Hastings Technology Metals’ (ASX: HAS) Yangibana rare earths and niobium project.
Browns Range
Overview: The Browns Range HRE project is set to be the first significant producer of
dysprosium and terbium-containing REE concentrate outside of China and is
understood to be the highest-grade dysprosium and terbium resource in Australia with an eight-year mine life.
The project is located about 160km southeast of Halls Creek in the east Kimberley region of WA.
An updated feasibility study (FS) is underway targeting completion in Q2 CY25
based on mining the Wolverine deposit, delivering ore to a beneficiation plant at
Browns Range to produce a concentrate containing about 25% TREO for supply to Iluka.
The processing flowsheet is well-understood and validated by comprehensive bench
and pilot scale test work.
Exceptionally high-grade assays returned from drilling completed in 2024 increased the Wolverine indicated mineral resource targeting a probable ore reserve.
Status: All primary approvals required to progress through to final investment decision (FID) are in place along with a co-existence agreement with the Jaru Traditional Owners.
Northern Minerals has entered into a supply agreement with Iluka Resources
covering 100% of planned production over the initial mine life. Iluka is also providing a conditional funding package through a series of proposed investments in Northern Minerals.
The Company is progressing towards FID and welcomes discussions regarding further financing for project construction.
Potential: Significant exploration scope exists to develop adjacent deposits also abundant in HREs.
Donald
Overview: The Donald Rare Earth and Mineral Sands Project (Donald) is a Tier 1 critical minerals project, comprising the world’s largest zircon resource and the fourth largest rare-earth resource outside of China.
Mining operations will consist of conventional open-pit dry-mining methods. Phase 1
will produce 229ktpa of HMC containing zircon and titanium feedstock and 7ktpa of
rare earth element concentrate (REEC) bearing rare earth minerals of monazite and
xenotime.
Phase 2 will double mining throughput and add on-site processing of HMC to final zircon and titania products.
Extensive metallurgical test work has produced a flowsheet with high recoveries, proven at a pilot-plant scale.
The Donald project expects a phase 1 minimum mine life of 41 years and phase 2 of 58 years.
Status: Donald is significantly advanced with a Phase 1 definitive feasibility study (DFS) completed in 2023 demonstrating attractive economics. The project has a positively assessed environment ethics statement (EES), mining license and a federal Environment Protection and Biodiversity Conservation Act 1999 license.
Potential: Rare earth minerals from Donald are planned to be processed into oxides at JV partner Energy Fuels’ White Mesa Mill in Utah, US. Energy Fuels will fund $180m
of project development costs to earn a 49% interest in the project. HMC offtake negotiations are ongoing.
Dubbo
Overview: The cornerstone of Australian Strategic Metals’ (ASM) ‘mine to metals’ strategy is the Dubbo project, a globally significant resource of rare earths, zirconium, niobium and hafnium with an expected mine life of more than 20 years.
The Dubbo project is located 25km from Dubbo, NSW, close to established
infrastructure and within the Orana Renewable Energy Zone. Once operational, the
project will extract, separate and refine a range of critical mineral oxides, including
neodymium, praseodymium, terbium and dysprosium for processing into metals
at ASM’s metallisation plants.
ASM has worked in partnership with Australia’s Nuclear Science and Technology Organisation (ANSTO) to develop its process flowsheet, completing significant testwork to maximise oxide recoveries.
Status: The Dubbo project has all major approvals and permits in place and is construction ready. ASM is targeting a project financing strategy for the Dubbo project based on a mix of equity and debt, supported by export credit agencies (ECAs) and bankable offtakes. ASM has received conditional letters of support from Australian, US and Canadian ECAs, offering combined debt funding packages of more than $1.5b for the construction phase of the Dubbo project.
Potential: ASM is currently undertaking its rare earth options assessment, investigating alternative lower capital and shorter implementation options to recover light and heavy rare earth elements. The assessment will be completed in 2025. A suitable option would enable a more focused completion of the final engineering work — awarded
to Bechtel Engineering — and would present ASM with the opportunity to take a
phased approach to the construction of the Dubbo project.
Eneabba
Overview: Iluka is currently building Australia’s first fully-integrated rare earths refinery at Eneabba in WA. Once commissioned, the refinery will produce both light and heavy separated rare earth oxides, including the highly valuable dysprosium and terbium.
The Eneabba refinery will initially be fed by concentrate produced from Iluka’s
unique 1mt stockpile of rare earth minerals, located at Eneabba.
Beyond that, the refinery has been designed with the size and capability to process a broad range of feedstocks, including from within Iluka’s portfolio (Balranald and Wimmera), as well as from a range of potential third parties in Australia and overseas.
In October 2022, Iluka agreed on a partnership with Northern Minerals for the supply of rare earths concentrate from its Browns Range project.
The refinery will utilise roasting, leaching, purification, solvent extraction and product finishing to produce 17.5-23ktpa of rare earth oxides, subject to the feedstock used.
Status: Once commissioned, the refinery will produce both light and heavy separated rare earth oxides, including the highly valuable dysprosium and terbium. Environmental approvals are in place. Traditional Owner agreements are in place, and Iluka is working in partnership with YSRC to improve sustainable economic development in the region. Construction is underway and commissioning of the refinery is expected in 2027.
The refinery is being delivered as part of a strategic partnership with the Federal Government, who are providing a $1.65b non-recourse loan.
Potential: The refinery provides a foundation to take further steps along the rare earth value chain, including the production of rare earth metals.
Iluka is progressing feasibility work into commercial scale production of rare earth metals — the next stage in the value chain and the essential precursor to production of manufacture of permanent magnets.
Fingerboards
Overview: The Fingerboards project located in East Gippsland, Victoria, has a very large resource with exceptionally high REE and zircon grade over a minimum 22-year mine life. The project stands out for its high heavy rare earths content and will produce a HMC containing 200tpa of heavy rare earths, dysprosium and terbium used in high
temperature magnets, representing 7.1% of global supply; 1800tpa of light rare earths, neodymium and praseodymium used in ultra-strong magnets, representing 1.4% of global supply and 75ktpa of zircon, representing 7.2% of global supply.
The rescoped project DFS underway is based on 7.2mtpa shallow open pit mining via
dozer operation with two on-site mining units.
There will be no surface tailings, and mine rehabilitation will be progressive with extraction.
Ore will be slurry pumped to an on-site wet concentration plant using ground water to produce about 280ktpa HMC via traditional gravity separation. Ore will be railed to Geelong or Melbourne ports via an existing line. HMC will be shipped onshore for downstream processing.
Status: Gippsland Critical Minerals (GCM) is currently rescoping the project to align with community and regulatory expectations and is targeting EES referral in December 2025. With modifications to the mining area and methods, water usage, sustainable sourcing and tailings management, GCM is on track to fulfill its potential as a leading supplier of REE, zircon and titanium and delivering supply chain security of these critical minerals.
There is no Native Title over the project, however GCM is working closely with
traditional owners.
Potential: Completion of the rescoped project DFS is targeted for mid-2026.
Goschen
Overview: VHM is developing the Goschen rare earths and mineral sands project in the emerging critical minerals province of northwest Victoria.
Goschen is a strategic rare earths deposit (neodymium, praseodymium, terbium and dysprosium), as well as a significant zircon and titania resource.
The Goschen DFS, completed March 2023, was updated in February 2025 based on
a staged development strategy commencing at an initial mine production rate of
1.5mtpa, with planned expansion to 5mtpa.
The initial phase is expected to generate operational cash flow to largely fund the expansion.
Ore will be mined over a 22-year mine life using conventional truck and shovel open pit mining methods employed in a dry strip mining operation, with progressive mining, tailings deposition and rehabilitation.
Ore will be processed on-site via a processing plant where a wet concentrator plant will upgrade the ore through a series of spirals to produce a
HMC. The HMC will undergo further processing through a flotation circuit to separate the HMC into the two products, a rare earth mineral concentrate (REMC) and a zircon-titania HMC.
Status: The Victorian Government approved the Goschen project EES in December 2024.
Current pre-construction milestones include receiving a mining license, secondary approvals, financing and awarding major contracts.
Construction is planned to commence in December 2025 with production scheduled for late 2026.
No Native Title or Aboriginal Cultural Heritage values have been identified.
Potential: VHM has commenced funding, offtake and strategic partner discussions. VHM has also entered a partnership for mining services and has selected contractors for process plant delivery and infrastructure.
Nolans
Overview: Nolans is one of the most advanced rare earths ore-to-oxide projects globally.
Located 135km north of Alice Springs in the Northern Territory, the Nolans project is a shovel-ready single-site ore-to-oxide operating model with all mining, processing and waste management onsite, reflecting responsible mining and ESG commitments.
Nolans will recover rare earths and phosphoric acid from a mine and processing facility comprising beneficiation, extraction and separation plants. Nolans is key to meeting global neodymium and praseodymium demand, used in high-performance magnets for renewable technologies.
Status: The DFS in 2019 and subsequent project updates (latest July 2024) confirm attractive economics of the project.
Environmental permitting, Mining Authorisation and Native Title Agreements are in place.
In July 2024, Arafura announced completion of its debt funding strategy after securing conditional approvals for more than $1.5b (US$1b) from Australian and international export credit agencies and commercial lenders, including an $814m (US$533m) debt funding package through Export Finance Australia and the Northern Australia Infrastructure Facility. Project funding activities are now focused on strategic equity investment and in January 2025, Australia’s National Reconstruction Fund (NRFC) made a $200m investment commitment.
Potential: The company has binding offtake agreements with Siemens Gamesa Renewable Energy and Hyundai and Kia. Offtake negotiations with other international OEMs and Tier 1 producers are well advanced.
Current project activities focus on critical path work programs, compliance and
progressing improvements that reduce capital, schedule and risk in preparation for a final investment decision and subsequent commencement of construction.
Nolans will make a meaningful multigenerational contribution to the region’s economy and communities through job creation, training initiatives, new industry development, capability building and business opportunities.
Yangibana
Overview: Located 250km northeast of Carnarvon in WA’s Gascoyne region, the Yangibana project is underpinned by one of the world’s most highly valued deposits of neodymium and praseodymium with an average life of mine neodymium and praseodymium to TREO ratio of 37%.
With an initial mine life of 17 years, Yangibana will become a globally significant source of neodymium and praseodymium.
Hastings is focused on the development of Stage 1 of the Yangibana project,
including the construction of the mine and beneficiation plant to produce up to 37,000tpa of REC.
Status: Stage 1 of the project is fully permitted and Hastings has a development agreement in place with the TMWTJ people. Hastings is committed to developing and operating in a sustainable manner, with its strong ESG credentials subject to independent third-party ratings.
Project execution workstreams have been significantly de-risked with $158m invested to date, overall construction 33% complete and procurement of long lead critical path equipment.
An engineering, procurement and construction contract is in place with GR Engineering Services and detailed design and engineering for the beneficiation plant is
81% complete.
Potential: Hastings continues to assess downstream processing opportunities
including the development of a hydrometallurgical plant at various sites, including
Onslow in WA, Estonia and in Saudi Arabia. In September 2024, Hastings released a maiden niobium MRE of 6.7mt at 2305ppm. This will provide a multi-commodity recovery process stream and by-product income.
