Mining Engineering’s Weekly Rundown: Episode 40

First, the United States and Uzbekistan have signed a new critical minerals pact. The move serves to secure better access to the Central Asian country’s critical minerals, as U.S. President Donald Trump moves to counter China’s dominance of crucial resources and their supply chains. The “Joint Investment Framework” between the U.S. International Development Finance Corporation and the Uzbek government is designed to expand cooperation on mineral exploration, extraction and processing. It also lays the groundwork for a new U.S.–Uzbekistan Joint Investment Holding Company that will oversee future projects in minerals and infrastructure. Uzbekistan has significant reserves of gold, uranium and copper, as well as significant untapped reserves of dozens of critical minerals such as lithium and tungsten that sit at the heart of modern technology.

Next, Rio Tinto has taken majority control of Canada’s Nemaska Lithium, furthering its ambitions to build a fully integrated lithium business in Quebec. Rio Tinto now holds nearly 54 percent of Nemaska, while the Government of Quebec retains the rest through its economic development agency, Investissement Québec. Rio Tinto is seeking to establish a fully integrated lithium supply chain in Quebec, from mining raw ore to chemical processing, to supply the North American electric vehicle market. The project’s first production is expected by 2028, supported by additional investments of up to $200 million more from Quebec and more than $300 million from Rio Tinto. 

Finally, prices of two key rare earths, crucial for making super-strong magnets used in EVs and defense equipment, have surged above a ground-breaking price floor provided by the U.S. last year to miner MP Materials. Prices for neodymium and praseodymium have climbed to around $123 per kilogram, nearly double their mid-2025 levels. The increase means the U.S. government will not need to activate a price floor agreement with MP Materials as long as it remains above the threshold of $110 per kg.  China still accounts for about 90 percent of refining capacity and 70 percent of mined output, but this rally highlights Western efforts to diversify supply. Analysts say the current price spike is driven by strong demand and restricted output in China, though the trend may ease later this quarter.

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