Mining Press Roundup: China Escalates Rare Earth Trade War, Blacklists US Producers

China imposed export controls on two US rare earth companies central to US efforts to build alternative supply chains for critical minerals used in advanced manufacturing and defense, adding MP Materials and USA Rare Earth to its export control list on Monday . The move, which added 10 US companies to China's export control list, was a response to the United States expanding its own list of Chinese military-linked entities earlier this month . The designation arrives just days after the Pentagon committed $725 million to expand domestic rare earth processing—underscoring the deepening struggle over minerals vital to electric vehicles, defense systems, and renewable energy.

China Blacklists MP Materials and USA Rare Earth

MP Materials and USA Rare Earth were added to China's export control list, restricting access to Chinese dual-use goods and technologies that could have commercial or military applications, and barring Chinese exporters from supplying such items to the companies . MP Materials operates the only active rare earth mine in the US, and both companies are involved in the mine-to-magnet supply chain .

The curbs are mostly symbolic, as both companies say they have largely cut off supplies of equipment and materials from China . The immediate share-price reaction was limited, with MP Materials roughly flat and USA Rare Earth modestly higher in early trading, though both have risen sharply this year with USA Rare Earth up about 107% and MP up about 20% year to date . Initial export controls targeting heavy rare earths kicked off on April 4, 2025, with Beijing responding to US tariffs by restricting exports of specific elements and magnets, followed by an expansion in October 2025, with diplomatic efforts producing a partial suspension of the stricter rules set to last until November 10, 2026 .

Energy Fuels Lands $725M Pentagon Loan for Rare Earths

Energy Fuels shares jumped 16% on Thursday after the US Department of War announced a conditional loan commitment of up to $725 million to expand the company's domestic rare earth processing operations and strengthen US supply chains independent of China . The financing, combined with additional private capital, is intended to support a new US-based rare earth separation and metallization facility, with Energy Fuels, historically a uranium producer, planning to expand into rare earth separation and metallization, a critical midstream stage that converts processed materials into inputs for permanent magnet manufacturing .

The company already operates uranium processing and rare earth oxide separation facilities at its White Mesa Mill in Utah . The production of permanent magnets used in advanced US defense systems has long been at risk due to a global bottleneck in the critical "midstream" phase, and to address this vulnerability the Pentagon's Office of Strategic Capital signed a conditional loan commitment worth $725 million with Energy Fuels . The timing is striking: The announcement arrived four days before China moved against the competition, with Beijing's Ministry of Commerce adding 10 US entities to its export control list including MP Materials and USA Rare Earth .

Newmont's Red Chris Underground Expansion Gets Green Light

Newmont said on Friday its Red Chris mine in British Columbia has received crucial regulatory approvals, paving the way for a transition from open-pit mining to an underground operation and extending its lifespan into the mid-2040s . The world's largest gold miner holds a majority ownership and operates the Red Chris mine in partnership with Imperial Metals which holds a 30% joint venture stake .

The approvals enable the transition of the Red Chris mine from current open-pit operations to block caving, and mark a milestone in stage-gating as Newmont advances toward a final investment decision later this year, with the province's approvals including an amended Environmental Assessment Certificate achieved through a consent-based process with the Tahltan Nation . The project includes several billion dollars in capital investment, creating more than 1,800 jobs during construction and sustaining approximately 1,500 operating positions. The Red Chris copper-gold porphyry deposit in British Columbia's Golden Triangle is a massive mineral endowment containing an estimated 20 million oz of gold equivalent.

EnCore Energy Approved to Build South Dakota's First ISR Uranium Mine

EnCore Energy announced that the Bureau of Land Management has issued a final decision and approved the Dewey Burdock Uranium Project, authorizing the Company to commence infrastructure construction for the Dewey Burdock Uranium In-Situ Recovery (ISR) Project in Southwest South Dakota . After more than a decade of local opposition, EnCore Energy has received federal approval to start building its Dewey Burdock project in southwest South Dakota, advancing what would become the state's first in-situ recovery uranium mine .

Dewey Burdock is expected to process 1 million lb. of uranium per year, recovering more than 14 million lb. over its 28-year life . Discounted at 8%, the project has a post-tax net present value of $133.6 million, a post-tax internal rate of return of 33% and initial capital costs of $264.2 million, according to a 2025 preliminary economic assessment . EnCore cited the US government initiative that last August added Dewey Burdock to its list of projects for accelerated permit reviews . According to market data, the uranium ETF (URA) traded down 2.0% to $46.81 on Monday, reflecting broader pressure on nuclear fuel equities.

Rio Tinto's Oyu Tolgoi Resumes Exports After Mongolia Blockade

Copper concentrate shipments from Rio Tinto's Oyu Tolgoi mine resumed on Thursday, a day after protesters blocked a key transport route and threatened exports from one of the world's largest copper projects, with Oyu Tolgoi LLC saying in a social media statement that concentrate exports had returned to normal after demonstrators from the Radical Reform Movement disrupted truck traffic to the Chinese border on Wednesday .

The demonstration, organized by the Radical Reform Movement, temporarily halted traffic on a road used to transport concentrate from the giant copper-gold mine, with the group demanding a larger share of mining revenues for Mongolians, reviving a longstanding debate in a country where poverty remains widespread despite decades of resource development . Oyu Tolgoi is one of the world's largest known copper-gold deposits and a cornerstone of Rio Tinto's strategy to expand copper production as demand rises from electrification and renewable energy projects, with Rio owning 66% of the operation and expecting it to become the world's fourth-largest copper mine by 2030 as underground production ramps up . The Mongolian government, which holds a 34% stake in Oyu Tolgoi through state-owned Erdenes Mongol LLC, was seeking to reopen negotiations over the project's commercial terms, with Ulaanbaatar arguing the current agreement does not provide a fair share of benefits and wanting dividend payments accelerated while increasing Mongolia's share of project returns to about 60% .

BHP Takes $2.3B Hit on Jansen Potash Cost Overruns

BHP Group plans to book a $2.3 billion impairment on its giant Jansen potash mine in Saskatchewan, Canada, citing cost and timing overruns for its planned expansion, with the world's biggest miner deciding to take the write-down after a comprehensive review of the mine's Stage 2 expansion, which is now expected to cost $6.9 billion—about $2 billion more than its previous estimate .

The majority of the cost increase for Jansen Stage 2 is from additional construction hours and quantities of materials, with the company now targeting first production late in the 2031 fiscal year . The new $6.9 billion price tag compares with an earlier forecast of $4.9 billion when the project was sanctioned, with Stage 2 now expected to start producing toward the end of 2031, with a two-year ramp-up period . Jansen, currently in the construction phase, represents a key pillar in BHP's decades-long strategy to diversify from copper and iron ore, with first production pushed forward to 2027 for Stage 1.

Hudbay Breaks Ground at Copper Mountain Expansion

Hudbay Minerals recently celebrated the official groundbreaking of the New Ingerbelle expansion project at its Copper Mountain mine, marking a significant milestone for the operation and its long-term future in British Columbia . The expansion is expected to extend the life of the Copper Mountain mine to 2045, up from an initial estimate of 2040 under earlier project assumptions .

Based on current reserves, the project is expected to produce around 750,000 tonnes of copper, 900,000 ounces of gold and 5.5 million ounces of silver over its mine life, with the start of first production targeted for 2027 . Hudbay expects New Ingerbelle to generate more than C$11.5 billion in provincial GDP and over C$2.2 billion in labour income, with the project also preserving more than 800 direct jobs and supporting regional supply chains and local businesses across the Similkameen region . New Ingerbelle received key mining permits on February 19, 2026, from the British Columbia Major Mines Office .

What It Means

The rare earth trade war escalated dramatically this week, with China's blacklisting of MP Materials and USA Rare Earth coming just days after Washington committed three-quarters of a billion dollars to Energy Fuels for domestic processing capacity. The message is clear: both superpowers are racing to secure critical mineral supply chains, and the companies caught in the middle are becoming pawns in a larger geopolitical struggle. While the immediate market impact was muted— both rare earth stocks have risen sharply this year with USA Rare Earth up about 107% and MP up about 20% year to date —the strategic implications are profound for defense contractors, EV manufacturers, and renewable energy developers who depend on these materials.

Copper continues to dominate the project pipeline, with major milestones at Red Chris, Copper Mountain, and Oyu Tolgoi all advancing despite regulatory and social challenges. British Columbia is emerging as a copper hub, with both Newmont and Hudbay securing critical approvals for expansions that will extend mine lives beyond 2040. Meanwhile, uranium is gaining momentum with EnCore's Dewey Burdock approval marking a significant federal endorsement of domestic nuclear fuel production. According to market data, copper miners (COPX) traded down 1.3% to $84.36 on Monday, while gold held near $4,140/oz, reflecting continued safe-haven demand amid geopolitical tensions.

This roundup covers press releases published on June 22, 2026. Company announcements are sourced from mining industry wire services. For corrections or updates, contact contact@stakeandpaper.com.