Ivittuut, Greenland. 1854.

Danish miners cracked open a hillside on the southwest coast and pulled out a white, glassy rock. Cryolite. It was commercially mined in only one place on Earth.

For 133 years, that single mine fed the world's aluminum industry. Soda cans. Airplane wings. Power lines. All of it traced back to one hillside in Greenland. The mine ran dry in 1987. But it had proved something — a frozen island with fewer people than a small city could supply a mineral the rest of the world couldn't live without.

Yesterday, it happened again. Greenland Mines (Nasdaq: GRML) closed a $35 million deal to buy the Sarfartoq rare earth project in southwest Greenland. They paid $20 million in cash and $15 million in stock to acquire Neo North Star Resources, the owner of a neodymium-praseodymium deposit about 600 kilometers from where the old cryolite mine stood. The Government of Greenland approved the license transfer last week. The cash came from a public offering that priced on August 26.

The deposit is loaded with the two rare earths that matter most — neodymium and praseodymium. They go into every permanent magnet in every EV motor, wind turbine, and guided missile. An independent study valued the project at up to $2.05 billion with a pre-tax return of 118.6%. Nine-year mine life. 1.4 million tonnes of rock per year.

At current consumption, the NdPr oxide from Sarfartoq would equal 34% of all NdPr refined outside China. Today, if you want NdPr and you don't buy from Beijing, your options are Mountain Pass in California, Lynas in Australia, and not much else. One project would nearly double the West's supply.

Neo Performance Materials (TSX: NEO), which sold the deposit, keeps offtake rights to 60% of future output. That's the downstream link — mine in Greenland, refine through Neo's plants in Estonia, ship magnets to European and Japanese carmakers.

And the deposit the study covers — called ST1 — sits on less than 1% of the 191-square-kilometer license. Five more rare earth spots along a 32-kilometer ring have seen very limited drilling. The company starts drone-based magnetic surveys and environmental baseline studies this month.

This deal lands at a moment when the squeeze is real. Japan's dysprosium imports from China fell 82% versus two years ago. The Pentagon is four months from banning Chinese magnets in weapons systems. NdPr costs $245 per kilogram outside China but $108 inside. That gap tells you everything about who still runs this market — and why every new Western source changes the math.

Different mineral. Same island. Same story.

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Japan imported just 13 tonnes of dysprosium in the first half of 2026 — down 82% from the same period two years ago. In four of those six months, imports hit zero. Nikkei Asia reports that Japanese materials makers are drawing down their own stockpiles to keep deliveries going to EV motor and chipmaking tool customers. Dysprosium is what keeps high-performance magnets from losing their strength at high temperatures. Without a steady supply, motors overheat and fail. Non-Chinese heavy rare earth sources — MP Materials' separation circuit and Lynas's dysprosium line — are only beginning to ramp, far short of replacing Chinese supply. The clock is running.

In four months, defense contractors must stop buying rare earth magnets, tungsten, and tantalum from China, Russia, Iran, and North Korea. The deadline is January 1, 2027, set by the 2024 defense law. But US producers told Reuters they can't build enough refining and magnet capacity in time. The Oregon Group reported in late July that major suppliers want the Pentagon to push the date back. So far, no delay has been granted. MP Materials and Niron Magnetics are building magnet plants, and Energy Fuels is acquiring an existing magnet manufacturer. None will be at full scale by New Year's Day.

The second International Circular Hydrometallurgy Symposium opened today in Mechelen, Belgium. Run by KU Leuven's SOLVOMET center, the three-day event brings together companies and researchers working on chemical methods to pull rare earths from old magnets, electronics, and factory waste. The first edition in 2024 drew more than 150 people. Since then, the money has started to show up — Cyclic Materials raised $75 million for a US recycling campus, Maglut raised $3.1 million for a water-based separation system, and governments across Europe and North America have begun funding acid-free recovery research. The lab work is starting to meet real capital.

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Asia Society Northern California and Seattle will host a virtual panel examining China's control over rare earths, lithium, and permanent magnets and the US effort to build alternatives. The event covers trade restrictions, national stockpiling, and what the next phase of the supply chain race looks like.

— Rare Earth Exchanges

SMM's CLNB 2026 Asia Battery Materials Cooperation Forum opens September 3 at the Mondrian Seoul Itaewon. The two-day event focuses on battery raw material deals across Asia, policy shifts, and supply chain matchmaking between producers and buyers.

— Shanghai Metals Market

InvestorIntel launched the "Living Rare Earths Tree," a running tracker by Jack Lifton that lists every company outside China with the ability to produce rare earth metals or alloys for the open market. The list is updated as companies reach production milestones.

— InvestorIntel

The NdPr alloy benchmark edged up 0.49% to $133.67/kg in early August, essentially unchanged after July's sharp rally. Thirteen of the 19 rare earths tracked by SMM declined in August, reversing the gains from the month before.

— rare-earth-mining.com