Weekly News Review May 4 – May 10 2026

While the United States is setting the global pace in building a strategic counterweight to China’s raw materials, France is positioning itself in Europe as the leading force in the rare earth sector. There were also new developments surrounding the controversial deep-sea mining industry.

Find the details in our roundup.

UNITED STATES: MP MATERIALS SIGNIFICANTLY INCREASES REVENUE –

U.S.-based MP Materials is continuing its strategic shift toward higher-value rare earth products.

MP Materials increased first-quarter 2026 revenue by 49% to $90.6 million. In addition, the leading U.S. rare earth producer recorded $42.3 million from a price-floor agreement with the U.S. Department of Defense, bringing combined revenue and related compensation payments to $132.9 million.

Despite substantially improved operating performance, the company still reported a net loss of $8.0 million. Adjusted EBITDA, however, came in strongly positive at $36.6 million.

The results underline the company’s ongoing transition toward higher-margin products. Revenue from neodymium-praseodymium (NdPr) oxide and metal products rose sharply, while no revenue was generated from rare earth concentrate sales. Operationally, MP Materials also posted record figures: NdPr production increased by 63%, while sales surged by 117%.

At the same time, the Magnetics segment continues to expand rapidly and is becoming increasingly important to the company’s vertically integrated growth strategy.

EUROPE: PARIS AS HUB FOR G7 RAW MATERIALS STRATEGY –

Group of Seven seeks to extend the lifespan of raw materials initiatives.

According to Reuters, the G7 countries are considering establishing a permanent secretariat to better coordinate initiatives to secure critical raw materials. The objective is to reduce dependence on China for minerals such as lithium, cobalt, and rare earth elements. Creating a permanent coordination body would ensure that such projects continue beyond the annually rotating G7 presidencies, Reuters reported, citing five sources familiar with the discussions.

Possible locations for the coordination office include the OECD or its autonomous entity, the International Energy Agency (IEA), both headquartered in Paris.

However, disagreements persist, particularly over whether raw material reserves should be jointly managed or remain under national control. Europe, according to Reuters’ sources, favors maintaining national stockpiles and seeks to avoid an overly dominant leadership role by the United States. In February, the U.S. government presented its plans for reshaping the global market for critical raw materials to representatives from 54 countries and the European Union, positioning itself as a driving force in building a Western-oriented raw materials architecture.

For Thursday, France’s Minister for Industry and Energy, Roland Lescure, has reportedly convened an online G7 meeting, with critical raw materials also on the agenda.

RARE EARTHS : FRANCE SIGNALS MAJOR AMBITION –

Since 2021, France has pursued a strategy to reduce its dependence on critical metals and rare-earth elements. With the newly presented National Resilience Plan for Rare Earths and Permanent Magnets (PDF), the country seeks to address tightening supply conditions and the heavy concentration of production and processing capacities in only a handful of countries, most notably China.

At the core of the strategy is the development of an integrated value chain in France and across Europe, spanning from the securing of mining concentrates to refining, metallization, and the production and recycling of permanent magnets.

Specifically, France aims to establish domestic capacities capable of fully meeting Europe’s demand for heavy rare earths and partially covering demand for light rare earths by 2030. In addition, the plan targets the production of alloys sufficient to meet around 10% of European industrial demand, as well as fully recycled NdFeB magnets. To achieve these goals, the initiative relies on public funding instruments and support for targeted industrial projects.

The national strategy is embedded within broader European and international frameworks, including the Critical Raw Materials Act, REsourceEU, the Industrial Accelerator Act, and the G7 partnership on resilient supply chains.

France is therefore not pursuing an isolated approach; rather, it is positioning itself as a European frontrunner in the rare earth sector, leveraging the expertise of companies such as Carester and Solvay.

DEEP SEA-MINING: CANADA’S METALS COMPANY REPORTS “MILESTONE”

Final approval by the U.S. government moves a step closer. However, bypassing the International Seabed Authority is also drawing criticism.

The Canadian company The Metals Company (TMC) is making progress with its plans to extract critical raw materials from the deep sea. Its application has been deemed fully compliant by the responsible US authority, the National Oceanic and Atmospheric Administration (NOAA). According to TMC, this marks a milestone on the path to full approval, expected in early 2027.

The mining is set to take place in international waters within the Clarion-Clipperton Zone in the Pacific Ocean. The application submitted earlier this year by its subsidiary TMC USA significantly expands the proposed area compared to a previous version, from around 25,000 to approximately 65,000 square kilometers.

The site is believed to contain at least 619 million tonnes of polymetallic nodules. These typically fist-sized mineral formations contain not only manganese but also nickel, copper, and rare earth elements.

According to TMC, the application is based on more than a decade of environmental studies. The company states that the compiled data represent some of the most comprehensive datasets to date on polymetallic nodules and their ecosystems.

Deep-Sea Mining – A Controversial Global Issue:

Deep-sea mining remains highly controversial due to its insufficiently understood environmental impacts. Countries such as France and Germany have therefore called for a moratorium.

Others, including the United States, are pushing ahead with this form of resource extraction.

Jurisdiction varies by location: within national waters, individual states decide on seabed mining activities. Beyond those zones, authority lies with the International Seabed Authority (ISA).

Although TMC’s planned operations fall within such international waters, the company is seeking approval from the US government under domestic legislation. Critics view this approach as potentially violating the UN Convention on the Law of the Sea.