Critical-minerals developments linked to European supply chains advanced across Morocco, the United States and France, spanning mine development, rare-earth processing, permanent magnets and battery materials. Aya Gold & Silver reported stronger economics for its Boumadine polymetallic project in Morocco, while USA Rare Earth began construction of a major rare-earth metals and magnet complex in South Carolina. In France, Neomat CAM awarded the main earthworks and building contract for a nearly €500 million cathode-active-material plant at Dunkirk.
The projects represent different stages of investment across the critical-minerals value chain, with financing positions ranging from confirmed development funding to projects already entering construction.
Boumadine economics strengthen in Morocco
Aya increased the estimated after-tax net present value of Boumadine to approximately €3.04 billion, while the project’s internal rate of return reached 93%. Initial capital expenditure is estimated at about €398 million, and the planned mine life has been extended to 14 years.
The project contains approximately 8.6 million tonnes of indicated resources and 45.4 million tonnes of inferred resources. Planned output includes products containing zinc, lead, silver, gold and pyrite. Boumadine already holds a mining licence and has an established European institutional financing connection through the European Bank for Reconstruction and Development (EBRD).
The EBRD has previously committed up to approximately €21.5 million for exploration, engineering and development work. That funding represents confirmed European institutional support for project advancement, but does not constitute construction financing. No EBRD construction loan or financial close has been announced. Aya therefore still requires a substantially larger combination of debt and equity to finance the project’s development. The company has also received several potential offtake proposals covering zinc, lead and pyrite concentrates. These proposals remain preliminary and have not become binding purchase agreements.
Rare-earth magnet construction begins in South Carolina
Further along the supply chain, USA Rare Earth has started construction of a rare-earth metals and permanent-magnet complex in South Carolina involving planned investment of approximately €1.03 billion. The facility is designed for annual production of up to 6,400 tonnes of sintered NdFeB permanent magnets and approximately 5,000 tonnes of metals and alloys. Commissioning is targeted from 2028.
The project’s European connection comes through USA Rare Earth’s ownership of Less Common Metals in Britain, which already produces rare-earth metals and alloys. The ownership structure provides a link across Brazil, the UK and the United States, spanning upstream resources, rare-earth metals and eventual permanent-magnet manufacturing. The approximately €1.03 billion figure represents the planned overall investment in the South Carolina project rather than newly announced European public financing. No new funding from the EU, EIB or a European government was disclosed alongside the construction start.
Dunkirk plant enters industrial construction
In France, Neomat CAM has awarded an Eiffage-led consortium the main earthworks and building contract for its nearly €500 million cathode-active-material plant at Dunkirk. Neomat CAM is a joint venture between China’s XTC New Energy, which holds a 51% stake, and French nuclear and industrial group Orano, which owns 49%. The facility is planned to produce approximately 40,000 tonnes per year of cathode-active material, with capacity equivalent to batteries for as many as 500,000 electric vehicles annually.
Construction is expected to continue through 2028, with the civil-works contract marking a move from planning and site preparation into full industrial construction.
Neomat CAM has already secured French green-industry tax support and Strategic Project status under the EU’s Net-Zero Industry framework. Neither designation represents new project debt, and no fresh EU or EIB construction financing was announced alongside the contract award. The three developments therefore occupy different positions within the emerging critical-minerals supply chain: Boumadine remains at the mine-development and financing stage, with improved economics and confirmed EBRD development support but no construction funding in place; USA Rare Earth has moved into physical construction of a rare-earth metals and magnet manufacturing platform with a direct UK processing connection; and Neomat CAM is advancing downstream European battery-material production through construction of its Dunkirk facility.
