Europe’s critical minerals sector is attracting new strategic investment in rare-earth processing, copper-cobalt-nickel exploration, polymetallic mining and mineral-processing technology. French separation-technology company Carester has signed definitive agreements for USA Rare Earth to acquire approximately 13.6% of the company. French investment manager InfraVia, through its Critical Metals Fund, will acquire a similar stake. The fund is backed by the French state and institutional investors.
The investment value has not been disclosed, with funding expected in the third quarter of 2026, subject to customary conditions. Most proceeds will support Carester’s expansion, research and development and working capital, while part will fund the purchase of shares from departing minority investors.
Caremag prepares for commissioning
The transaction builds on €216 million already secured for Caremag, including €106 million in French government support and €110 million from Japanese partners, including JOGMEC and Iwatani.
The Caremag recycling and refining plant at Lacq in south-western France is scheduled to begin commissioning in the fourth quarter of 2026. At full capacity, it is designed to recycle 2,000 tonnes of permanent magnets and refine 5,000 tonnes of mined concentrates annually. Planned output includes 800 tonnes of neodymium-praseodymium oxide, 500 tonnes of dysprosium oxide and 100 tonnes of terbium oxide per year. Combined dysprosium and terbium production would represent about 15% of current global production of these heavy magnetic rare-earth oxides.
USA Rare Earth and its Less Common Metals subsidiary will receive rights to purchase part of Caremag’s oxide production and gain access to Carester’s separation, recycling and process-engineering expertise. Carester will gain potential feedstock from Serra Verde in Brazil and USA Rare Earth’s Round Top deposit in Texas. Caremag also has a 10-year agreement with Brazilian Rare Earths for up to 150 tonnes annually of contained dysprosium and terbium oxides. Japanese participants are expected to take approximately 250 tonnes of dysprosium and 45 tonnes of terbium each year.
Lacq adds rare-earth metal and alloy capacity
At Lacq, LCM Europe is developing a 3,750-tonne-per-year metal and alloy plant to convert separated rare-earth oxides into products required by magnet manufacturers. The French government has offered support through the C3IV green-industry tax-credit programme, covering up to 45% of eligible equipment and property expenditure, capped at €130 million. Bpifrance Assurance Export has also indicated readiness to consider a guarantee covering 50% of commercial debt financing for project capital expenditure. The planned industrial chain would connect Caremag’s separated oxides with LCM Europe’s metal and alloy production. No binding construction decision or financed capacity has been disclosed for a subsequent magnet-manufacturing stage.
EU restrictions affect Russian copper and cobalt
An EU restriction on Russian-origin copper and cobalt reached an operational milestone on 25 July 2026. Russian material can be placed on warrant in EU-based London Metal Exchange warehouses only when evidence shows that it entered the European Union before the deadline. The wider sanctions framework also covers nickel bars, iron ores and concentrates, processed and unprocessed copper and selected aluminium scrap.
The LME has reported that no Russian-origin copper or cobalt has been registered in its EU warehouses for more than a year. The main impact is therefore expected in physical trading, processing and manufacturing, where companies must establish material origin, import dates and chain of custody.
Aramo permit extended through 2028
Technology Minerals has extended the St Patrick exploration permit in Asturias, Spain, until 21 June 2028. The licence, held through Asturmet Recursos, includes the historic Aramo copper-cobalt-nickel mine Previous work included underground sampling, mapping and a three-dimensional laser survey. Selective samples returned grades of up to 28% copper, 1.88% cobalt and 0.1% to 1.68% nickel.
The company plans underground drilling, but separate approval under regional file AUTO/2026/24415 remains under review by the Asturian mining authority. The extension preserves the exploration option, while future work is expected to involve a partner rather than a major immediate commitment from Technology Minerals’ current working capital.
Parys Mountain focuses on geometallurgy
Anglesey Mining has appointed James McFarlane as retained principal geologist for the Parys Mountain polymetallic project in North Wales, where copper, zinc, lead, silver and gold occur in volcanogenic massive sulphide mineralisation. The project has freehold ownership over its principal resource area, a 300-metre production shaft and historical planning permission.
A 2021 preliminary economic assessment considered processing rates of 1,500 to 3,000 tonnes per day, with mineable schedules of 5.5 million to 11.4 million tonnes. The study envisaged approximately 103,500 tonnes of copper, 213,800 tonnes of zinc and 113,300 tonnes of lead over a 12-year operation, in addition to gold and silver. The next technical work will focus on geological interpretation, geometallurgy and resource updates, including ore behaviour through flotation and the relationship between mineralogy, recoveries and concentrate quality.
BLOOM tests critical-mineral processing technology
A Horizon Europe consortium led by the Universitat Politècnica de Catalunya has begun physical testing under the BLOOM programme in Barcelona and Manresa. The project includes 14 partners from six countries and is developing online mineral-liberation-analysis sensors for tantalum, niobium and other critical materials.
A containerised mobile processing facility has been assembled in Manresa. Capacitor Metals supplied approximately 20 kg of drill core, 220 kg of pulverised material and 820 kg of crushed rock from its Upper Fir tantalum-niobium deposit in British Columbia. Upper Fir has an indicated resource of 48.4 million tonnes grading 197 ppm tantalum and 1,610 ppm niobium, plus 5.4 million inferred tonnes. More than C$34 million has previously been spent on drilling, metallurgy, environmental work and community engagement.
EU strategic projects require major investment
The European Commission received more than 160 applications in the second selection round for strategic projects under the Critical Raw Materials Act. The successful projects will join the first group of EU strategic projects requiring approximately €22.5 billion of investment.
Strategic designation can support permitting and access to European Investment Bank engagement and EU financing and procurement structures, but does not automatically provide grants, state guarantees or offtake agreements. The latest projects span the critical-minerals value chain, from Caremag’s rare-earth separation and recycling capacity to exploration at Aramo, polymetallic development at Parys Mountain and new mineral-processing technology under BLOOM.
