China suspended its sweeping controls on its exports of rare earths and other critical materials until November 2026 as part of its trade truce with the US https://t.co/GweM4ujWjM ...

Financial Performance - Revenue decreased by 13% year-over-year, from $804 million in Q3 2024 to $699 million in Q3 2025[11, 16] - Adjusted EBITDA decreased by 48% year-over-year, from $143 million in Q3 2024 to $74 million in Q3 2025[11, 25] - Adjusted EBITDA margin decreased by 720 basis points year-over-year, from 17.8% in Q3 2024 to 10.6% in Q3 2025[11, 25] - Free cash flow was a use of $137 million in Q3 2025, compared to a use of $14 million in Q3 2024[11] - Net loss attributable to Tronox was $99 million in Q3 2025, compared to a net loss of $25 million in Q3 2024[11, 13] Operational Highlights - TiO2 volumes decreased by 8% year-over-year and 4% quarter-over-quarter[16, 21] - Zircon volumes decreased by 4% year-over-year and 7% quarter-over-quarter[16, 21] - The company is on track to deliver sustainable run-rate cost improvements of more than $60 million in 2025 and $125-$175 million by the end of 2026[10] Liquidity and Capital Allocation - The company raised $400 million of secured notes in Q3 2025[10, 33] - Total debt was $3.2 billion as of September 30, 2025, with a net leverage ratio of 7.5x on a trailing twelve-month basis[33] - Total available liquidity was $664 million as of September 30, 2025, including $185 million in cash and cash equivalents[33]

Summary of China Northern Rare Earth High-Tech (600111.SS) 3Q25 Earnings Call Company Overview - **Company**: China Northern Rare Earth High-Tech (NRE) - **Ticker**: 600111.SS - **Industry**: Rare Earth Materials Key Financial Highlights - **Net Profit**: 9M25 net profit reached Rmb1,541 million, up 280% YoY, representing 69% of Street consensus and 71% of the full-year estimation [1][5] - **3Q25 Net Profit**: Implied net profit was Rmb610 million, up 22% QoQ and 69% YoY [1] - **Excluding One-offs**: Net profit excluding one-offs for 9M25 was Rmb1,362 million, up 412% YoY; 3Q25 net profit was Rmb467 million, up 86% YoY and 1% QoQ [1] - **Gross Profit (GP)**: 3Q25 GP was Rmb1,130 million, up 28% YoY but down 9% QoQ [1] Sales and Production Data - **Sales Volume**: 3Q25 rare earth raw materials sales volume increased by 38% YoY [2] - **Production Figures**: - Rare earth oxides: 6,939 tons, up 63% YoY - Rare earth salts: 38,635 tons, up 14% YoY - Rare earth metals: 12,197 tons, up 24% YoY [2] Margin Analysis - **GP Margin**: 3Q25 GP margin was 10%, down 0.4 percentage points YoY and down 3 percentage points QoQ, attributed to product-mix adjustments with increased share of lanthanum and cerium products [3] Inventory and Cash Flow - **Inventory Levels**: Inventory decreased by 12% QoQ to Rmb14 billion, accounting for 29% of total assets, down from 34% at the end of 1H25 [4] - **Free Cash Flow (FCF)**: 9M25 FCF was Rmb1,750 million, with 3Q FCF at Rmb1,472 million, up 45% YoY and 372% QoQ [5] Valuation Metrics - **Current Trading Multiples**: NRE is trading at 52.9x 2026E P/E and 6.8x 2026E P/B [5] - **Target Price**: Target price set at Rmb72, implying a 35.1% expected share price return [8][11] Risks and Considerations - **Demand Growth**: Risks include slower or faster-than-expected demand growth in downstream applications such as NEVs and wind power [12] - **Supply Chain Dynamics**: Potential impacts from global supply-chain diversification efforts and changes in mining or processing capacity outside of China [12] - **Policy Changes**: Risks from tariffs, trade barriers, and policy adjustments in China affecting supply and profitability [12] - **Technological Substitutes**: Emergence of alternative materials or technologies that could replace rare earth elements [12] Conclusion - The company has shown significant growth in net profit and sales volume, although margins have been impacted by product mix changes. The inventory management strategy appears effective, and the company maintains a positive cash flow. However, various risks related to demand, supply chain, and policy changes could affect future performance. The current valuation suggests a favorable outlook, supported by strong fundamentals and market conditions.

Joining us now to break down the winners and the losers or what we know and what we don't from these negotiations, former assistant US trade representative for China affairs, Jeff Moon. Jeff, it's great to have you here. I mean, look, there seems to be a lot of things that were said, but also a lot of details that are left unsaid.Trump is saying the meeting was amazing. When I look at this, it looks like maybe we're just back to around where we were in August for some of these things. rare earths I get is a ...

Investors are hoping President Trump's upcoming trip to Asia could lead to trade truce with China. Joining us right now with his insights is Alex Wolf. He's the global head of macro and fixed income strategy at JP Morgan Private Bank.And Alex, thanks for coming in. >> Thanks for having me. >> This seems like one of the issues on a macro level at least that's had the most potential to impact markets.I mean, we've been on a pretty steady climb higher, but when there are issues raised with China, the second la ...

This story was originally published on Supply Chain Dive. To receive daily news and insights, subscribe to our free daily Supply Chain Dive newsletter. The U.S. and Australia launched a multi-billion-dollar initiative to build a supply chain for critical minerals essential to their military and domestic industries. U.S. President Donald Trump and Australia Prime Minister Anthony Albanese signed on Monday a non-binding framework for collaboration that includes joint public and private investments in the m ...

US and China tensions continue uh to escalate. President Trump says he's unsure uh if a meeting will happen with President Xi uh on his trip uh to Asia. Joining us now, United States Trade Representative, Ambassador Jameson Greer.It's been on, it's been off, it's been on again, off again. Do do you can you fill us in uh Mr. . Ambassador.Where do we stand right now with the president and and his meeting with uh President Xi. Well, there there's a spot for it on the schedule if it happens. Obviously, it's a m ...

RT Bloomberg Opinion (@opinion)@HalBrands @andreaskluth @KarishmaJourno “Rare earths were ... a way for the Chinese to say, ‘Look, we’re gonna play hardball too. We’re not afraid of it,’” says @KarishmaJourno.Tune in for live analysis 🎥https://t.co/IUezMFnu9u ...

US-China Trade Relations & Rare Earths - The US is trying to reduce its dependence on China for rare earths, while China is trying to jumpstart its economy [1] - The US exports rare earths to China, highlighting that the problem is refining, not reserves [3] - A short-term deal between the US and China could involve delaying Chinese controls on rare earth products and resuming US soybean exports to China, but this requires the US to concede something [7] - China may delay implementation of controls on rare earth products but will continue building up that mechanism and could expand to other supply chains like fine chemicals used in drugs [8] Supply Chain Vulnerabilities & Strategies - The US faces a serious long-term challenge across a broad range of supply chains [8] - Working with allies is crucial for the US to counter supply chain vulnerabilities quickly [9] - Australia can help the US on rare earths, and Japan has technology and experience dealing with Chinese embargoes [10] - The US long-term policy should focus on supply chains rather than trade balances and tariffs [11] China's Long-Term Strategy - China has a long-term strategy to build up its production capacity, especially in advanced technology, to exert coercive pressure on other countries [15][16] - China's goal is to become more important globally, allowing it to exert more pressure on the US and other countries [16]

At least we'll get something. Fed blackout period, no economic data. We'll turn our attention now to Washington where President Trump is set to host the Australian Prime Minister this hour.Access to rare earths expected to be a key issue. Aean Jabber in Washington with the latest. Morning Aean. >> Yeah, good morning Sarah.We are waiting the arrival of the Australian Prime Minister Anthony Albani here at the White House. The honor guard, as you can see behind me, uh is lined up and ready to welcome him here. ...