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US, Australia back Ardea’s Goongarie Hub Ni, Co project

  • Market: Metals
  • 05/02/26

Government lenders in Australia and the US may give Australian developer Ardea Resources up to $700mn in co-funding to support its Goongarrie Hub nickel and cobalt project in Western Australia (WA), the company announced today.

Australian lender Export Finance Australia (EFA) and the US government's Export-Import Bank (EXIM) have each issued non-binding letters for up to $350mn of financial support for Goongarrie, Ardea Resources said. EFA's letter was denominated in Australian dollars.

"Ardea looks forward to working closely with EFA, EXIM, and other ally-nation export credit agencies to develop Goongarrie," the company's managing director Andrew Penkethman said.

Ardea plans to produce 29,000 t/yr of nickel metal and 2,100 t/yr of cobalt metal in mixed hydroxide precipitate at Goongarrie, according to a critical minerals prospectus released by Australia's government on 4 February. But only 25pc of the project's output is available for offtake, according to the prospectus.

Ardea aims to complete a definitive feasibility study for Goongarrie in the first half of 2026, it said in January. The company will run the project as a joint venture with Japanese trading firms Sumitomo Metal Mining and Mitsubishi.

Australian forecaster the Office of the Chief Economist (OCE) expects domestic nickel mine production to fall over the coming years, from 62,000t in the July 2024–June 2025 fiscal year to 47,000t in 2026-27, according to December 2025 forecasts.

But multiple governments are looking to promote Australian critical mineral production. The US and Australia agreed in October 2025 to co-invest at least $3bn into critical mineral projects. EXIM issued letters of support for up to $2.2bn of co-funding at the time.

Australia also plans to work with Japan's government to build secure critical mineral supply chains, the country's foreign minister Penny Wong said in September 2025.

By Avinash Govind

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04/02/26

US vehicle sales hit 3-year low in January

US vehicle sales hit 3-year low in January

Houston, 4 February (Argus) — A sharp drop-off in truck purchases sent US light vehicle sales in January to their lowest level in nearly three years, as low consumer confidence weighed on spending and ongoing supply challenges limited domestic automotive production. Sales of light vehicles — pickup trucks and cars — fell to a seasonally adjusted annual rate of 14.9mn units in January, down from 16mn in December, the Bureau of Economic Analysis reported this week. Last month's total was down from January 2025's annualized rate of 15.5mn and the lowest since 14.9mn in February 2023. Light truck sales declined by 7.5pc to a 12.3mn unit annual rate in January, while car sales ticked lower 2.6pc to a 2.6mn unit rate in the same timeframe. Buyers slowed purchases following the holiday season, as macroeconomic challenges that began last year persisted into 2026. Uncertainty around geopolitical developments, along with concerns around a short-lived US government shutdown and high borrowing costs have pressured consumer confidence. Reduced supply of new vehicles also limited selling opportunities, as a prolonged outage at aluminum-roller Novelis' facility in Oswego, New York, has impacted automakers' build rates — most notable Ford's — and forced car dealerships to move older inventory. US vehicle production in December was relatively flat at a seasonally adjusted rate of 9.5mn sequentially, only down by 170,000 units from November, the latest Federal Reserve data shows. Last month's total marked the third straight month of output falling below a 10mn unit rate. Auto assemblies are reported with a one-month lag to sales. By Alex Nicoll Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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Mexico factory contraction extends into Jan

04/02/26
News
04/02/26

Mexico factory contraction extends into Jan

Mexico City, 4 February (Argus) — Mexico's manufacturing activity slipped further into contraction in January, marking a 22nd consecutive month of pullback, a survey showed today. Mexico's IMEF manufacturing indicator slipped to 46.4 in January from 46.5 the prior month. IMEF's purchasing managers index (PMI) sub-indexes for new orders and production rose in January, with new orders up 0.3 points to 44.5 and production rising 0.7 points to 45.8, showing a slowing pace of contraction. The threshhold between expansion and contraction is 50. The inventories sub-index fell 1 point to 45.3 in January, and the employment sub-index dropped 0.6 points to 44.3, showing deepening contractions. The group added that both the weighted index series and trend-cycle sub-index moved deeper into contraction in January, suggesting that "after a brief period of stabilization, the pace of improvement has slowed again." Victor Herrera, director of economic studies at IMEF, told Argus the trend-cycle indicator, used to identify market trends, was lower in January than at any period through either the Covid-19 pandemic or the 2017 economic slowdown, falling 0.1 points last month to 46.1, the lowest level since January 2009. Non-manufacturing IMEF's non-manufacturing PMI, which includes services and trade, marked a second month in contraction after two months in expansion territory, declining 0.4 points to 49.1 in January. "Overall, the January data reflect a weak start to non-manufacturing activity, with mixed signals pointing to an uneven recovery and a lack of clear momentum at the beginning of the year," IMEF said Within the non-manufacturing PMI, new orders fell 0.9 points to 47.9, while production slipped further into contraction, falling by 0.5 points to 48.2 in January. Employment declined 1 point, marking an 19th consecutive month of contraction. The group also noted the stronger-than-expected 1.6pc growth in gross domestic product (GDP) in the fourth quarter of 2025, reported last week by statistics agency Inegi, which included a 2pc expansion in the industrial sector. But IMEF said that growth in the industrial sector was primarily driven by non-manufacturing areas of the industrial sector, including construction, utilities and mining. Herrera added that GDP growth in the first quarter is likely to hold below 1pc if the current trend for both PMIs holds into February and March, with January data already "disappointing." By James Young Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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Japan mines rare earth mud from deep seabed

04/02/26
News
04/02/26

Japan mines rare earth mud from deep seabed

Singapore, 4 February (Argus) — Japan Agency for Marine-Earth Science and Technology (Jamstec) collected the first batch of deep-sea mud containing rare earth elements from a depth of around 6,000m around Minamitorishima on 1 February. Jamstec's deep-sea drilling vessel Chikyu arrived the test site of the rare-earth mud mining system in the waters around Minamitorishima on 17 January. The first rare earth recovery operation began on 30 January and the first batch of mud was brought onboard on 1 February, Jamstec said. The Cross-Ministeral Strategic Innovation Promotion Program (SIP) will conduct an initial treatment test by April once Chikyu returns to Japan on 15 February. This trial is part of SIP's plan to evaluate the feasibility of deep-sea mining in Japan's exclusive economic zone near Minamitorishima. SIP plans to run a full-scale test excavation in February 2027 to recover up to 350 t/d of rare earth mud. SIP will then compile a report by March 2028 to assess the project's profitability and feasibility. The possibility of deep-sea rare earth mining first emerged in 2013 when the University of Tokyo discovered mud with a high concentration of rare earth elements near Minamitorishima. The area is estimated to hold about 16mn t of rare earth resources. If materialised, this would make Japan's national reserves the third-largest in the world. The industry at the time expressed concerns about economic viability, because the cost to recover rare-earth from deep-sea mud is likely to be significantly higher than processing costs in China. The increased price gap for certain rare earth products between the Chinese domestic market and the European and US markets, driven by China's export restrictions, may have increased the commercial feasibility of deep-sea rare earth mining and recovery. But this will remain a concern until SIP releases more details about mining and recovery costs, and what elements are available in its future reports. Deep-sea mining is one of Japan's strategies to reduce its dependency on Chinese imports of critical minerals. Japan relies heavily on imports of rare earths for its high-performance and electronics industries. About 60-70pc of Japan's rare earth imports come from China. Global dysprosium prices ($/kg) Global terbium prices ($/kg) Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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LGES, Hanwha QCells ink US ESS battery supply deal

04/02/26
News
04/02/26

LGES, Hanwha QCells ink US ESS battery supply deal

Singapore, 4 February (Argus) — South Korean battery maker LG Energy Solutions (LGES) will supply 5GWh of energy storage batteries to Hanwha QCells USA. The supply will consist of 5GWh of lithium-iron-phosphate energy storage system (ESS) batteries produced at its facility in Holland, Michigan, in the US, LGES said on 4 February. The deal spans from 2028-30 and the batteries are for Hanwha's power grid ESS project in the US. LGES, alongside fellow South Korean battery makers, is doubling down on the US' ESS market, where the rapid expansion of artificial intelligence (AI) and data centres is fuelling greater electricity demand. South Korean battery makers are planning to convert their electric vehicle (EV) battery production lines into ESS ones, given a dimmer outlook on the US EV market. This comes after the US scrapped a federal tax credit for EVs and plug-in hybrids, as well as the profitability of overseas-made products coming under pressure because of US tariffs. North America's ESS demand could expand to half of its total battery market, said Hanwha QCells' engineering, procurement and construction business unit head Chris Hodrick, echoing what LGES previously said in January 2026. Hanwha completed a 3.3 GW/yr solar module production line at its Cartersville plant in Georgia, US, in 2024. The site also hosts a 5.1 GW/yr solar modules plant. By Joseph Ho Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

News

Australia launches critical minerals prospectus

04/02/26
News
04/02/26

Australia launches critical minerals prospectus

Sydney, 4 February (Argus) — Australia's government has released a prospectus of critical mineral projects to promote global investment into domestic projects, the country's resources minister Madeleine King said today. Australia's prospectus covers 78 projects involving 14 critical minerals (see table) . The projects outlined in the document are at or past the pre-feasibility study stage. But only three are currently under construction. The prospectus is limited compared with Australian government forecaster the Office of the Chief Economist's (OCE) major projects list for 2025, which features 130 critical mineral projects. The OCE's list includes projects at an earlier stage of development than those in the prospectus. King launched the prospectus alongside Australia's trade minister Don Farrell on the sidelines of multilateral meetings in Washington, DC. It is a tool for drawing in investment from around the world to create new mineral supply chains, the ministers said. Australia agreed to co-invest at least $3bn into critical mineral projects with the US government in October 2025. Government lender the US Export-Import Bank indicated that it would consider providing $2.2bn of co-funding to seven Australian projects at the time. Australian and Japanese officials also aim to partner on critical mineral projects . Australia wants the next stage of its relationship with Japan to focus on economic security around critical minerals, Australian foreign minister Penny Wong said in September 2025. Australia's recent push for global critical minerals co-operation comes alongside government support for domestic mineral projects. The Australian government will launch a A$1.2bn ($770mn) Critical Minerals Strategic Reserve in 2026 to back developers. The government will secure offtake rights to Australian minerals and sell those rights to meet demand under the initiative. It plans to primarily support antimony, gallium, and rare earth element projects under the scheme. The OCE expects Australian producers to earn A$5.9bn from critical mineral exports by the July 2026–June 2027 fiscal year, largely because of manganese and rare earth earnings, its December 2025 forecasts show. By Avinash Govind Critical Minerals Prospectus summary Category Number of Projects Development Stage Pre-feasbility 18 Pre-construction 4 Midstream 29 Feasibility 24 Construction 3 Care and maintenance 1 Mineral Rare earth elements 16 Cobalt 13 Vanadium 10 Graphite 9 High purity aluminium 7 Manganese 7 Lithium 5 Antimony 2 Gallium 1 Other 9 Source: Australian Critical Minerals Prospectus Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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