JX Metal Enters Rare Earths with Tronox Joint Study

JX Metal has agreed to a joint study with Tronox Holdings to explore entering the rare earth refining business, a strategic move to bolster supply chains for materials vital to semiconductors and other advanced technologies. The collaboration, announced September 29, 2026, responds to growing concerns about the concentration of rare earth processing capacity in specific regions.

The joint study will assess the feasibility of establishing a rare earth separation, leaching, and refining operation, with potential sites in Australia and the United States. Both companies will contribute $16 million to the $32 million study, which is expected to conclude by 2027. This investment signals a commitment to developing a more resilient and diversified rare earth supply, essential for industries like AI, data centers, and electric vehicles. JX Metal will leverage its non-ferrous metal refining and recycling technologies, while Tronox will contribute its mineral resources, mining operations, and existing infrastructure.

Tronox, a global leader in titanium dioxide pigment production, possesses mineral sand mines and separation facilities that could form the foundation for the new rare earth venture. The study will evaluate the technical and economic viability of processing rare earth minerals sourced from Tronox and third parties, with an initial target production capacity of up to 10,000 tons of rare earth oxides annually. This aligns with JX Metal’s long-term vision to focus on advanced materials, including those crucial for semiconductor and information technology applications.

This venture comes amid broader geopolitical pressures, particularly concerning reliance on China for rare earth elements, and is encouraged by investment from the United States and Japan in diversifying supply chains. The study’s outcome will determine whether JX Metal expands beyond its core metals business into a sector considered critical for national security and technological competitiveness. The initial financial impact on JX Metal’s fiscal year ending March 2027 is expected to be minimal.

The announcement highlights the increasing importance of securing access to critical minerals. The success of this joint study and the eventual establishment of a rare earth refining operation will depend on the technical feasibility of the process, the economic viability of the project, and the ability to secure a stable supply of raw materials.