WSW, NY, September 24th, 2026, FinanceWire
America's effort to secure its own rare earth supply has encountered an awkward ownership question. On September 18, Reuters reported that state-owned China Rare Earth Group was in talks to acquire Shenghe Resources, which holds about 3% of Pentagon-backed MP Materials. Shenghe subsequently denied the reported plans, and MP says neither Shenghe nor the Chinese government controls its operations. The disputed report nevertheless puts the difficulty of separating American rare earth ambitions from Chinese industry back in view.
U.S.-owned Evolution Metals & Technologies Corp. (NASDAQ: EMAT) is pursuing that separation through manufacturing. It already produces rare earth magnets and is expanding its ability to supply customers seeking alternatives to China. Its commercial case rests on making finished components that manufacturers can put into their products, supported by a developing supply of raw materials that the company says are sourced outside China.
EM&T's leadership reflects its alignment with U.S. and allied security interests. In August, the company appointed retired four-star Air Force General Thomas A. Bussiere to its board. Bussiere previously led Air Force Global Strike Command, overseeing the nation's bomber and intercontinental ballistic missile forces. Also on the board is Chris Miller, who served as acting secretary of defense during Trump's first administration. The company's president, Andrew Knaggs, previously served as a deputy assistant secretary of defense.
The business behind independence
Rare earth magnets help electric motors deliver power in a compact package. They are used in electric vehicles, industrial equipment and defense applications. Replacing a supplier therefore requires both suitable materials and the manufacturing expertise to turn them into components that meet a customer's specifications.
China accounted for 94% of global sintered permanent-magnet production in 2024, according to the International Energy Agency. These magnets are made by pressing and heating metal powders into solid parts. The agency reports that export restrictions in 2025 left some automakers cutting output or temporarily shutting production. Even after shipments recovered, magnets produced outside China continued to command a premium.
That experience gives manufacturers an economic reason to develop additional suppliers: a missing component can interrupt production of a much more expensive finished product. Evolution Metals is working to serve that need through an existing manufacturing base in South Korea, a U.S. ally, while planning additional capacity in the United States.
In June, the company announced that two major electronics manufacturers had completed customer quality certifications covering six grades of its high-performance sintered magnets. The company was already producing those certified grades at commercial scale. That gives the expansion a base of tested products and operating experience, although electronics qualifications do not establish approval for defense customers.
The company also received its first shipment of non-China neodymium-praseodymium metal in July. This magnet-making material came from SRE Vietnam under an agreement with Senri Trading. Evolution Metals said the material's production chain, from ore through refining, was outside China. The arrangement connects its manufacturing operations with an alternative source of a necessary input.
An expansion with a near-term milestone
Evolution Metals has placed binding orders for 13 additional ULVAC magnet-production machines, with delivery and installation scheduled for November 2026. The expansion at its Pohang manufacturing operations in South Korea targets approximately 10,000 metric tons of annual magnet capacity, including roughly 6,000 tons of high-performance sintered magnets.
Management's September 10 outlook projects fiscal 2027 revenue of $400 million to $460 million, compared with $5 million to $8 million for fiscal 2026. The forecast reflects the expected first full-year contribution from the Pohang expansion. It is guidance, not contracted revenue, and depends on commissioning, supporting facilities and power, financing and working capital for higher production, feedstock, customer qualifications and conversion of demand into firm orders and shipments.
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