Today marks the beginning of the most significant and exciting chapter in Less Common Metals (LCM) history. We are thrilled to announce that we have entered a definitive agreement to be acquired by USA Rare Earth, Inc. (USAR).
This transaction is far more than a corporate merger and is a transformative leap forward for the Western rare earth supply chain. The combination of USAR’s upstream mining rights and resources with LCM’s proven, scalable midstream metal and alloy production creates the first and only true Mine-to-Magnet supply chain in the West.
Establishing Western Leadership
For over three decades, LCM has been the world’s most established producer of rare earth metals and alloys outside of China. Now, as part of USAR, our combined entity is immediately positioned as the leading scaled rare earth metal and alloy manufacturer with unmatched capabilities in Samarium, Samarium Cobalt and Neodymium Praseodymium metals and alloys.
As USAR Chairman Michael Blitzer stated, “Midstream metal making is the linchpin of the global supply chain, and LCM is the only proven ex-China producer of rare earth metal, alloys, and strip casting at scale.”
What This Means for Our Customers and the UK Facility
The acquisition provides immediate and long-term benefits to our operations, our team and our valued global customer base, such as:
- Stability and Investment: The acquisition, supported by a significant $125 million equity investment into USAR, provides the capital needed to expedite growth plans and expand LCM’s capabilities in the United Kingdom and Europe. The future of our Cheshire, UK 67,000 square foot facility is secure and ready for expansion.
- Accelerated Magnet Production: Our primary function—producing high-quality rare-earth metal and strip cast alloy—is the essential feedstock for USAR’s massive new 5,000-ton magnet production facility in Stillwater, Oklahoma. We are now seamlessly integrated into the next generation of Western magnet manufacturing.
- Critical Defence Materials: We remain the sole Western provider of critical defence materials such as Samarium Cobalt metal and will continue to expand our capacity to serve key defence contractors and allied governments globally.
A Strategic and Sustainable Advantage
The move creates a unique competitive edge for the combined company, focusing on innovation and sustainability:
- Integrated Supply Chain: We now control the process from the rare earth deposit (Round Top in Texas) through to the final metal alloy, offering customers an end-to-end solution that provides lower risk and lower cost than competing models.
- Recycled Materials Capability: Critically, LCM brings the ability to process recycled rare earth oxides. This capability closes the loop, allowing us to reuse end-of-life magnets and manufacturing swarf, leading to a more sustainable manufacturing process and providing access to alternative, lower-cost feedstock sources.
- Global Relationships: We strengthen our established relationships with governments (including the US, UK, France, Australia and Japan) and raw feedstock providers, ensuring enhanced reliability of materials for our expanded operations.
Looking Ahead
As the world’s reliance on advanced magnets grows across sectors like EV, defence, and industrial automation, the need for a resilient, ex-China supply chain has never been greater.
This transaction ensures that LCM remains at the forefront of this crucial industry, enabling us to continue expanding and serving our global customer base with a broad portfolio of rare earth and critical metals and alloys.
We look forward to partnering with USAR to quickly scale our operations and realise our joint ambition to be a leader in the global rare earth industry. Thank you to our employees, partners and customers for your continued support as we embark on this exciting new era.