Stamford, Conn. – – September 29, 2026 -- Tronox Holdings plc (NYSE: TROX) and JX Advanced Metals Corporation (TYO: 5016) have signed a cooperation and investment agreement to jointly fund approximately $32 million on a 50/50 basis for feasibility studies covering new rare earth processing facilities in Australia and the United States.
Companies commit $32 million to feasibility work across two continents
The funding will support a definitive feasibility study for a proposed rare earth cracking and leaching facility in Western Australia and a pre-feasibility study for a rare earth oxide refinery in the United States, alongside development of a US-based pilot plant capable of producing initial quantities of high-purity rare earth oxides.
Australian cracking plant would sit three kilometers from existing Kwinana pigment operations
The cracking facility is planned for the Rockingham Industrial Zone in Western Australia, near Tronox's Kwinana titanium dioxide plant, where the company already employs more than 1,200 people. The refinery is expected on Tronox-owned land adjacent to its Hamilton, Mississippi facility, which employs more than 400 people and offers access to low-cost power and existing infrastructure.
Combined sites target up to 10,000 tonnes of rare earth oxides annually
As currently contemplated, the two facilities would produce up to 10,000 tonnes per annum of total rare earth oxides, drawing on Tronox's mineral resources containing neodymium, praseodymium, dysprosium, terbium, samarium, gadolinium and yttrium. The agreement also covers joint development of niobium, scandium, zirconium and hafnium from Tronox's mineral base.
Joint venture formation hinges on feasibility results
If the engineering studies confirm technical and commercial viability, Tronox and JXAM plan to explore forming a joint venture to fund, build and operate the assets. The companies have already engaged government-backed lenders including the US Export-Import Bank, Export Finance Australia, and Japanese financial institutions to discuss potential financing that could cover a significant portion of project capital costs.
Tronox CEO John D. Romano said the deal combines the company's mining resources and project development capabilities with JXAM's refining and materials expertise to build "a secure, reliable, and globally competitive source of high-purity rare earth oxides and other critical minerals."
Deal ties into broader US, Australia, Japan supply chain security push
The partnership is framed as supporting the economic security and industrial competitiveness objectives of the United States, Australia and Japan, including the Pax Silica Initiative, amid rising demand for rare earths in semiconductors, advanced electronics, robotics, automotive and defense applications.