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April 8, 2025

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The market is in a tailspin as tariffs add volatility to the market. Carl and Erin believe the SPY is in a bear market given key indexes like the Nasdaq are already in bear markets. It’s time to consider where the key support levels are.

Carl addressed his thoughts of where key support lies on the SPY during our question section of the trading room. You’ll also get his insight on current market conditions with his review of the market indicators in general as well as a look at Yields, Bonds, Crude Oil, Bitcoin among others.

During the review he pointed out how the members of our 26 indexes, sectors and groups are faring from their recent highs. Many are in bear markets.

After his market analysis, Carl walked us through the Magnificent Seven which are currently all in bear markets with declines of more than 20% or more. He analyzed both the daily and the weekly charts to give us perspective and support levels.

Erin took the controls and gave us her view of sector rotation using the Price Momentum Oscillator (PMO) sort to bring the strong sectors to the top and the weaker sectors on the bottom. The results were not surprising.

Finally, the pair finished with a look at viewer symbol requests.

01:03 DP Signal Tables

05:05 Market Overview

18:55 Magnificent Seven

25:42 Questions (including Key Support Levels)

34:10 Sector Rotation

42:26 Symbol Requests


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Global central banks own about 17 percent of all the gold ever mined, with reserves topping 37,755 metric tons (MT) at the end of 2024. They acquired the vast majority after becoming net buyers of the metal in 2010.

Central banks purchase gold for a number of reasons: to mitigate risk, to hedge against inflation and to promote economic stability. Increased concerns over another global financial crisis have as expected led central banks once again to build up their gold reserves.

In a mid-2024 survey, the World Gold Council (WGC) said that 81 percent of the central bankers it polled expect global gold reserves to increase over the next 12 months. The precious metal’s “long-term store of value” as a guiding factor in gold purchases was cited by 42 percent of respondents.

Central banks added 1,044.6 MT of gold to their vaults in 2024, the third year in a row that gold purchases in this segment surpassed the 1,000 MT mark. In the fourth quarter of 2024 alone, central banks picked up another record 332.9 MT of gold, reported the WGC.

Yearly central bank gold purchases since 2019.

Chart via the WGC.

Twenty-nine percent of the WGC’s survey respondents indicated plans to grow their gold reserves, up 5 percent from the previous year. Three percent reported their institution is planning to decrease its gold holdings, which was unchanged from the previous year.

The WGC believes that central bank gold purchases will continue to be a major driver of gold demand in 2025.

Which central banks hold the most gold?

Read on to find out the 10 top countries by central bank gold holdings, as per data from the WGC, including recent Q4 2024 and full-year 2024 reports.

1. United States

Gold reserves: 8,133.46 MT

When it comes to the largest gold depository in the world, the American central bank is number one with 8,133.46 MT.

A large percentage of US gold is held in “deep storage” in Denver, Fort Knox and West Point. As the US Treasury explains, deep storage is “that portion of the US Government-owned gold bullion reserve which the Mint secures in sealed vaults that are examined annually by the Treasury Department’s Office of the Inspector General and consists primarily of gold bars.”

The rest of US-owned reserves are held as working stock, which the country’s mint uses as raw material to mint congressionally authorized coins.

2. Germany

Gold reserves: 3,351.53 MT

The Bundesbank, Germany’s central bank, currently owns 3,351.53 MT of gold. Like many of the central banks on this list, the German national bank stores over half of its stock in foreign locations in New York, London and France.

The Bundesbank’s foreign gold reserves came into question in 2012, when the German Federal Court of Auditors, the Bundesrechnungshof, was openly critical of the Bundesbank’s gold auditing.

In response, the German bank issued a public statement defending the security of foreign banks. Privately, the Bundesbank then began the arduous process of repatriating its gold stock back to German soil. By 2016, more than 583 MT of gold had been transferred back to Germany.

Nearly half of Germany’s gold holdings are stored in Frankfurt, while more than a third are in New York, an eighth of its holdings are in London, and a miniscule amount are held in in Paris.

The economic upheaval and geopolitical volatility brought about by US President Donald Trump’s tariff wars and adversarial posturing toward Europe led Germany to consider further repatriating its gold, reported The Telegraph in April 2025. About 1,200 metric tons of Germany’s gold holdings are stored in the vaults of the New York Federal Reserve in Manhattan.

3. Italy

Gold reserves: 2,451.84 MT

Banca d’Italia, the national bank of Italy, began amassing its gold in 1893, when three separate financial institutions merged into one. From there, its 78 MT slowly grew into the 2,451.84 MT the country now owns.

Like Germany, Italy stores parts of its reserves offshore. In total, 141.2 MT are located in the UK, 149.3 are in Switzerland and 1,061 are kept in the US Federal Reserve. Italy houses 1,100 MT of gold domestically.

4. France

Gold reserves: 2,437 MT

The Banque de France has 2,437 MT of gold reserves, all of which it keeps on hand. The precious metal is stored in the bank’s secure underground vault, dubbed La Souterraine, which is located 27 meters below street level.

La Souterraine’s gold vaults are one of the four designated gold depositories of the International Monetary Fund.

According to Investopedia, the collapse of the Bretton Woods gold standard system was in part due to former French President Charles de Gaulle, who “called the U.S. bluff and began actually trading dollars in for gold from the Fort Knox reserves.” At the time, US President Richard Nixon “was forced to take the U.S. off the gold standard, ending the dollar’s automatic convertibility into gold.”

5. Russia

Gold reserves: 2,332.74 MT*

The Bank of Russia is the official central bank of the Russian Federation and owns 2,332.74 MT of gold. Like France, Russia’s central bank has opted to store all its physical gold domestically. The Bank of Russia stores two-thirds of its gold reserves in a bank building in Moscow, and the remaining one-third in Saint Petersburg.

The majority of the yellow metal is in the form of large, variable-weight standard gold bars weighing between 10 and 14 kilograms. There are also smaller bars on site weighing as much as 1 kilogram each.

Russia, which is the second largest gold producer by country, has been a steady purchaser of the precious metal since roughly 2007, with sales ramping up significantly between 2015 and 2020. However, Russia’s refineries were banned from selling gold bullion into the London market following the country’s invasion of Ukraine. Sanctions by the west also include a freeze on about half of Russia’s gold reserves.

In early 2022, Russia tied its currency, the ruble, to the yellow metal. ‘The plan was to shift the currency away from a pegged value and into the gold standard itself so the ruble would become a credible gold substitute at a fixed rate,’ according to Robert Huish, an Associate Professor in International Development Studies at Dalhousie University.

*This figure does not reflect year-end 2024, including the at least 3.1 MT purchased in 2024, per the WGC, which is awaiting further data to update the 2024 total.

6. China

Gold reserves: 2,279.56 MT

The central bank for Mainland China is the People’s Bank of China (PBoC), located in Beijing. According to the WGC, the national financial institute stores 2,279.56 MT of gold, most which has been purchased since 2000. In 2001, the PBoC had 400 MT of gold in reserve, but in just a little more than two decades that total has climbed by 459 percent.

The PBoC issues the Panda gold coin, which was first created in 1982. The Panda coin is now one of the top five bullion coins issued by a central bank. It is among the ranks of the American Eagle, Canadian Maple Leaf, South African Krugerrand and Australian Gold Nugget.

The PBoC was one of the top gold buyers out the world’s central banks for 2024, purchasing another 44 MT of gold during the year. April 2024 marked the 18th consecutive month of gold buying for China’s central bank, which paused its purchases afterward until picking them up again in November.

7. Switzerland

Gold reserves: 1,039.94 MT

Holding the seventh largest central bank gold reserves is the Swiss National Bank. Its 1,039.94 MT of gold are owned by the state of Switzerland, but the central bank manages and maintains the reserve.

After years of opaqueness regarding the country’s golden treasure trove, the Swiss Gold Initiative, or Save our Swiss Gold campaign, was launched in 2011.

The publicity culminated in a national referendum in 2014, asking citizens to vote on three proposals. The first was a mandate for all reserve gold to be held physically in Switzerland. The other two dealt with the central bank’s ability to sell its gold reserves, along with a decree that 20 percent of the Swiss bank’s assets be held in gold.

The referendum was unsuccessful, but did prompt the bank to be more transparent. In a 2013 release, the central bank reported that 70 percent of its gold reserve was held domestically, 20 percent was located at the Bank of England and 10 percent was stored with the Bank of Canada.

8. India

Gold reserves: 876.18 MT

The Reserve Bank of India is another central bank that has fervently acted to increase its holdings in recent years. It began adding to its gold assets in 2017; however, the majority of its purchases have taken place in the past four years.

Strikingly, after India’s central bank purchased 16 MT of gold in 2023, the institution scooped up another 72 MT of the precious metal in 2024.

While more than half of its gold is held overseas in safe custody with the Bank of England and the Bank of International Settlements, about a third of its gold is held domestically. In June 2024, India repatriated 100 MT of gold from the United Kingdom. This was the first time since 1991 that the Reserve Bank of India moved its overseas gold holdings back home.

9. Japan

Gold reserves: 845.97 MT

Public information about the Bank of Japan’s gold reserves is hard to come by. In 2000, the island nation was holding approximately 753 MT of the yellow metal. By 2004, the Bank of Japan’s gold store had grown to 765.2 MT, and remained at that level until March 2021, when the country purchased 80.76 MT of gold.

10. Netherlands

Gold reserves: 612.45 MT

Rounding out this list of the top central bank gold reserves is the Dutch National Bank (DNB), the central bank of the Netherlands. Like Switzerland, the Dutch central bank stores as much as 38 percent of its gold in Canada’s national reserve. Another 31 percent, in the form of 15,000 gold bars, is held in a domestic vault, while the remaining 31 percent is located in New York’s Federal Reserve bank.

In a report, the DNB describes gold as the supreme safe-haven asset. “Central banks such as DNB have therefore traditionally had a lot of gold in stock. After all, gold is the ultimate nest egg: the trust anchor for the financial system,” it reads. “If the entire system collapses, the gold supply provides collateral to start over. Gold gives confidence in the strength of the central bank’s balance sheet. That gives a safe feeling.”

*11. International Monetary Fund

Gold reserves: 2,814.1 MT

The gold reserve held by the International Monetary Fund is the third largest in terms of size. The large gold reserve was amassed primarily during the founding of the international organization in 1944.

In that inaugural year, it was decided that “25 percent of initial quota subscriptions and subsequent quota increases were to be paid in gold.”

Since 1944, the International Monetary Fund has added gold through the repayment of debts owed by member countries. Nations can also exchange gold for another member country’s currency.

Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

Rare earth elements (REEs) are crucial for technologies like smartphone cameras and defense systems.

A select few from the group of 17 are also vital to clean energy transition industries such as electric vehicles (EVs) — neodymium and praseodymium are found in the permanent magnet synchronous motors used in electric vehicle drive trains.

China’s dominance in rare earths production and reserves has prompted countries like the US, Canada and Australia to boost their own mining and processing efforts to secure their supply chains.

In May 2024, the former US government announced a 25 percent tariff on imports of Chinese rare earth magnets beginning in 2026, aiming to both protect American industries from China’s trade practices and support domestic production of rare earths. One form of magnet that the tariffs will affect is sintered neodymium-iron-boron (NdFeB) magnets, crucial for EV motors and wind turbines.

This marks the first time rare earth magnets are included in Section 301 tariffs, signaling a significant move in the US-China trade conflict. The initiative is part of broader efforts to bolster US energy and national security.

Two months later, China’s State Council introduced regulations to tighten control over the country’s rare earth resources. Taking effect on October 1, 2024, these new rules impose strict oversight on REE mining, smelting and trading. They also ban the export of technology for extracting and separating rare earths and for making rare earth magnets.

New US President Donald Trump has escalated the trade war between the two countries significantly since he took office on January 20, 2025, announcing cumulative tariffs of 54 percent on imports of Chinese goods. This includes the 34 percent imposed on China on April 2 when Trump announced varying tariffs on nearly every country in the world.

The tariff drew a strong rebuke from China as it announced tight export controls on seven rare earth minerals: samarium, gadolinium, terbium, dysprosium, lutetium, scandium and yttrium. This move will cause a significant hit to defense and renewable energy supply chains globally.

Trump’s push to obtain an agreement with Ukraine that would give US mining companies access to rare earth mineral deposits in the country, alongside his stated goal to annex Greenland for its rare earth largess have also brought much attention to the sector.

Meanwhile, the EU is also seeking to reduce its reliance on Chinese rare earths through a new law enacted in May 2024, which aims to significantly boost domestic production of critical minerals, including rare earths, by 2030.

Data was gathered on April 7, 2025, using TradingView’s stock screener.

US rare earths stocks

The United States is striving to secure stable domestic supply of REEs outside China, a matter that has become even more pressing in 2025 due to the escalation of the US-China trade war and China’s new rare earth mineral export restrictions.

The nation has vast rare earths reserves and is the second largest global REE producer thanks to its sole operating mine, Mountain Pass. However, it currently lacks sufficient processing facilities.

American rare earths companies are working to address this imbalance, presenting investment opportunities for those looking to capitalize on the market’s growth potential. Learn more about MP Materials, Energy Fuels and NioCorp Developments, the three largest US rare earths stocks by market cap, below.

1. MP Materials (NYSE:MP)

Market cap: US$3.92 billion
Share price: US$23.99

MP Materials, the largest producer of rare earths outside China, focuses on high-purity separated neodymium and praseodymium (NdPr) oxide, heavy rare earths concentrate, lanthanum and cerium oxides and carbonates.

The company went public in mid-2020 after acquiring the Mountain Pass mine in California, the only operational US-based rare earths mine and processing facility. In Q3 2023, MP Materials began producing separated NdPr, marking a significant milestone. The company plans to increase rare earth oxide production by 50 percent within four years.

In April 2024, MP Materials was awarded US$58.5 million to support construction of the first fully integrated rare earth magnet manufacturing facility in the US. This funding, part of the Section 48C Advanced Energy Project tax credit, was granted by the Internal Revenue Service and US Department of the Treasury after the evaluation of around 250 projects based on their technical and commercial viability, as well as their environmental and community impact.

Located in Fort Worth, Texas, the facility began producing the NdFeB magnets crucial for EVs, wind turbines and defense systems this January with first commercial deliveries expected by the end of the year. MP Materials is sourcing raw materials from its Mountain Pass mine for an end-to-end supply chain with integrated recycling.

MP released its full year 2024 results on February 20, 2025, reporting record production of NdPr oxide at 1,294 metric tons (MT) and rare earth oxides (REO) in concentrate production at 45,455 MT.

2. Energy Fuels (NYSEAMERICAN:UUUU,TSX:EFR)

Market cap: US$725.33 million
Share price: US$3.45

Energy Fuels is a leading US uranium and rare earths company that operates key uranium production centers, including the White Mesa mill in Utah and the Nichols Ranch and Alta Mesa projects in Wyoming and Texas. It acquired the Bahia rare

The company finished construction of Phase 1 REE separation infrastructure at White Mesa in early 2024, and in June reported successful commercial production of separated NdPr that meets the specifications required for REE-based alloy manufacturing. The company believes it is the first US company in decades to achieve commercial-scale, on-spec rare earths separation from monazite. The Phase 1 REE separation circuit is now operating at full capacity.

Following its 2023 acquisition of the Bahia heavy mineral sands project in Brazil, Energy Fuels made multiple deals in 2024 with the aim of acquiring feedstock for White Mesa.

In early June of last year, Energy Fuels executed a joint venture that gives it the option to earn a 49 percent stake in Astron’s (ASX:ATR) Donald rare earths and mineral sands project in Victoria, Australia. Donald is expected to begin production as early as 2026, and will supply the White Mesa mill with 7,000 to 8,000 MT of monazite sand in rare earths concentrate annually in Phase 1, with plans to expand output in subsequent phases.

In October 2024, Energy Fuels acquired Australian mineral sands company Base Resources, which owns the Toliara project in Madagascar. According to the company, the Bahia, Donald and Toliara projects ‘have the combined ability to produce up to 43,000 metric tons of monazite per year.’

In its 2024 financial results for the year ending December 31, 2024, Energy Fuels reported production of about 38,000 kilograms of separated NdPr from its REE separation circuit at the White Mesa Mill.

Energy Fuels inked a memorandum of understanding with South Korea-based POSCO in mid-March for the potential creation of a non-China REE supply chain for EVs and hybrid EV drivetrains for US, EU, Japanese and South Korean auto markets.

3. NioCorp Developments (NASDAQ:NB)

Market cap: US$94.1 million
Share price: US$2.01

NioCorp Developments is advancing its Elk Creek project in Nebraska, which features North America’s highest-grade niobium deposit under development, with significant scandium production capacity.

An updated 2022 feasibility study highlights an extended mine life, improved ore grades and enhanced economics for niobium, scandium and titanium. Metallurgical testing has demonstrated the asset’s ability to produce high-purity magnetic rare earth oxides at a recovery rate of 92 percent or higher.

In April 2024, NioCorp announced plans to explore the feasibility of integrating the recycling of permanent rare earth magnets into its proposed Elk Creek critical minerals project in Southeast Nebraska. An assessment will be undertaken to better understand the technical and commercial viability of recycling post-consumer NdFeB magnets back into separated rare earth oxides, which could then be utilized in the production of new NdFeB magnets.

The initial phase of this investigation involved bench-scale testing and was successfully completed in October 2024.

The Elk Creek project is fully permitted for construction. NioCorp is working to secure financing to move the project forward, and the US Export-Import Bank advanced its application for financing to its next stage of due diligence in February.

Canadian rare earths stocks

As part of Canada’s Critical Minerals Strategy, the government has allocated C$3.8 billion in federal funding for opportunities across the critical minerals value chain, from exploration to recycling. REEs are among the minerals listed as critical.

Additionally, the government has designated C$7.5 million to support the establishment of a rare earths processing facility in Saskatoon, Saskatchewan. In mid-September 2024, the Saskatchewan Research Council (SRC) announced that the facility reached commercial-scale production, making it the first in North America to achieve this milestone. The SRC plans to produce 400 MT annually by early 2025.

Learn about Aclara Resources, Ucore Rare Metals and Mkango Resources, the three largest Canada-listed rare earth stocks by market cap, below.

1. Aclara Resources (TSX:ARA)

Market cap: C$106.68 million
Share price: C$0.53

Aclara Resources is advancing its Penco Module project in Chile, characterized by ionic clays abundant in heavy rare earths. Its objective is to generate rare earths concentrate via an environmentally friendly extraction process. This approach aims to eliminate the need for a tailings facility, minimize water use and ensure the absence of radioactivity in the final product.

Aclara and Vacuumschmelze penned a memorandum of understanding in early July 2024 to jointly pursue a ‘mine-to-magnets’ solution for ESG-compliant permanent magnets. The partnership seeks to develop a resilient, ESG-focused supply chain for these critical components.

Aclara successfully concluded a semi-industrial pilot plant program for Penco Module in 2023, yielding 107 kilograms of wet high-purity heavy rare earths concentrate from 120 MT of ionic clays.

The company submitted a new environmental impact assessment (EIA) for the project in June 2024 that features an improved design addressing environmental and social concerns, and it moved to the next stage in August. At the end of March 2025, it submitted a further report addressing technical observations and comments on its EIA from government agencies and local stakeholders, respectively.

Aclara is also advancing its Carina Module project in Brazil, which it discovered in 2023. In December of that year, Aclara disclosed an initial inferred resource for the project, saying it encompasses approximately 168 million MT grading 1,510 parts per million total rare earth oxides and 477 parts per million desorbable rare earth oxides.

In August 2024, Aclara released an updated preliminary economic assessment for Carina Module featuring initial capital costs of US$593 million and sustaining capital costs of US$86 million. Later in the month, the company signed a memorandum of understanding with the State of Goiás and Nova Roma to expedite the Carina Module project, emphasizing its importance for local development and Brazil’s critical minerals supply.

Aclara says it is fully financed to pursue its aims of achieving production by 2028. Its plans for 2025 include progressing permitting at both its rare earth projects, starting pilot plant activities at Carina by Q2 2025 and completing a pre-feasibility study by Q3 2025.

2. Mkango Resources (TSXV:MKA)

Market cap: C$84.83 million
Share price: C$0.32

Mkango Resources is positioning itself to be a leader in the production of recycled rare earth magnets, alloys and oxides via its 79.4 percent stake in Maginito with partner CoTec Holdings (TSXV:CTH,OTCQB:CTHCF).

Its mineral assets include the Songwe Hill rare earths project in Malawi, which is targeting neodymium, praseodymium, dysprosium and terbium, and its Pulawy rare earths separation project in Poland. The company also holds a diverse exploration portfolio in Malawi.

At the end of July 2024, Mkango’s wholly owned subsidiaries and the government of Malawi signed a mining development agreement for the Songwe rare earths project confirming the fiscal terms for its development, including a 10 percent interest to Malawi’s government and exemption from custom and excise duties imports and exports.

Maginito owns HyProMag, a firm focusing on rare earth magnet recycling. HyProMag is the licensee of the Hydrogen Processing of Magnet Scrap (HPMS) process, which demagnetizes and liberates rare earth magnets from scrap.

A pilot plant using a long-loop recycling process underpinned by the HPMS process was commissioned in July 2024, and commercial operations are anticipated to start in Q1 2025. Additionally, Maginito is expanding HyProMag’s recycling technology to the US through the joint venture HyProMag USA, with a positive feasibility study completed in November 2024. While the feasibility study was based on two HPMS vessels, HyProMag announced in March 2025 that conceptual studies are underway to expand the capacity to three vessels and the addition of ‘long-loop chemical processing’ to compliment the HPMS short-loop recycling process.

In an August 2024 update for investors, Mkango reported that HyProMag will receive 350,125 euros to develop its eco-friendly NeoLeach technology, which will further upgrade metals recovered with HPMS. The funding is part of the 8 million euro GREENE project from the European Commission’s Horizon Europe Programme, which aims to improve the resource efficiency and performance of rare earth permanent magnets.

Mkango completed a C$4.11 million private placement in early February 2025 to help fund the advancement of its rare earth magnet recycling projects in the UK and Germany. The next month, the company provided an update on the construction of its UK magnet recycling and manufacturing facility, which is on track to begin initial commercial production by the end of Q2 2025.

In late March 2025, the European Commission designated Mkango’s Pulawy project in Poland as a strategic project under the Critical Raw Materials Act.

3. Ucore Rare Metals (TSXV:UCU)

Market cap: C$77.1 million
Share price: C$1.06

Ucore Rare Metals is focused on the exploration and separation of rare earths in Canada and the US. The company owns the Bokan-Dotson Ridge rare earths project in Alaska and is developing a strategic metals complex for processing heavy and light rare earths in Louisiana. Ucore acquired an 80,800 square foot brownfields facility in Alexandria, Louisiana, for developing its first commercial REE processing facility in January 2024.

In Canada, Ucore’s Ontario-based RapidSX demonstration plant, operated by Kingston Process Metallurgy, was commissioned to evaluate the techno-economic advantages, scalability and commercial viability of the RapidSX technology platform for separating and producing REEs like praseodymium, neodymium, terbium and dysprosium. This initiative was supported by a US$4 million award from the US Department of Defense, granted to Ucore’s subsidiary, Innovation Metals.

In late April 2024, Ucore reported that it tested a mixed rare earths carbonate from Defense Metals’ (TSXV:DEFN,OTCQB:DFMTF) Wicheeda project and confirmed it was suitable for commercial-scale processing at Ucore’s planned facilities. According to the release, ‘(Wicheeda) is a source of material that can become a fundamental economic and technical component to Ucore’s plan of developing multiple SMC’s across North America.’

On July 9 2024, Ucore announced the execution of a non-binding memorandum of understanding with Cyclic Materials that aims to to qualify Cyclic’s recycled rare earth oxide product in Ucore’s process. This will start with the use of initial trial quantities from Cyclic to support Ucore’s rare earths demonstration program at its RapidSX facility. The agreement positions Cyclic Materials as a potential long-term source for Ucore’s planned facilities in the US and Canada.

In mid-August 2024, Ucore and Meteoric Resources (ASX:MEI,OTC Pink:METOF) signed a memorandum of understanding for Meteoric to supply 3,000 MT of total rare earth oxides from its Caldeira project in Brazil to Ucore’s Louisiana strategic metals complex. A similar deal was established with Australia’s ABx Group (ASX:ABX) in early September. It will see ABx supply Ucore with mixed rare earth carbonates from its ionic adsorption clay rare earths resource in Northern Tasmania.

At the start of 2025, Ucore was awarded C$500,000 via its partnership with Ontario’s Critical Minerals Innovation Fund to help finance the advancement of the company’s RapidSX Commercial Demonstration Facility.

Australian rare earths stocks

Australia ranks among the globe’s top rare earths producers and possesses the fourth largest rare earths reserves. The nation is notable for hosting the largest supplier of rare earths outside of China.

Learn more about Lynas Rare Earths, Iluka Resources and Arafura Resources, the three largest ASX-listed rare earths stocks focused stocks by market cap.

1. Lynas Rare Earths (ASX:LYC)

Market cap: AU$6.83 billion
Share price: AU$7.54

Well-known ASX-listed rare earths stock Lynas Rare Earths is the leading separated rare earths producer outside of China, with operations in Australia, Malaysia and the US. In Western Australia, Lynas operates the Mount Weld mine and concentrator and is ramping up processing at its Kalgoorlie rare earths processing facility.

In mid-2023, Lynas received AU$20 million from the Australian government’s Modern Manufacturing Initiative. This funding supports the Apatite leach circuit project at Lynas’ Kalgoorlie facility.

The company marked a pivotal moment in December 2023, when the Kalgoorlie facility achieved its first production milestone, signaling the transition from commissioning to full-scale operations. Additionally, Lynas is establishing a light rare earths processing facility and a heavy rare earths separation facility in Texas, US.

The company processes mined material at its separation facility in Malaysia. In late June 2024, Lynas announced plans to begin production of separated dysprosium and terbium products at its Malaysian operations in the 2025 calendar year.

In August, the firm reported a 92 percent increase in mineral resources and a 63 percent rise in ore reserves at the Mount Weld site. According to the company, mineral resources have expanded from 55.4 million MT to 106.6 million MT at a grade of 4.12 percent total rare earth oxides; meanwhile, ore reserves have grown from 19.7 million MT to 32 million MT at a grade of 6.44 percent total rare earth oxides.

The new estimates include significant increases in contained heavy rare earths and support a mine life of over 20 years at expanded production rates. Additionally, stored tailings were added to the ore reserves as the operations have the ability to reprocess them to recover additional rare earth minerals.

Lynas’ new large-scale downstream Kalgoorlie rare earths processing facility came online in November 2024. According to the company, the facility is a key part of its 2025 growth plan.

In its H1 2025 fiscal year results, Lynas reported sales revenue of AU$254.3 million an increase of AU$19.5 million year-over-year despite a decrease in average China domestic NdPr prices. CEO Amanda Lacaze attributed this to a 22 percent increase in NdPr production volume.

2. Iluka Resources (ASX:ILU)

Market cap: AU$1.55 billion
Share price: AU$4.42

Iluka Resources is advancing its Eneabba rare earths refinery in Western Australia with backing from the Australian government, which aims to bolster the country’s footprint in the global rare earths market by tapping into its abundant reserves. The company also owns zircon operations in Australia, including Jacinth-Ambrosia, the world’s largest zircon mine.

Iluka secured an AU$1.25 billion non-recourse loan for Eneabba under the AU$2 billion Critical Minerals Facility administered by Export Finance Australia, and the Australian government agreed to an additional AU$400 million in funding in December 2024.

This funding will support the development of Eneabba as a fully integrated refinery capable of producing both light and heavy separated rare earth oxides. The facility will process material from Iluka’s own feedstocks and third-party suppliers, with initial production expected to commence by 2027.

Additionally, Iluka is progressing its Wimmera project in Victoria, focusing on mining and beneficiation of fine-grained heavy mineral sands in the Murray Basin. This project aims to supply zircon and rare earths over the long term. A definitive feasibility study for Wimmera is scheduled for completion by the end of 2025.

On February 19, 2025, Iluka released its 2024 full year results, which included AU$1.13 billion in revenue, a year-over-year decrease of 9 percent. Looking forward, the company stated, ‘The implementation of tariffs on Chinese imports in Europe and other regions – considered favourable to Iluka’s customers – is expected to impact trade flows from H1 2025.’

3. Arafura Resources (ASX:ARU)

Market cap: AU$381.97 million
Share price: AU$0.16

Arafura Resources, an Australian rare earths firm, has secured government funding to advance its Nolans rare earths project in the Northern Territory. Arafura is currently working toward a final investment decision for Nolans, which is shovel ready.

Nolans is envisioned as a vertically integrated operation with on-site processing facilities.

A 2022 mine report updates Nolans’ expected lifespan to 38 years, targeting an annual production capacity of 4,440 MT of NdPr concentrate. The project’s definitive feasibility study highlights significant concentrations of neodymium and praseodymium, alongside all other rare earths in varying quantities.

Arafura has inked binding offtake agreements with Hyundai Motors (KRX:005380), Kia (KRX:000270) and Siemens Gamesa Renewable Energy. Additionally, the company has a non-binding memorandum of understanding with GE Vernova’s (NYSE:GEV) GE Renewable Energy to collaborate on establishing sustainable rare earths supply chains.

In its update for the June 2024 quarter, Arafura said it had secured conditional approval for over US$1 billion in debt funding for the Nolans project.

In late August 2024, Arafura signed a memorandum of understanding with Canada’s SRC to process rare earths from Arafura’s Nolans project into dysprosium and terbium oxides at SRC’s facility in Saskatchewan. The collaboration aims to support global supply chain diversification for energy transition technologies.

The company received a AU$200 million investment commitment from Australia’s National Reconstruction Fund in January 2025. Arafura stated in the press release that it is expecting to make a final investment decision in the first half of 2025.

In March 2025, Arafura announced a binding offtake agreement with Traxys Europe in which Arafura will supply a minimum of 100 MT per year of NdPr oxide over a five-year term from the Nolans project. Arafura has the option to increase the offtake to a maximum of 300 MT per year at its discretion.

Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.

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Celsius Resources Limited (“Celsius” or “CLA”) (ASX, AIM: CLA) is pleased to announce that its Philippine affiliate, Makilala Mining Company, Inc. (“MMCI” or the “Company”), has received formal confirmation from the Philippine Department of Environment and Natural Resources (“DENR”) that it has satisfied the final financial compliance requirement under its Mineral Production Sharing Agreement for the Maalinao-Caigutan-Biyog Copper-Gold Project (“MCB” or the “Project”)1.

HIGHLIGHTS

  • The Philippine Department of Environment and Natural Resources (DENR has formally accepted the binding term sheet which outlines the key terms of a bridge loan facility between Maharlika Investment Corporation (MIC) and Makilala Mining Company, Inc. (MMCI) as sufficient proof of financial capability.
  • This confirmation marks MMCI’s full compliance with the remaining provisional requirements of the Mineral Production Sharing Agreement (MPSA) for the MCB Copper-Gold Project, locking the MPSA for a full 25 years, renewable for another 25.

This follows the DENR’s acceptance of the binding term sheet which outlines the key terms of a bridge loan facility of up to USD76.4 million, executed between MMCI and Maharlika Investment Corporation (“MIC”), a government-owned and controlled corporation, in February 20252 (“Binding Term Sheet”). The Binding Term Sheet was evaluated and endorsed by the Mines and Geosciences Bureau (“MGB”) which noted that:

  • The Binding Term Sheet provides a structured and credible financial mechanism for MMCI’s mining operations; and
  • The involvement of MIC significantly enhances MMCI’s financial standing and credibility, offering strong assurance of continued support.

MMCI is expected to submit all related and forthcoming financial documents to the DENR and MGB and to update its Three-Year Development/Utilisation Work Program accordingly, in line with the terms of the MPSA and DENR Administrative Order No. 2010-213.

Celsius Executive Chairman Atty. Julito R. Sarmiento, said:

“We are extremely pleased to have achieved this important regulatory milestone for the MCB Project. The acceptance of the Binding Term Sheet by the DENR and the MGB is not only a testament to MMCI’s commitment to responsible and well-funded development, but also reflects the strong support and credibility provided by our partnership with Maharlika Investment Corporation.

On behalf of CLA and MMCI’s management and staff, again, I would like to extend my heartfelt gratitude to MIC for their confidence and catalytic funding support to the Project, and to the DENR and MGB for their professionalism and guidance throughout the compliance process.

We remain committed to ensuring that the MCB project delivers lasting and sustainable economic benefits to our host communities, particularly in Balatoc, the Municipality of Pasil, and the Province of Kalinga, as well as meaningful contributions to national development, all while upholding environmental stewardship and shared prosperity.

Now that we have fulfilled our compliance with the conditions of the Mineral Production Sharing Agreement, we are in a strong position to proceed with mine development and construction. We remain steadfast on our commitment to sustainable development by balancing resource efficiency with environmental stewardship and social responsibility.”

MIC and MMCI will now proceed with signing the Omnibus Loan and Security Agreements (“Agreements”) reflecting the terms of the Binding Term Sheet signed with MIC in February 2025.

Click here for the full ASX Release

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Christopher Aaron, founder of iGoldAdvisor and Elite Private Placements, discusses a key signal from the Dow-to-gold ratio, saying a multi-decade trend in favor of stocks has been broken.

This is only the fourth time this situation has played out in the last 125 years.

Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.

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Israel’s military has transformed every bit of Gazan territory within about half a mile of the Israeli border into a wasteland.

Armored bulldozers have systematically leveled one home after another. Combat engineers have laid explosives and triggered controlled demolitions inside once-bustling factories. Troops have torn up and denied Palestinians any access to the fertile farmland that once sustained lives and livelihoods.

In its place, the Israeli military has established a roughly 1-kilometer-wide buffer zone (about 0.6 miles) from which it has banished Palestinians and killed or fired at those who do set foot within its unmarked perimeter – all of which it has never officially acknowledged.

These testimonies reveal Israeli military practices that arguably violate international humanitarian law and, in some cases are war crimes, according to international law experts.

When Sergeant 1st Class “A” arrived in the industrial zone of Gaza City’s Shujaiya neighborhood in December 2023, many of the warehouses and factories had already been destroyed. But others were still standing.

The Coca-Cola factory in Gaza lay close to the border with Israel. These two images show the complex after its destruction. Google Earth

After initially deploying to Israeli communities along the Gaza border to shore up their defenses following Hamas’s October 7 attack, Sgt. “A” was sent to Shujaiya and tasked with protecting combat engineers as they bulldozed buildings and rigged others to explode.

The purpose of the destruction was quickly made clear to him and his fellow soldiers: Israel was enlarging the buffer zone separating Palestinians from Israeli communities along the Gaza border.

Before October 7, Israel restricted Palestinians from coming within 300 meters (around 980 feet) of the border fence. But after Hamas’s attack, Israel’s military brass soon put into motion a plan to expand that area to approximately 1 kilometer, establishing a clear line of sight through the expanded buffer zone by leveling territory ranging from 800m to 1.5 km from the border.

In testimony provided to Breaking the Silence, an Israeli watchdog group which vets and publishes military testimonials, multiple soldiers said they were told the mission was to dramatically expand the buffer zone, in order to prevent another border attack.

But international law experts say that justification likely fails to meet the bar of “military necessity” that must be met to justify the destruction of civilian property, likely putting Israel’s actions in violation of international humanitarian law.

“There needs to be a legitimate military objective and operational objective – and the only way to achieve it would be to destroy the civilian property. And so, at that scale, that’s simply not quite plausible,” said Janina Dill, co-director at Oxford University’s Institute for Ethics, Law and Armed Conflict.

Beyond potential violations of humanitarian law, the deliberate, widespread destruction of civilian property without a clear military necessity is a war crime, Dill said.

Lawrence Hill-Cawthorne, a professor of public international law at the University of Bristol, agreed there is a strong case that Israel’s widespread destruction of property is a war crime of wanton destruction, an accusation also leveled by Amnesty International and other human rights groups.

“(From) what I’ve seen so far – there’s no clear evidence of a military necessity, at least for the level of destruction that’s been caused by Israel,” Hill-Cawthorne said.

While the Israeli military has acknowledged destroying “terrorist infrastructure” in Gaza in order to improve security conditions for Israeli communities near the border, it has never publicly acknowledged a full-throated plan to destroy thousands of buildings to create a kilometer-wide buffer area inside the territory.

A Sergeant Major who was deployed to Khuza’a in southern Gaza, who also spoke to Breaking the Silence on condition of anonymity, said his brigade got its orders “from the division’s operations branch. It wasn’t some local intervention.” He and others also described the distribution of color-coded maps, marking varying levels of destruction so far achieved in the buffer zone.

The town of Khuza’a in Gaza falls a few hundred meters from the border between Israel and the Gaza Strip. Satellite imagery shows its destruction since the start of war on Gaza. Google Earth

The destruction in Khuza’a, which lies to the east of Khan Younis, is unmistakable in satellite imagery, with the destruction of hundreds of buildings cleaving a line marking the zone’s perimeter.

“Residential buildings, greenhouses, sheds, factories; you name it – it needs to be flat. That’s the order,” said the Sgt. Maj. in the 5th infantry brigade who deployed to Khuza’a. “Except for that UNRWA school and that small water facility – for everything else, the directive was ‘nothing left.’”

The Israeli military has since destroyed more than 6,200 buildings in Gaza within 1 kilometer of the border, according to satellite analysis conducted by Corey Scher and Jamon Van Den Hoek, researchers at the City University of New York and Oregon State University.

Adi Ben-Nun, a researcher at the Hebrew University of Jerusalem, said as of January, “all buildings in the buffer zone were demolished or heavily damaged.”

‘Kill zone’

For Palestinians, setting foot inside the buffer zone can be a death sentence.

Multiple soldiers described rules of engagement that authorized them to fire on Palestinians in the zone, regardless of whether they were armed or identified as combatants.

“The reservists also always raised questions over whether this was communicated to them (the Palestinians): ‘Do they know such a thing exists?’” the Sgt. 1st Class said.

He said commanders never provided a clear answer, but the reality was clear. “It’s not like they were told: The ridge before the border is (the line),” he said.

A Warrant Officer in the Armored Corps described Palestinians being shot for trying to pick khubeiza or mallow, an edible plant.

“People were incriminated for having bags in their hands,” the Warrant Officer told Breaking the Silence. “Guy showed up with a bag? Incriminated, terrorist. I believe they came to pick khubeiza, but (the army says), ‘No, they’re hiding.’ Boom.” He said a tank fired at them from about 800 meters, narrowly missing.

“A kill zone is in essence the announcement of a party to the war that they won’t take feasible precautions, that they won’t verify the status of an individual before attacking them. And that definitely violates international law,” said Dill, of Oxford University.

“Simply being present in a certain part of a combat theater does not amount to active participation in hostilities. And only active participation in hostilities makes a civilian lose their protection under international law.”

Hill-Cawthorne was equally unequivocal.

“A civilian does not lose their protected status, their immunity from attack merely because they enter an area that they’re not allowed or that they’re told not to enter,” Hill-Cawthorne said. “The only way in which people lose that immunity from attack is if they directly participate in hostilities.”

‘It was like paradise’

For 40 years, Abdul Aziz al-Nabahin grew olives, oranges and guavas on five acres of land he had inherited from his ancestors on the outskirts of Al-Bureij, in central Gaza – about 600 meters from the Israeli border.

Satellite imagery shows the destruction in Al-Bureij in central Gaza. Google Earth

His son Mahmoud recently married and had a 3-year-old daughter.

“It was like paradise,” al-Nabahin said. “We used to say, thank God. We were settled and satisfied.”

After being forced to flee earlier in the war, he returned to his farm during the January ceasefire only to find his home and farmland in ruins.

“We found the house destroyed. The trees were bulldozed,” he said. “We didn’t know where to sit, so we just stayed outside in the open.”

But he has lost so much more.

In late June, al-Nabahin said Mahmoud had gone to collect firewood near their home when he was killed. An Israeli tank shell struck him and his cousin, who was grievously injured but survived.

“The Israelis deliberately targeted them. They knew they were only collecting wood – not resisting or fighting. Just a cart with wood, clearly visible. Still, they were targeted,” al-Nabahin said.

“They kill anyone who goes there.”

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When paramedic Hassan Hosni Al-Hila felt too sick to continue his late-night assignment with the Palestine Red Crescent Society on March 23, his son gladly agreed to cover his shift.

That shift would prove to be 21-year-old Mohammad’s last.

Within a few hours, while the young paramedic was dispatched with a convoy of emergency vehicles to find a missing ambulance crew in Rafah, southern Gaza, Mohammad called his father pleading for help amidst intense Israeli military gunfire.

“’Come to me, Dad, help me… we were targeted by the Israelis, and they are now shooting at us directly,” Al-Hila recalled his son telling him over the phone. “The call ended after that.”

His fate would remain unknown for over a week, until rescue teams granted permission by the Israeli military to access the area uncovered a horrific scene: a mass grave containing the bodies of 15 first responders buried along with their crushed emergency vehicles.

A growing trove of evidence detailing the final moments of the first responders has blown apart the Israel Defense Forces’ (IDF) initial narrative of what unfolded that day, in which it claimed without offering evidence that some vehicles were moving suspiciously without headlights or flashing lights toward the Israeli troops and that members of the emergency teams were militants.

“All the claims raised regarding the incident will be examined through the mechanism and presented in a detailed and thorough manner for a decision on how to handle the event,” the IDF said in a statement Monday.

According to an Israeli military official, troops from a brigade that had set up an ambush opened fire on the emergency crews that morning, after intelligence had deemed their movements “suspicious,” and believed they had successfully carried out an attack on Hamas and Palestinian Islamic Jihad militants.

Family members and colleagues of the slain paramedics vehemently deny that any of the workers were militants and are calling for an independent investigation into the killings.

On seeing his son’s body, which Hosni said was riddled with bullet holes, he apologized for not being beside him in his final moments, saying their ambulances would have been dispatched together.

“I told him, ‘I’m sorry I couldn’t join you,’” Hosni recalls. “If I hadn’t returned home, [he] and I would have been together on the same mission.”

‘The gasp of death’

The chain of events began in the early hours of Sunday, March 23, following reports of an Israeli strike in Rafah. The Palestine Red Crescent Society (PRCS) dispatched an ambulance with three crew members to respond to the scene.

PRCS said they did not coordinate the dispatch with COGAT, the Israeli military agency overseeing activities in the Palestinian territories, because the area was not designated as a “red zone” where coordination is required. Hours after the attack, the IDF designated the area as a “red zone” as part of its expanded operation in Rafah.

According to PRCS medic Munther Abed – who was sitting in the back of the ambulance en route to the scene – the crew was suddenly targeted with heavy, direct gunfire by Israeli forces. Abed said he survived the attack by throwing himself to the floor of the vehicle for cover, hearing the pained yells of his colleagues in the front, both of whom were killed.

The ambulance crashed into a power pole, coming to a stop along with the gunfire, according to Abed. He said Israeli soldiers opened the back doors of the vehicle and detained him outside, stripping him down to his underwear.

An Israeli military official said the troops shot at a vehicle at 4 a.m., killing two individuals and detaining another, all of whom the IDF claimed without providing evidence were Hamas security officials. The official also denied that the vehicle was an ambulance or that the individuals were uniformed paramedics. Abed, who said he was released later that day from Israeli custody after the military checked his records, rejects those claims.

Once communication with Abed’s crew was lost, PRCS dispatched additional ambulances alongside Civil Defense vehicles to check on the missing team.

However, the support crews would meet the same, grim fate. A newly released video discovered on the phone of one of the 15 deceased ambulance and relief team members captured their final moments before being killed by the Israeli military.

The video is filmed from the front of a vehicle and shows a convoy of clearly marked ambulances moving along a road at dawn, with headlights and flashing emergency lights on.

The video shows the convoy stopping when it comes across another vehicle that had seemingly crashed into a power pole on the side of the road. Dr. Younis Al-Khatib, president of the PRCS, confirmed in a press briefing on Monday that the vehicle seen in the footage was one of the agency’s ambulances.

Two of the rescuers seen in the footage getting out of the vehicles are wearing reflective, PRCS emergency responder uniforms. A fire truck and an ambulance at the scene are marked with the PRCS insignia.

Almost immediately there is intense gunfire, which can be heard hitting the convoy. The video ends, but the audio continues for five minutes.

The paramedic filming the incident, identified by the PRCS as Rifaat Radwan, is heard repeatedly saying the “shahada,” which Muslims recite when facing death, and says he knows he is going to die.

At one point he says: “Forgive me mom, this is the path I chose – to help people – I swear I didn’t choose this path but to help people.”

The voices of others in the convoy can also be heard, as well as those of people shouting commands in Hebrew. It’s unclear who they are or what they are saying.

The call casts doubt over the timeline laid out by the Israeli soldiers involved in the attack, who said the rescue convoy arrived two hours after the initial ambulance, at 6 a.m., according to the Israeli military official. The video also shows the convoy arriving in darkness, with the first rays of sunlight visible on the horizon, indicating it was filmed before 6 a.m. – sunrise on March 23 in Gaza was at 5:42 a.m.

An IDF forward-operating base and staging area at an unfinished hospital in Tal al-Sultan, about 1 kilometer from the site of the mass grave, is visible in satellite imagery from Planet Labs. Ball said tracks from heavy vehicles can be seen between the base and grave site, adding that the military would have had a clear line of sight to where the bodies and vehicles were buried.

The IDF claimed on April 1 without offering proof that “following an initial assessment, it was determined that the forces had eliminated a Hamas military operative, Mohammad Amin Ibrahim Shubaki, who took part in the October 7 massacre, along with 8 other terrorists from Hamas and the Islamic Jihad.”

In a statement on Monday, the IDF revised that number, saying six Hamas operatives were identified among the casualties, without providing evidence.

The mass grave

Over the course of the next several days, PRCS and UN personnel negotiated permission from the Israeli military to visit the area on several occasions. It would be a week later that a convoy consisting of PRCS, Civil Defense, and UN OCHA crews unearthed the mass grave.

Some of the PRCS paramedics pictured in photos were buried in their uniforms emblazoned with the group’s emblem and reflective stripes. Others were still wearing their blue latex gloves, indicating that they were on duty and prepared to respond to distress calls. The bodies were mixed with mangled fragments of the crushed emergency vehicles, under mounds of sand, footage shared by UN OCHA of the exhumation shows.

“They were buried in their uniforms with their gloves on, they were ready to save lives, and they ended up in a mass grave,” Jonathan Whittall, the head of UN OCHA in the occupied Palestinian territories, said in a press briefing last week.

The deaths have sparked international condemnation, and the emergence of the footage prompted the IDF to re-investigate the killings.

According to the military official, troops from the Golani infantry brigade had set up an ambush along a road in the early hours of March 23, opening fire in two instances on vehicles arriving in the area.

Soldiers were told by drone operators that the vehicles in the convoy were advancing “in a suspicious manner,” the military official said, adding that soldiers involved in the attack claimed to investigators that they opened fire after being surprised by the convoy stopping on the side of the road and by individuals getting out of their vehicles quickly.

After seeing the bodies of more than a dozen uniformed emergency responders on the ground, the troops said they still believed they had successfully carried out the attack following efforts to verify the identities of some of the deceased, the military official said.

PRCS president Al-Khatib has demanded an independent investigation into the matter.

“We don’t trust any of the army investigations and this is why we were very clear in saying that we need an independent inquiry into this,” Al-Khatib said in a UN press conference.

First responders under attack

For Saleh Muammar – one of the PRCS paramedics killed and buried in the mass grave – this was not the first time he had been shot while on duty, according to his wife Hadeel.

“We bade him farewell every time he left, we expected that he would be martyred,” Hadeel said. “I felt that he would leave this world because the nature of his work is full of risks.”

International aid and humanitarian organizations have repeatedly condemned the Israeli military’s attacks on medical facilities and personnel.

More than 400 aid workers have been killed in Israeli attacks in the enclave since October 7, 2023, according to OCHA’s latest update released last week. The PRCS says the number of its staff killed in line of duty by Israeli forces in Gaza since October 2023 has now reached 27.

“The occupation’s targeting of Red Crescent medics … can only be considered a war crime punishable under international humanitarian law, which the occupation continues to violate before the eyes of the entire world,” PCRS said.

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Excitement is growing in cinema-mad India for the return of a movie star from Pakistan to its big screens after his long absence due to an industry ban on artists from the neighboring country.

Fawad Khan, an actor, singer and producer with a huge following in India, announced his Bollywood comeback last week, sending fans into a frenzy, 18 months after an Indian court effectively ruled that a de facto industry ban on Pakistani talent imposed in 2016 was illegal.

“The wait is over! Bringing love back to the big screen,” Khan posted to Instagram last week, alongside a short teaser for the May 9 release of rom-com “Abir Gulaal.”

The post set off a wave of excitement among fans on social media and on the streets of Mumbai, the home of Bollywood.

“Super stoked to have an artist as talented as Fawad Khan back in Indian cinema,” said marketing professional Phhagun Dev. “You have been missed.”

Manya Shiksharthi agreed. “Art has the power to cross borders and connect people in ways nothing else can so hoping for the absolute best,” she said.

India’s multibillion-dollar movie industry produces around 1,500 to 2,000 films per year in more than 20 languages – more than any other country – and holds an outsized influence on the country’s culture, identity and economy.

While Pakistani and Indian performers have a long and storied history of collaboration, that came to an abrupt halt nine years ago after dozens of Indian soldiers were killed in a militant attack in the disputed Kashmir region that was followed by deadly clashes along the contested border.

India blamed Pakistan for the attack, which Islamabad denied, and as tensions escalated between the two nuclear-armed neighbors, the Indian Motion Picture Producers Association imposed a de-facto ban on Pakistani talent.

Khan, the star of multiple hit Bollywood films, simply disappeared from Indian screens. Meanwhile, Pakistan has largely restricted Indian films from release in the country since 2016.

Where Hindi cinema once reflected certain secular, democratic values championed by India’s founding fathers, many critics say the industry has veered toward the right over the past decade – coinciding with the populist rule of Prime Minister Narendra Modi and his Hindu-nationalist Bharatiya Janata Party (BJP).

Alarmed liberals and some industry insiders point to a string of recent blockbusters that they say perpetuate anti-Muslim stereotypes and sideline opposition views.

Regardless of the political climate, a pathway for stars from Muslim-majority Pakistan to return to Bollywood was opened in 2023, when the Bombay High Court rejected a petition seeking a total ban on Pakistani actors from working in India.

Such a move would be “a retrograde step in promoting cultural harmony, unity and peace,” the court ruled.

Yet in Khan’s home country, the film is not expected to release, upsetting fans and cinema lovers alike.

“As a fan of Pakistani dramas and Hindi cinema, I for one will be disappointed to miss out on the experience of watching this creative collaboration, starring one of our most celebrated superstars,” said Lahore-based freelance journalist and communications expert Abbas Hussain.

‘Heartening news’ not welcomed by all

Once a single nation, India and Pakistan were hastily divided by their departing British colonial ruler along religious lines with devastating results, giving rise to one of the world’s fiercest geopolitical rivalries.

In the nearly eight decades since, the two countries have fought three wars and introduced heavy restrictions on travel and exchanges of goods, despite sharing a border, a culture and a deeply intertwined history.

Among that shared culture is a nearly universal love for cinema.

Khan’s new movie “Abir Gulaal” references the Hindu festival of colors Holi in its title. Set in London, it tells “a love story filled with unexpected turns,” according to its synopsis.

In the teaser, Khan serenades Indian actor Vaani Kapoor to the tune of a popular Hindi love song.

“Abir Singh, are you flirting?” she asks Khan. “Do you want me to?” he replies.

Khan’s impending return to Bollywood is “heartening news,” Indian film critic and analyst Tanul Thakur said.

“It also reminds us what art can truly achieve: collapsing national boundaries, bringing people closer, and giving the fans a reason to smile,” he said.

Anisha Pal, 26, a movie fan and marketing professional from Kolkata, echoed that sentiment. “I am extremely happy to see him back in Bollywood,” she said. “Art and artists shouldn’t get affected by politics. I think his return sends out a message of hope.”

But not everyone is happy. Politicians from India’s Hindu-nationalist far right blasted the news of Khan’s return and have vowed to derail his film’s release.

“Despite saying so many times that films by Pakistani artists will not be released in India, some nasty people still try to push their agenda,” the president of the cinema wing of the Maharashtra Navnirman Sena (MNS), a regional party in Bollywood’s home state, wrote on X last week.

“We will not let the film release in India and that’s final. Those who want to support Pakistani artists are free to do so, but just remember that you will have to face us.”

This isn’t the first time Khan has faced the wrath of India’s Hindu right.

In 2022, his movie “The Legend of Maula Jatt” – Pakistan’s highest grossing film of all time – was banned from release in India following threats from the far-right.

Despite the hostility of right-wing politicians, many Indian fans say they are open to seeing more Pakistani stars on their screens.

“They have been loved by the Indian audience too,” said Tania Rao, a teacher from Delhi.

“Talent should be appreciated and seen beyond boundaries… I’m excited to see a good actor given a good film, and more hopeful if it aids to sooth the tension that always seems to exist between India and Pakistan.”

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A prominent American academic working in Thailand could face years in jail after being charged with insulting the monarchy, in a rare case of a foreign national allegedly falling foul of the kingdom’s strict lese majeste law.

Paul Chambers, a lecturer at Naresuan University in central Thailand who writes analysis on the kingdom’s military and politics, was formally charged when he presented himself to police on Tuesday, and appeared in court.

Thailand has some of the world’s strictest lese majeste laws, and criticizing the king, queen, or heir apparent can lead to a maximum 15-year prison sentence for each offense. Anyone can file a lese majeste complaint and sentences for those convicted can be decades long, with hundreds of people prosecuted in recent years.

Chambers’ lawyer, Wannaphat Jenroumjit, said a warrant for his arrest was issued last week after a complaint was filed by a regional army command. Alongside lese majeste, Chambers is also facing charges under the Computer Crimes Act.

“He was accused of publishing a blurb on (Singapore’s Institute of Southeast Asian Studies) website in connection with an ISEAS webinar in October 2024 about military reshuffles,” said Akarachai Chaimaneekarakate, advocacy lead for Thai Lawyers for Human Rights and part of Chambers’ legal team.

“He denied all charges. He neither wrote nor published the blurb on the website,” said Akarachai.

Chambers is being held in custody after being denied bail. His lawyers have submitted another bail request in an effort to prevent him from being held in pre-trial detention.

Advocates say the charges pose “a grave threat to academic freedom in the country.”

“Unlike other lese majeste cases, this case involves an extremely well-established academic whose work focuses very deeply on the civil-military relations in Thailand and whose expertise is widely acknowledged within the academic community,” said Akarachai.

The US Department of State said on Monday that it was “concerned” by the reports of Chambers arrest and is providing consular assistance.

Thailand’s conservative, military-backed establishment has ruled the country on and off for decades, and critics say it routinely uses laws like lese majeste, sedition, and the computer crimes act to silence criticism and opposition.

The military has long had an outsized influence over the country’s politics, despite Thais repeatedly voting overwhelmingly in support of the military’s political and progressive opponents. It has staged 13 successful coups since absolute monarchy rule ended in 1932, the latest in 2014 that ushered in just under a decade of military or military-backed rule.

Longest sentence: 50 years

Last year, a Thai appeal court extended a man’s prison sentence to a record 50 years for insulting the monarchy, in what is believed to be the toughest penalty ever imposed under the lese majeste law.

The charges against Chambers represent a “tightening chokehold on free speech and academic freedom in Thailand,” said Sunai Phasuk, senior Thailand researcher for Human Rights Watch.

It is rare for a foreign national to be targeted by lese majeste. In 2011, Thai-born American Joe W. Gordon was sentenced to 2.5 years in prison for insulting the monarchy after posting a link to a biography of King Bhumibol Adulyadej, that he was involved in translating, which was banned in Thailand. He was later released after receiving a royal pardon

For years, human rights organizations and free speech campaigners have said the law has been used as a political tool to silence critics of the Thai government.

And rights groups say the right to freedom of expression in Thailand has come under increased attack since 2020, when nationwide youth-led protests saw millions of young people take to the streets calling for constitutional and democratic reforms – for the first time, openly criticizing the monarchy and publicly questioning its power and wealth.

Those protests came four years after King Maha Vajiralongkorn succeeded his father King Bhumibol, who had reigned for seven decades.

Despite the change from a military-backed government to civilian leadership in 2023, surveillance and intimidation against activists and students continues, according to Thai Lawyers for Human Rights.

The legal advocacy group said that since the start of those protests in July 2020 and up until the end of January 2025, at least 1,960 people have been prosecuted or charged for their participation in political assemblies and for speaking out, with at least 277 prosecuted for lese majeste.

One of the most prominent of those is Arnon Nampa, a Thai activist with a cumulative sentence of 18 years in prison for a raft of lese majeste and other charges relating to his advocating for monarchy reform during the 2020 protests.

A much-anticipated bill that would offer amnesty for those prosecuted in politically motivated cases will be introduced to Thailand’s parliament on Wednesday. However, there is ongoing debate as to whether lese majeste will be included in the bill.

The high-profile nature of Chambers’ case could backfire on the military and have wider impacts on Thai society, some analysts say.

“The cost to the Thai military is high because it will attract the kind of international attention and scrutiny the army wants to avoid,” said Thitinan Pongsudhirak, a political scientist from Chulalongkorn University.

“This case tightens the lid on academic freedom, and will reinforce the closing of Thai minds and undermine the intellectual and research ecosystem necessary to foster ideas and innovation to propel the Thai economy forward.”

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