Rare Earth Value Chain
From ore mining to finished magnets — where value multiplies and who controls each processing stage.
Rare earth flow: from mining to applications
Sankey diagram showing the flow of rare earths (in kt REO) from mining through processing to end applications.Pink = China, teal = West, blue = applications.
Source: USGS 2025, proprietary flow estimates 2024 · Analysis: David Navrátil / PPP
Value multiplication in the supply chain
The price of rare earths multiplies hundredfold when processed from ore to finished magnet. Whoever controls refining controls the entire chain.
Source: company reports, proprietary estimates 2025 · Analysis: David Navrátil / PPP
Key companies in the value chain
Click on column headers to sort. Vertical integration indicates which stages of the chain the company covers (mining → separation → metal → magnets).
| Company | Country ↑ | Mining | Separation | Metal | Magnets | Capacity | Status |
|---|---|---|---|---|---|---|---|
| Lynas Rare Earths | Australia | ✓ | ✓ | Expansion | |||
| Iluka Resources | Australia | ✓ | Construction | ||||
| Arafura RE | Australia | ✓ | Preparation | ||||
| Solvay | Belgium / France | ✓ | Operational + expansion | ||||
| Serra Verde | Brazil | ✓ | ✓ | Launched 2025 | |||
| Neo Perf. / Silmet | Canada / Estonia | ✓ | ✓ | Operational (1st in EU) | |||
| China Northern RE | China | ✓ | ✓ | ✓ | Operational | ||
| China RE Group (CREG) | China | ✓ | ✓ | ✓ | Operational | ||
| JL Mag Rare-Earth | China | ✓ | Operational | ||||
| Zhong Ke San Huan | China | ✓ | Operational | ||||
| Ningbo Yunsheng | China | ✓ | Operational | ||||
| Shenghe Resources | China | ✓ | Operational | ||||
| VAC/Vacuumschmelze | Germany | ✓ | Construction | ||||
| Shin-Etsu Chemical | Japan | ✓ | Operational | ||||
| TDK | Japan | ✓ | Operational | ||||
| Proterial (ex Hitachi) | Japan | ✓ | Operational | ||||
| REE Minerals AS | Norway | Exploration; start ~2031 | |||||
| MP Materials | USA | ✓ | ✓ | Separation ramp-up | |||
| Energy Fuels | USA | ✓ | Pilot operation |
Source: company annual reports, SEC/ASX filings, 2025 · Analysis: David Navrátil / PPP
Planned non-Chinese projects
Projects outside China with potential to reduce dependency on the Chinese supply chain. Color indicates current project status.
Lynas · Australia · Mining + refining
Capacity (t/year)
12 000 NdPr
Start of operations
2025–26
Investment
~500 mil. USD
Financing
Own + JP/DoD
MP Materials · USA · Magnets
Capacity (t/year)
10 000
Start of operations
2028
Investment
~700 mil. USD
Financing
DoD + own
Iluka · Australia · REE refining
Capacity (t/year)
~4 000 REO
Start of operations
2027
Investment
~700 (1.65 mld. AUD) mil. USD
Financing
Government loan AU
Arafura · Australia · Mining + refining
Capacity (t/year)
~4 500 NdPr
Start of operations
2029
Investment
~1 000 mil. USD
Financing
KR + DE offtake
Neo Performance · Estonia · Magnets
Capacity (t/year)
2 000
Start of operations
Otevřeno 09/2025
Investment
~100 mil. USD
Financing
Own
REE Minerals · Norway · Mining
Capacity (t/year)
15.9 mil. t REO (zdroj)
Start of operations
~2031
Investment
TBD mil. USD
Financing
TBD
LKAB · Sweden · Mining (by-product)
Capacity (t/year)
TBD
Start of operations
2030+
Investment
TBD mil. USD
Financing
State SE
Carester · France · Magnet recycling
Capacity (t/year)
1 400 REO
Start of operations
2027–28
Investment
~150 mil. USD
Financing
EU + FR
Serra Verde (Denham) · Brazil · Mining + refining
Capacity (t/year)
~5 000 NdPr
Start of operations
2025
Investment
~500 mil. USD
Financing
US PE fund
Lynas · Australia · Refining (HREE)
Capacity (t/year)
TBD
Start of operations
2025–26
Investment
~500 mil. USD
Financing
JP/DoD
VAC/Vacuumschmelze · USA / Germany · Magnets
Capacity (t/year)
TBD
Start of operations
2027–28
Investment
>500 mil. USD
Financing
DoD support
Critical Metals Corp · Greenland · Mining
Capacity (t/year)
TBD
Start of operations
2030+
Investment
TBD mil. USD
Financing
TBD
NioCorp · USA · Mining Sc+Nb+Ti
Capacity (t/year)
~130 Sc oxide
Start of operations
2028–29
Investment
~1 200 mil. USD
Financing
DoD
Source: company announcements, DFS studies, government grants (DoD, JOGMEC, EU), 2025 · Analysis: David Navrátil / PPP