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Rare earth refining

Who refines rare earths outside China (October 2026)

Procurement and supply-chain buyers sourcing rare earth oxides and metals outside China

By the StrategicRawMaterial team · · 16 min read

Who refines rare earths outside China?

As of 29 October 2026, we could confirm from company or government sources seven companies that separate mixed rare earths into individual oxides at commercial scale outside China: Lynas (Malaysia), MP Materials and Energy Fuels (US), Solvay (France), Neo Performance Materials (Estonia), IREL (India) and Shin-Etsu (Japan and Vietnam). Separation, often called refining, is the step China dominates. It comes after mining and concentrating and before metal-making and magnets.

The rare earth magnet chain in four steps: mine and concentrate, separation (refining), metal and alloy, magnets. China's share of magnet rare earth refining was 91% in 2024 and 85% in 2025, and 94% of sintered magnet production in 2024 (IEA). Seven companies outside China whose commercial separation we could confirm from company or government sources, as of 29 October 2026: Lynas (Malaysia), MP Materials (US), Energy Fuels (US), Solvay (France), Neo Performance Materials (Estonia), IREL (India) and Shin-Etsu (Japan, Vietnam).
Commercial rare earth separation outside China
CompanyPlantStages at the plantStatusLatest output or capacityDisclosed relationships
Lynas Rare Earths (Australia)Kuantan, Malaysia; Kalgoorlie, AustraliaCracking and leaching at both sites. Kuantan separates NdPr, dysprosium, terbium and (since March 2026) samarium oxides.[5][7]Operating. The Malaysian operating licence was renewed for 10 years from 3 March 2026.[7]FY to June 2026: 7,260 t NdPr ready for sale.[6] September 2026 quarter (reported 29 October): 2,082 t NdPr, and 23 t of dysprosium and terbium combined.[12]Japan Australia Rare Earths (JARE), a JOGMEC and Sojitz company, has a firm offtake of 5,000 t/yr NdPr to 2038 at a US$110/kg floor.[8] The US Department of War has a binding letter of intent for about US$96m of oxides over four years.[9] LS Eco Energy and Lynas have agreed to subscribe to each other's convertible instruments, about A$29m each and subject to conditions. A March 2026 framework agreement covers a metal plant in Vietnam using Lynas oxide; the definitive agreement is not yet signed.[11]
MP Materials (US)Mountain Pass, California; Independence, Fort Worth, TexasMine and NdPr separation at Mountain Pass. Metal, alloy and magnets at Independence.[14][18]Separation is operating. Metal is sold. Magnets are still in customer qualification, before "commercial production".[14]2,599 t NdPr oxide in 2025;[13] 840 t in Q2 2026[14]The US Department of Defense (now Department of War), July 2025: US$400m in preferred stock, a 10-year NdPr floor of US$110/kg, and a US$150m loan for heavy rare earth separation.[17] Apple: a US$500m commitment.[19] General Motors buys magnet precursor products.[18]
Energy Fuels (US)White Mesa Mill, UtahCommercial NdPr separation. Dysprosium and terbium oxide at pilot scale.[23]OperatingNdPr capacity up to 1,000 t/yr.[22] No production tonnage disclosed.[23]Completed its acquisition of Australian Strategic Materials (ASM), including its Korean alloy plant, on 28 August 2026.[24] Its terbium oxide was qualified by a large Japanese magnet maker.[25] Agreed to acquire the magnet maker VAC; the deal had not closed as of 13 October 2026.[26][27]
Solvay (Belgium)La Rochelle, FranceSeparation of magnet rare earths. Industrial-scale dysprosium and terbium separation to start in autumn 2026.[29]Commercial production since 8 April 2025.[28]Not disclosed by SolvayWill supply NdPr, dysprosium and terbium oxides to the US magnet maker Noveon from 2026.[30] A further €15–20m expansion, "supported by new customer commitments".[29]
Neo Performance Materials (Canada)NPM Silmet, Sillamäe, EstoniaNeodymium and praseodymium separation. A small heavy rare earth line since April 2026.[31] Neo's magnet plant at Narva has been in commercial production since September 2026.[32]OperatingNot disclosed[31]The Silmet 2.0 upgrade is an EU Strategic Project.[35] A binding term sheet to receive dysprosium and terbium oxides from Caremag.[33]
IREL (India) LimitedAluva, Kerala; OdishaRare earth chloride concentrate at its extraction plant in Odisha. Separation at Aluva into lanthanum, cerium, NdPr, samarium, europium, gadolinium and yttrium oxides.[37][38]Operating. A magnet plant at Visakhapatnam was completed in 2024.[39]No output figures publishedA Government of India undertaking (Department of Atomic Energy)[38]
Shin-Etsu Chemical (Japan)Takefu, Japan; Hai Phong, VietnamSeparation at Takefu since 1967. In Vietnam, recovery and refining of rare earths from magnet-derived material, started in 2013. Magnets at both sites.[40][41][42]Operating, on Shin-Etsu's most recent statements about its separation, from 2012 and 2014; its history page lists no later change. The Vietnam plant started in 2013.[40][41][42]Not disclosedSupplies Shin-Etsu's own magnet production.[42]

Heavy rare earths. All seven separate light rare earths. Dysprosium and terbium are scarcer outside China:

  • Lynas sells them commercially.
  • Neo has a small line.
  • Energy Fuels is at pilot scale.
  • Solvay's industrial-scale start was due in autumn 2026. We found no announcement of it as of 29 October 2026.[29]
  • MP said in May 2026 that commissioning of its heavy rare earth separation was "set to begin imminently".[15] Its August results did not report it.[14]

IREL's Aluva plant lists samarium, europium, gadolinium and yttrium, but not dysprosium or terbium.[37]

What share of rare earth refining does China control?

China refined 91% of the world's magnet rare earths in 2024, and about 85% in 2025. Both figures come from the International Energy Agency (IEA).[1][2] Published figures differ mainly because they describe different years.

China's share of rare earth refining, by source
FigureYearScopeSource
Over 90%2023Magnet rare earthsIEA, Global Critical Minerals Outlook 2026, 16 July 2026[2]
91%2024Magnet rare earths (Nd, Pr, Dy, Tb)IEA, Rare Earth Elements report, 8 April 2026[1]
85%2025Magnet rare earths[3]IEA, Global Critical Minerals Outlook 2026[2]
84%2025 (described as "last year")Rare earths used in permanent magnetsBOFIT Weekly Review 32/2026, 7 August 2026, citing the same IEA Outlook[4]
70%2035, projectedMagnet rare earths, if planned projects come online as scheduledIEA[2]

Why the figures differ.

  • Year. The 91% figure is for 2024. The 84–85% figures are for 2025.
  • Scope. Both are for magnet rare earths, not all 17 elements. The IEA's Outlook states that its rare earth figures "refer to magnet rare earth elements only".[3]
  • 84 or 85. BOFIT cites the IEA Outlook, whose published text says 85%. We could not find where BOFIT's 84% comes from.

The IEA attributes the 2025 fall to "new projects in the United States and production increases in Malaysia".[2] It names no companies. Lynas is the only commercial separator in Malaysia, and MP Materials is the only US separator that publishes its NdPr output, so the IEA is most likely describing those two. That is our reading, not the IEA's.

Further down the chain, China's share is higher: 94% of sintered magnet production in 2024.[1]

Which companies outside China turn oxide into metal?

Separated oxide has to be reduced to metal, and often alloyed, before a magnet maker can use it. As of 29 October 2026, eight companies do this, or plan to, outside China, and Iluka has bought equipment to make dysprosium and terbium metal.[75] In the sources we checked, few of them say whose oxide they use.

Rare earth metal and alloy makers outside China
CompanyPlantProductsStatusCapacity and relationships
Less Common Metals (owned by USA Rare Earth since 18 November 2025)[43]Cheshire, UKNdPr, samarium and yttrium metal; SmCo and NdFeB strip-cast alloysOperating. First commercial yttrium metal in April 2026.[45]About 2,500 t/yr of metal and alloy capacity.[44] Supplies alloy to USA Rare Earth's magnet plant.[43]
Korean Metals Plant (Energy Fuels, through ASM)Ochang, South KoreaNdPr metal and NdFeB alloyOperating and supplying customers, according to both companies. ASM's page also still says "Phase 1 commissioning".[24][47]1,300 t/yr, expanding to 3,600 t/yr, with commissioning "as early as the end of 2026"[24]
SRE Vietnam (Tokai Trading, Japan)VietnamNdPr metalOperatingFirst 5 t shipment to Evolution Metals & Technologies received on 22 July 2026[50]
SantokuKobe area, JapanMetal by molten-salt electrolysis; NdFeB strip-cast alloys; SmCo alloysOperatingCapacity not published[51]
Phoenix TailingsExeter, New Hampshire, USMetal and alloyOpened in October 2025[46]We found no consistent published capacity figure. Separately, the Department of War's Office of Strategic Capital has made a conditional commitment of US$500m in debt for Phoenix's Freedom Project, a separation-and-metallisation platform whose separation plant is planned at Rochester, New York.[48][49]
Saskatchewan Research CouncilSaskatoon, CanadaRare earth metal; separation in the new facilityCommercial-scale rare earth metal production since 2024. The new facility, which adds separation, is due to be commissioned by December 2026.[64]The new facility: 400, rising to 600, t/yr of NdPr metal, according to SRC in December 2025.[65] In August 2026 REalloys gave about 525 t/yr of NdPr metal, 30 t/yr of dysprosium oxide and 15 t/yr of terbium oxide, and said it had secured rights to about 80% of the output.[66]
MP MaterialsIndependence, Fort Worth, Texas, USNdPr metal and alloyMetal is sold.[14]MP's NdPr sales, counted as oxide equivalent, include sales to its own magnet business.[14]
LS Eco Energy (Korea)VietnamMetalPlannedLynas is to supply the oxide under a March 2026 framework agreement; the definitive agreement is not yet signed.[11]

Which companies are building rare earth separation plants outside China?

As of 29 October 2026, ten separation projects outside China are under construction or have an investment decision, funding or a conditional funding commitment. Six are new plants: Iluka's Eneabba refinery and Arafura's Nolans in Australia, Caremag in France, the Saskatchewan Research Council's facility in Canada, and Phoenix Tailings and Ucore in the US. The other four are heavy rare earth circuits at Lynas, Energy Fuels, MP Materials and Solvay.

Rare earth separation projects outside China with an investment decision or funding
ProjectProducts and capacityLatest stated dateEarlier dateFunding and offtake
Iluka, Eneabba refinery, Western Australia5,500 t/yr NdPr oxide, 750 t/yr dysprosium-terbium oxide[53]65% complete at 30 September 2026;[75] commissioning in 2027 (Iluka said "mid 2027" in June 2026)[52][55]First production in 2025 (stated in 2022, after the April 2022 investment decision)[57]A$1.65bn Australian Government loan through Export Finance Australia (EFA); full access confirmed on 22 June 2026.[55][56] First offtake: take-or-pay, 1,200 t of magnet rare earth oxides over an initial four years from 2028, to an unnamed global car maker.[54]
Arafura, Nolans, Northern Territory4,440 t/yr NdPr oxide, 573 t/yr heavy rare earth oxides[58]Investment decision 21 May 2026;[58] ground broken 8 October 2026.[59] Construction planned for 2027–2029. Main construction is still subject to signing the project finance and completing the equity subscriptions by EFA and by KfW for the German Raw Materials Fund.[60]None foundA$200m of convertible notes from the National Reconstruction Fund Corporation, and equity of €50m from the German Raw Materials Fund and US$100m from EFA, all subject to conditions.[61] A US$300m letter of interest from US EXIM. About 80% of production committed.[60]
Carester, Caremag, Lacq, France800 t/yr NdPr and 600 t/yr dysprosium and terbium oxides (company figures), from recycled magnets and concentrate[62]Commissioning in late 2026[63]Operations "by late 2026" (March 2025)[62]€216m in financing: €106m from the French state, and up to €110m from JOGMEC and Iwatani, with long-term heavy rare earth supply to Japan.[62] An EU Strategic Project.[36] USA Rare Earth has agreed to take about 13.6% of Carester, Caremag's parent.[45] Neo has a binding term sheet for dysprosium and terbium.[33]
Saskatchewan Research Council, Saskatoon, Canada400–600 t/yr NdPr metal (SRC, December 2025);[65] about 525 t/yr NdPr metal, 30 t/yr dysprosium oxide and 15 t/yr terbium oxide (REalloys, August 2026)[66]Commissioning by December 2026; operational in 2027[64]—Upgrade fully funded by REalloys, which holds offtake rights[65][66]
Lynas, heavy rare earth expansion, KuantanIncludes 250 t/yr dysprosium, 50 t/yr terbium and 1,100 t/yr samarium oxide[10]First gadolinium in early FY28 (from July 2027)[5]—Cost estimate up from about A$180m to about A$294m.[5] JARE firm commitment for the equivalent of 50% of Lynas's heavy rare earth oxides[8]
Energy Fuels, heavy rare earth circuits, UtahAbout 120 t/yr dysprosium and 20 t/yr terbium oxide[22]Commissioning in Q4 2027[22]—Conditional US$725m financing commitment from the Office of Strategic Capital, 18 June 2026, for the White Mesa expansion and a planned metals and alloys plant[23]
MP Materials, heavy rare earth circuit, Mountain Pass200 t/yr dysprosium and terbium[16]Commissioning "set to begin imminently" (May 2026)[15]Commissioning from mid-2026 (stated November 2025)[16]A US$150m loan from the Department of Defense (now Department of War), announced July 2025 and issued in August 2025[17][18]
Solvay, dysprosium and terbium, La RochelleNot disclosedIndustrial scale from autumn 2026[29]—€15–20m, backed by customer commitments[29]
Phoenix Tailings, Rochester, New YorkMore than 4,400 t/yr of separated oxides[49]Ramp-up in 2027; full production in 2028[49]—US$500m conditional debt commitment from the Office of Strategic Capital[48][49]
Ucore, Alexandria, LouisianaMachine A, about 600 t/yr of total rare earth oxides, then three production lines of up to about 3,000 t/yr each[68]Machine A installed, tested and commissioned in H1 2027[68]Installation of the first machine in mid-2026 (stated December 2025)[67]US$27.0m in Department of War grants.[69] On 28 May 2026 Ucore said it had not yet received "all required funding";[68] in August 2026 it raised about C$69m, partly for the Louisiana plant.[69]

Built, announced or financing not yet secured:

  • REEtec (Herøya, Norway). It is completing its first industrial separation plant, and the installed equipment is being tested.[70] Production had been planned for 2024.[71]
  • Aclara (Louisiana) targets site preparation in Q1 2027 "subject to financing", and construction completion in H2 2028.[72]
  • Neo's Silmet 2.0 would triple Silmet's separation capacity. It is still subject to an investment decision.[34]
  • MP Materials and Maaden (Saudi Arabia) have a binding term sheet for a refinery joint venture.[20]
  • Lynas's planned plant at Seadrift, Texas faces "significant uncertainty as to whether the construction ... would proceed".[9]

What the heavy rare earth figures add up to. The six projects with a published dysprosium and terbium figure add up to about 2,035 t/yr of nameplate capacity. That is our sum of:

  • Iluka, 750 t;
  • Caremag, 600 t;
  • Lynas's expansion, 300 t;
  • MP Materials, 200 t;
  • Energy Fuels, 140 t;
  • the Saskatchewan Research Council's new facility, 45 t, a figure published by REalloys rather than SRC.[53][62][10][16][22][66]

Lynas, the only commercial seller as of 29 October 2026, produced 62 t ready for sale in the year to June 2026. That is our sum of its four quarters.[5] Read the 2,035 t with care:

  • it is nameplate capacity, not output;
  • Arafura, Solvay, Phoenix Tailings and Ucore publish no dysprosium and terbium figure, so they are not in it;
  • Iluka expects about 170 t a year of dysprosium and terbium from its own stockpile;[54]
  • Caremag's 600 t is the company's own figure;
  • none of these circuits was running at scale on 29 October 2026.

Can Lynas and MP Materials replace Chinese rare earth refining?

No, not as of October 2026. They are the only separators outside China that publish their NdPr output, and there are four reasons they cannot replace China.

  1. The share. China still refined about 85% of magnet rare earths in 2025, with both companies running.[2] The IEA says existing and announced capacity outside China covers about a quarter of the refining needed outside China in 2035, even with planned expansions.[1] Refining outside China would therefore need to reach about four times its planned level (our calculation).
  2. The volume. Lynas produced 7,260 t of NdPr ready for sale in the year to June 2026.[6] MP produced 2,599 t of NdPr oxide in 2025.[13] That is about 9,860 t between them (our sum; the 12-month periods and the definitions of output differ). They are also the only two separators outside China that publish NdPr output every quarter, so the answer to which non-Chinese producers report quarterly production is a list of two: in their latest quarters, Lynas made 2,082 t (September 2026) and MP 840 t (June 2026).[12][14]
  3. Heavy rare earths. Lynas produced 62 t of dysprosium and terbium ready for sale in FY26, and 23 t in the September 2026 quarter.[5][12] MP's heavy rare earth circuit had not been reported running as of its August 2026 results.[14][15] Lynas's US heavy rare earth plant may not be built.[9]
  4. Committed volume. A buyer cannot treat their output as open supply. JARE has a firm commitment to buy 5,000 t/yr of Lynas NdPr. That is about 69% of Lynas's FY26 output (our calculation: 5,000 ÷ 7,260). The underlying marketing agreement allows up to 7,200 t/yr for Japanese industry to 2038.[8] MP sells NdPr oxide and metal to outside customers and to its own magnet business,[14][18] and the Department of War is to buy all magnets from MP's 10X plant unless it approves commercial sales.[18]

What they do provide is NdPr priced against a floor rather than only the Chinese market.

  • MP has a 10-year US$110/kg NdPr floor with the US government,[17] under which MP recognised US$17.6m of price-protection income in Q2 2026.[14]
  • Lynas has the same US$110/kg floor with JARE,[8] and in its letter of intent with the Department of War.[9]

Our reading: because both floors sit at US$110/kg, how NdPr oxide is priced outside China now has a reference point set outside the Chinese market.

Our reading: the gap narrows only as the new plants start, at their stated dates: Solvay's dysprosium and terbium in autumn 2026, Caremag in late 2026 and Iluka in 2027. MP has given no new date for its heavy rare earth circuit since May 2026.

Which countries are emerging as rare earth processing hubs?

According to the IEA, the separation capacity planned outside China to 2035 is "concentrated in Malaysia and the United States". It names Australia, Vietnam, Japan, the United Kingdom, France and Estonia next. For metals, alloys and magnets, the US leads, "with contributions from Europe, Japan, Korea and Viet Nam".[1]

Rare earth processing outside China by country, as of 29 October 2026
CountrySeparation operatingSeparation buildingMetal and alloyGovernment support named in the sources
MalaysiaLynas, KuantanLynas heavy rare earth expansion—10-year operating licence from March 2026[7]
United StatesMP Materials; Energy FuelsMP and Energy Fuels heavy rare earth circuits; Phoenix Tailings (Rochester); UcoreMP (Fort Worth); Phoenix Tailings (Exeter)Department of War equity, price floor and loan for MP;[17] conditional Office of Strategic Capital commitments to Phoenix[48][49] and Energy Fuels;[23] Department of War grants to Ucore[69]
AustraliaCracking only (Lynas, Kalgoorlie)Iluka (Eneabba); Arafura (Nolans)—EFA loan of A$1.65bn to Iluka;[55] EFA equity and National Reconstruction Fund convertible notes in Arafura[61]
FranceSolvay, La RochelleCaremag, LacqLess Common Metals' planned plant at Lacq[45]€106m French state support for Caremag; EU Strategic Project[62][36]
EstoniaNeo, SilmetSilmet 2.0 (before an investment decision)—EU Strategic Project[35]
VietnamShin-Etsu, Hai Phong—SRE Vietnam (NdPr metal); LS Eco Energy (planned, Lynas oxide)—
JapanShin-Etsu, Takefu—SantokuJOGMEC, through JARE and its Caremag investment[8][62]
South Korea——Korean Metals Plant (Energy Fuels)—
United Kingdom——Less Common Metals—
Canada—Saskatchewan Research Council's new facilitySaskatchewan Research Council (rare earth metal)—
IndiaIREL——IREL is a Government of India undertaking[38]

As of 29 October 2026, Lynas, in Malaysia, is the only company outside China that describes itself as a commercial producer of both light and heavy rare earth oxides.[5] The US has four of the ten separation projects with an investment decision, funding or a conditional commitment, more than any other country.

The IEA lists the UK among future separation countries. In the sources we found, though, the UK's current role is metal-making at Less Common Metals, not separation.

As of 29 October 2026, Saudi Arabia (MP–Maaden) and Norway (REEtec) are not yet producing.[20][70]

What this means if you buy oxide or metal

  • Ask whose oxide it is. We could confirm only seven commercial separators outside China, and only one, Lynas, described itself in its June 2026 quarterly report as "the only commercial producer of light and heavy rare earth oxides outside of China".[5] So a seller offering non-Chinese separated oxide should be able to name one of the seven plants. A metal seller should be able to say whose oxide went into the metal; most of the metal makers we checked do not publish this. Ask for the names, and check them as described in how to verify that a rare earth supplier is legitimate.
  • Expect committed volumes. JARE's firm commitment covers about 69% of Lynas's FY26 NdPr (our calculation) and half of its heavy rare earth oxides,[8] and MP sells NdPr oxide and metal to outside customers and to its own magnet business,[14][18] with the Department of War buying all magnets from its 10X plant unless it approves commercial sales.[18]
  • Watch the licence status of Chinese-origin material. Dysprosium and terbium oxides, metals and alloys exported from China have needed a licence from China's Ministry of Commerce (MOFCOM) since 4 April 2025. They are two of the seven elements on the list of which rare earths need a Chinese export licence, with samarium, gadolinium, lutetium, scandium and yttrium.[74]

On this site, every company passes KYC/KYB checks before it can join. Each offer's material is verified before buyers can bid, and trading is anonymous until a match.[73] Request access to buy rare earth oxides and metals from sellers outside China.

What happens next

  • 5 November 2026: MP Materials' third-quarter results.[21] Its August results did not report the heavy rare earth circuit running, and its magnets were still in customer qualification.[14]
  • Late 2026: Solvay's dysprosium and terbium start,[29] Caremag's commissioning,[63] the Saskatchewan Research Council's new facility[64] and, possibly as early as the end of 2026, the Korean Metals Plant expansion.[24]
  • 2027: Ucore's Machine A (H1),[68] Iluka's commissioning,[52] Lynas's first gadolinium (from July 2027)[5] and Energy Fuels' dysprosium and terbium circuits (Q4).[22]
  • Not yet dated: Arafura's financial close,[60] a definitive Lynas–Department of War agreement,[9] a definitive MP–Maaden joint venture,[20] a definitive Lynas–LS Eco Energy metal agreement,[11] and Energy Fuels' completion of the VAC purchase.[27]

Sources

  1. IEA, Rare Earth Elements: Pathways to Secure and Diversified Supply Chains, executive summary, 8 April 2026. iea.org (opens in a new tab)
  2. IEA, "Supply concentration, export restrictions and declining investment put critical mineral security at risk" (Global Critical Minerals Outlook 2026), 16 July 2026. iea.org (opens in a new tab)
  3. IEA, Global Critical Minerals Outlook 2026, Outlook chapter (chart notes). iea.org (opens in a new tab)
  4. BOFIT Weekly Review 32/2026, "China retains dominance of critical raw material production", 7 August 2026. bofit.fi (opens in a new tab)
  5. Lynas Rare Earths, Quarterly Activities Report for the period ended 30 June 2026, filed 22 July 2026. asx.com.au (opens in a new tab)
  6. Lynas Rare Earths, 2026 Annual Report, filed 26 August 2026. ASX filing (opens in a new tab)
  7. Lynas Rare Earths, FY26 Results Announcement, filed 26 August 2026. ASX filing (opens in a new tab)
  8. Lynas Rare Earths, "Enhanced JARE agreement for Japanese industry", 10 March 2026. asx.com.au (opens in a new tab)
  9. Lynas Rare Earths, "Lynas and US DoW sign Letter of Intent for rare earth supply", 16 March 2026. ASX filing (opens in a new tab)
  10. Lynas Rare Earths, Malaysian heavy rare earth expansion, 29 October 2025. ASX filing (opens in a new tab)
  11. Lynas Rare Earths, cross-investment with LS Eco Energy, 27 July 2026. asx.com.au (opens in a new tab)
  12. Lynas Rare Earths, Quarterly Report for the period ended 30 September 2026, filed 29 October 2026. ASX filing (opens in a new tab)
  13. MP Materials, Fourth Quarter and Full Year 2025 Results, 26 February 2026. mpmaterials.com (opens in a new tab)
  14. MP Materials, Second Quarter 2026 Results, 6 August 2026. mpmaterials.com (opens in a new tab)
  15. MP Materials, First Quarter 2026 Results, 7 May 2026. mpmaterials.com (opens in a new tab)
  16. MP Materials, Third Quarter 2025 Results, 6 November 2025. mpmaterials.com (opens in a new tab)
  17. MP Materials, Form 8-K Exhibit 99.1, public-private partnership with the Department of Defense, 10 July 2025. sec.gov (opens in a new tab)
  18. MP Materials, Form 10-Q for the quarter ended 30 June 2026. sec.gov (opens in a new tab)
  19. Apple, "Apple expands US supply chain with $500 million commitment", 15 July 2025. apple.com (opens in a new tab)
  20. Maaden, binding term sheet with MP Materials for a rare earth refinery joint venture, 19 November 2025. maaden.com (opens in a new tab)
  21. MP Materials, date for Third Quarter 2026 results, 8 October 2026. mpmaterials.com (opens in a new tab)
  22. Energy Fuels, "Commercial-Scale 'Heavy' Rare Earth Plant Now Under Construction in Utah", 29 July 2026. energyfuels.com (opens in a new tab)
  23. Energy Fuels, Form 10-Q for the quarter ended 30 June 2026. sec.gov (opens in a new tab)
  24. Energy Fuels, "Energy Fuels Completes Acquisition of Australian Strategic Materials", 28 August 2026. energyfuels.com (opens in a new tab)
  25. Energy Fuels, "'Heavy' Rare Earths Produced by Energy Fuels Qualified for Use by Largest Permanent Magnet Manufacturer in Japan", 19 August 2026. energyfuels.com (opens in a new tab)
  26. Energy Fuels, Q2 2026 Results, 5 August 2026. energyfuels.com (opens in a new tab)
  27. Energy Fuels, Form 8-K, amendment to the VAC merger agreement, 13 October 2026. sec.gov (opens in a new tab)
  28. Solvay, "Solvay advances European rare earths production through capacity expansion", 8 April 2025. solvay.com (opens in a new tab)
  29. Solvay, Q2 2026 earnings release, 29 July 2026. solvay.com (opens in a new tab)
  30. Solvay, "Noveon and Solvay forge partnership for light and heavy rare earth materials supply", 12 November 2025. solvay.com (opens in a new tab)
  31. Neo Performance Materials, Management's Discussion and Analysis, Q2 2026, 10 August 2026. neomaterials.com (opens in a new tab)
  32. Neo Performance Materials, European magnet facility in commercial production, 14 September 2026. neomaterials.com (opens in a new tab)
  33. Neo Performance Materials, partnership with Carester, 31 August 2026. newswire.ca (opens in a new tab)
  34. Neo Performance Materials, Silmet named a Strategic Project under the EU Critical Raw Materials Act, 13 October 2026. neomaterials.com (opens in a new tab)
  35. European Commission, Decision C(2026) 8051, annex: second list of Strategic Projects, 9 October 2026. europa.eu (opens in a new tab)
  36. European Commission, Decision C(2025) 1904, annex: first list of Strategic Projects, 25 March 2025. europa.eu (opens in a new tab)
  37. IREL (India) Limited, Rare Earths Division, Aluva, checked 27 October 2026. irel.co.in (opens in a new tab)
  38. IREL (India) Limited, About us, checked 27 October 2026. irel.co.in (opens in a new tab)
  39. Lok Sabha, Unstarred Question No. 1710, answered 29 July 2026. sansad.in (opens in a new tab)
  40. Shin-Etsu Chemical, rare earth magnet business history, checked 27 October 2026. shinetsu-rare-earth-magnet.jp (opens in a new tab)
  41. Shin-Etsu Chemical, first investments in Vietnam, 24 January 2012. shinetsu.co.jp (opens in a new tab)
  42. Shin-Etsu Chemical, rare earth magnet plant in Hai Phong, 21 April 2014. shinetsu.co.jp (opens in a new tab)
  43. USA Rare Earth, completion of the acquisition of Less Common Metals, 18 November 2025. sec.gov (opens in a new tab)
  44. USA Rare Earth, Form 10-K for the year ended 31 December 2025. sec.gov (opens in a new tab)
  45. USA Rare Earth, Q2 2026 earnings release, 10 August 2026. sec.gov (opens in a new tab)
  46. New Hampshire Public Radio, "One of the country's few rare earth processing plants opens in Exeter", 30 October 2025. nhpr.org (opens in a new tab)
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