Editorial intelligence · Rare earths and NdFeB magnets
Rare earths are a processing problem before they are a mining problem.
China's position strengthens as the chain moves from ore to refined oxides to permanent magnets. This brief tracks the facilities, policies, and workforce constraints behind non-China mine-to-magnet capacity.
Public beta · 48 sources · 34 claims
01 Concentration
China's share of the magnet chain in 2024.
The shares rise as the chain moves downstream. Mining is concentrated; refining is more concentrated; finished magnet production is more concentrated still.
Source · International Energy Agency· Rare Earth Elements, 2026 reading of 2024 shares
02 Current read
Four observations.
- 01
China's advantage rises downstream, from ore to refined oxides to magnets.
- 02
Non-China capacity is being built, but it remains fragmented across projects and jurisdictions.
- 03
The hard gaps sit in separation, metals and alloys, magnets, qualification, and workforce.
- 04
Active export controls make licensing and qualification timing strategic.
03 Project-stage snapshot
Curated projects against six chain steps.
Rows are the 10 curated projects; columns are six chain steps. Cells show only stage coverage; project-wide operating evidence is labeled separately and is not inferred per stage.
| Project | Mining | Concentrate | Separation | Metals/Alloys | Magnets | Recycling |
|---|---|---|---|---|---|---|
| Mountain Pass / Independence / Northlake 10XMP MaterialsProject-wide evidence: mixed | Yes | Yes | Yes | Yes | Yes | Yes |
| Mt Weld / Kalgoorlie / Malaysia / SeadriftLynas Rare EarthsProject-wide evidence: mixed | Yes | Yes | Yes | — | — | — |
| Eneabba Rare Earths RefineryIluka ResourcesProject-wide evidence: construction | — | Yes | Yes | — | — | — |
| Pela EmaSerra Verde GroupProject-wide evidence: commercial production | Yes | Yes | — | — | — | — |
| Silmet / NarvaNeo Performance MaterialsProject-wide evidence: commissioning | — | — | Yes | — | Yes | — |
| San Marcos Magnet FacilityNoveon MagneticsProject-wide evidence: operating | — | — | — | — | Yes | Yes |
| Project Eagle / Sumter Magnet Facilitye-VAC Magnetics / VAC GroupProject-wide evidence: commissioning | — | — | — | — | Yes | — |
| Stillwater / Round TopUSA Rare EarthProject-wide evidence: commissioning | Yes | Yes | — | Yes | Yes | — |
| Caremag LacqCarester / CaremagProject-wide evidence: construction | — | — | Yes | — | — | Yes |
| Louisiana Strategic Metals ComplexUcore Rare MetalsProject-wide evidence: announced | — | — | Yes | — | — | — |
04 Workforce and process know-how
The workforce behind the chain.
Solvent-extraction trains, sintering furnaces, and customer qualification cycles run on tacit judgment held by operators, supervisors, and process engineers. The workforce view tracks the roles and capabilities behind each stage.
05 What to watch
Five watch points.
- 01
Iluka Eneabba refinery commissioning, currently expected in 2027.
- 02
Stillwater Phase 1a ramp from commissioning to customer deliveries.
- 03
Caremag Lacq start-up and first deliveries of recycled and refined oxides.
- 04
e-VAC Sumter scaling toward full sintered magnet capacity in early 2026.
- 05
Pattern of Chinese rare-earth export-control licensing through 2026.