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. Cell status is the project's overall operating evidence, which loses per-stage nuance for mixed projects; the legend flags this.
| Project | Mining | Concentrate | Separation | Metals/Alloys | Magnets | Recycling |
|---|---|---|---|---|---|---|
| Mountain Pass / Independence / Northlake 10XMP Materials | Op | Op | Op | Op | Op | Op |
| Mt Weld / Kalgoorlie / Malaysia / SeadriftLynas Rare Earths | Op | Op | Op | — | — | — |
| Eneabba Rare Earths RefineryIluka Resources | — | Com | Com | — | — | — |
| Pela EmaSerra Verde Group | Op | Op | — | — | — | — |
| Silmet / NarvaNeo Performance Materials | — | — | Com | — | Com | — |
| San Marcos Magnet FacilityNoveon Magnetics | — | — | — | — | Op | Op |
| Project Eagle / Sumter Magnet Facilitye-VAC Magnetics / VAC Group | — | — | — | — | Com | — |
| Stillwater / Round TopUSA Rare Earth | Com | Com | — | Com | Com | — |
| Caremag LacqCarester / Caremag | — | — | Com | — | — | Com |
| Louisiana Strategic Metals ComplexUcore Rare Metals | — | — | Ann | — | — | — |
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.