Category IV · Critical & future minerals
Rare earth elements.
Permanent-magnet metals (EV motors, wind turbines, defence). Western supply diversification underway.
Benchmark
NdPr oxide (Neodymium–Praseodymium 75:25)
Unit
US$ / kg
Current price · 3-mo forward avg
US$ 82 / kg
Apr — Jul 2026 (forward 3-mo avg)
Permanent-magnet metals (EV motors, wind turbines, defence). Western supply diversification underway.
Price · NdPr oxide (Neodymium–Praseodymium 75:25)
2016 — 2035
Solid line: historical annual averages. Dashed line: forward projections (consensus).
Top 5 producing countries
- 01
China
60%
Bayan Obo + ionic-clay deposits; dominant refiner
- 02
United States
12%
Mountain Pass (MP Materials)
- 03
Myanmar
11%
Heavy REE — flows to China
- 04
Australia
8%
Lynas — only major non-Chinese refiner
- 05
Madagascar
2%
Tantalus emerging
Leading companies
- 01
China Northern Rare Earth
World's largest light-REE producer
- 02
Lynas Rare Earths
Australia mining + Malaysia refining
- 03
MP Materials
Mountain Pass (US) + magnet facility build-out
- 04
Iluka Resources
Eneabba refinery (Australia) — US-aligned supply
- 05
Energy Fuels
US uranium-REE diversification play
Of note
- §
China controls ~85% of global REE refining capacity — even though it produces 60% of mined output.
- §
NdPr is essential to permanent magnets in EV motors and direct-drive wind turbines.
- §
US Defense Production Act + EU Critical Raw Materials Act are funding Western refining build-out.
Sources
USGS, IEA Critical Minerals Outlook · Adamas Intelligence. Curated quarterly. Forward projections are consensus indications and are not a guarantee of future prices.