Mischmetal / Lanthanum (NiMH anode alloy)

China's largest rare earth company by production volume; controls the Bayan Obo mining complex in Inner Mongolia — the world's largest rare earth deposit (light rare earths, primarily bastnäsite/monazite). Listed on Shanghai Stock Exchange. Subsidiary of Baotou Steel Group (itself a subsidiary of China Baowu, the world's largest steel company). Bayan Obo was initially developed as an iron ore deposit; rare earths were a 'byproduct' discovery that became the dominant geopolitical asset. China Northern's production plus other Chinese producers gives China ~60% of global ore production and ~85% of separated NdPr oxide.

Australian rare earth mining and processing company (ASX: LYC, HQ Kuala Lumpur/Perth); world's largest rare earth producer outside China. Mines at Mount Weld, Western Australia (one of the world's highest-grade rare earth deposits) and processes at LAMP (Lynas Advanced Materials Plant) in Kuantan, Malaysia. Produces separated rare earth oxides including lanthanum oxide, LREE carbonate, neodymium-praseodymium oxide. Lanthanum from Lynas is a byproduct of Nd/Pr production — lanthanum has limited premium uses and Lynas has at times struggled to find buyers for its lanthanum output. Lynas is also building a heavy rare earth processing facility in Kalgoorlie, Australia and an NdPr separation facility in Seadrift, Texas (DoD-funded) to establish non-China rare earth processing.

Japanese specialty metals company (HQ Osaka; subsidiary of Sumitomo Metal Mining / SMM group); manufactures hydrogen-absorbing alloys (HAA) and rare earth alloys for NiMH rechargeable batteries and other applications. Santoku is the primary Japanese converter of rare earth mischmetal into the specific AB5-type hydrogen-storage alloy used in NiMH battery negative electrodes — taking La/Ce/Nd carbonate or oxide and producing the engineered alloy powder that actually goes into battery cells made by Panasonic Energy, FDK (Fujitsu), and others. Most people associate Toyota Prius NiMH batteries with Panasonic Battery; few realize a key material node in that supply chain is Santoku Corporation in Osaka, owned by Sumitomo Metal Mining. Santoku also supplies NiMH alloys for cordless phones, power tools, and portable electronics.

Operator of Mountain Pass, California — the only US rare earth mine and the largest rare earth mine outside of China. Produces rare earth concentrate (bastnasite ore) with ~15% of global rare earth ore production. As of 2024, still shipping concentrate to China (Shenghe Resources, a major MP investor) for separation into NdPr oxide. On-site solvent extraction (SX) separation plant being commissioned at Mountain Pass to enable US-based separation. MP Materials also building a rare earth magnet manufacturing facility in Fort Worth, Texas. Mountain Pass was the world's dominant rare earth mine until Chinese competition drove Molycorp (predecessor) bankrupt in 2015.

Fujitsu-affiliated Japanese manufacturer, world's leading producer of consumer NiMH rechargeable batteries (AA/AAA) marketed under Fujitsu and eneloop brands. Acquired Sanyo Energy Twicell (former eneloop factory) from Panasonic in 2010. Operates the Takasaki Plant in Gunma, Japan.