Rare Earth Oxides (Nd, Pr, Dy, Tb)

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.

State-owned rare earth conglomerate (~18% global lanthanum oxide market share); consolidated under China Minmetals Corp via SASAC-directed mergers with Chinalco (2021), Xiamen Tungsten (2023), and Guangdong Rare Earths Group (2024). In April-May 2025, SASAC centralized China's national rare earth minerals strategy under China Minmetals with 'full-chain control' enforcement — export licensing, SOE discipline, data traceability — representing a significant consolidation of state control over rare earth exports.

Chinese rare earth company; significant minority investor in MP Materials (Mountain Pass CA) and off-take agreement holder for Mountain Pass concentrate — giving a Chinese state-linked company commercial involvement in the only US rare earth mine. This relationship has drawn US national security scrutiny. Shenghe processes the Mountain Pass concentrate in China and sells back NdPr oxide. Also has separate mining interests in Africa (Sierra Leone, Guinea) and operations in Australia.

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.

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.