Rare-earth elements (NdPr)

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.

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.