Neodymium-Praseodymium (NdPr) Oxide/Metal

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.

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.

Largest non-China rare earth producer; mines at Mount Weld (Western Australia) — one of the world's highest-grade rare earth deposits. Processes ore at the Lynas Advanced Materials Plant (LAMP) in Kuantan, Malaysia — the only significant non-China rare earth separation facility. Produces ~21,000 MT NdPr oxide/year. LAMP in Malaysia is geopolitically significant: it's the primary non-Chinese source of separated NdPr oxide for Western magnet manufacturers. Lynas also building a new processing facility in Kalgoorlie, Australia (cracking & leaching) and a separation facility in Texas (with DoD funding) to reduce Malaysia-dependency.

Rare earth processing and magnet powder specialist; operates separation plant in Sillamäe Estonia (only commercial rare earth separation in Europe); NdFeB powder and finished magnet production

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.

Rare earth processing and materials company; operates the only commercial rare earth separation facility in Europe — the Sillamäe, Estonia plant. Sillamäe is a former Soviet uranium enrichment and rare earth processing site on the Baltic Sea. Neo's Sillamäe plant separates rare earth feedstock into NdPr oxide and other rare earth products for European magnet manufacturers. Also operates rare earth processing in China (Zibo, Shandong). Neo is the critical link in a non-China NdPr supply chain for European permanent magnet producers. Listed on Toronto Stock Exchange. EU-funded as part of Critical Raw Materials strategy.