In this detailed article, we'll list the largest rare earth companies in the world and provide insights about their financial standing. If you want to skim through the detailed industry analysis and find out which companies are at the forefront of rare earth metals mining, read 5 Largest Rare Earth Companies In The World.
The largest rare earth mining companies are from China, Australia, and the United States, owing to these countries' generous rare earth mineral reserves and production. These three nations collectively contribute to over 90% of the global rare earth mineral production and have the highest market capitalization.
With a history of aggressive production strategies and mineral wealth, China has maintained a formidable lead in rare earth mining. The country's mining companies capitalize on abundant resources and produce a sizable percentage of the world's mined rare earth metals.
Likewise, the advanced mining infrastructure and supportive government policies have helped Australian mining companies extract and process REEs to meet the world's demand. Since the global requirement for rare earth minerals is expected to increase, Iluka Resources, a mining giant, is also building Australia's first fully-integrated refinery.
The Largest Rare Earth Company In The World
China Northern Rare Earth Group High-Tech Co. Ltd., initially established as Inner Mongolia Baotou Steel Rare-Earth (Group) Hi-Tech Co., is the largest rare earth company in the world that currently boasts a market cap of $86.653 billion and own Bayan Obo Mining District. Bayan Obo Mining District is the world's largest known deposit of REEs, as it's estimated to contain around 100 million metric tons of rare earth reserves. China Northern Rare Earth Group High-Tech Co. Ltd. has a main product line consisting of rare earth concentrates, magnetic minerals, and rare earth carbonates, among others.
Another prominent name in the rare earth metals industry is Australia-based Iluka Resources Limited (ASX:ILU.AX), which has a current market cap of $4.976 billion. Iluka Resources Limited (ASX:ILU.AX) runs a sustainably mined, secure supply of rare earth metals. The company is also building the country's first fully-integrated rare earth refinery at Eneabba. The refinery by Iluka Resources Limited (ASX:ILU.AX) will produce both light and heavy rare earth oxides and is expected to cost between $676 million to $811 million.
MP Materials Corp (NYSE:MP) is the largest rare earth mining company in the US that focuses on high-purity neodymium and praseodymium (NdPr) oxide. With a current market cap of $3.854 billion, MP Materials Corp (NYSE:MP) is a monumental name in the rare earth mining sector. Since MP Materials Corp (NYSE:MP) operates Mountain Pass, the only integrated rare earth mining and processing site in North America, it's a substantial contributor to the country's rare earth mining yield.
Which is the Largest Producer Of Rare Earth Materials?
China is the largest producer of rare earth minerals and accounts for over 70% of the worldwide output of REEs. The country saw 0.21 million metric tons annual yield of rare earth metals in 2022, and it dominates the market with its expansive mining operations.
Extracting rare earth elements requires higher capital investment than most traditional mining operations. China's success in this industry thus points to the country's significant advancements to stay independent in the commodity consumption sector.
China recognized the strategic value of these elements and invested heavily in building the infrastructure necessary to extract and process them as early as the 1980s. The country’s efforts have paid off and put it at the epicenter of REE production as of now.
Global Dynamics of Rare Earth Metal Mining
As China's mine throughput of rare earth minerals accounts for 70% of the world's total production, this heavy reliance on China for REEs raises supply chain concerns for the rest of the world, and other nations, mainly the US, are trying to pick up pace in this mining sector. Since the United States' 78% rare earth imports are from China and there's a rising geopolitical tension between the West and China, the US is expanding its REE exploitation efforts.
Moreover, some major changes have also taken place in Europe in this regard, as Luleå University of Technology-based LKAB, Sweden's state-owned mining entity, declared the recent identification of an unprecedented volume of rare earths. These rare earth minerals, amounting to 1 million tons, comprise rare earth oxides (REO) concentrated within the remote northern reaches of the Kiruna sector.
LKAB CEO Jan Mostrom stated,
"It could become a significant building block for producing the critical raw materials that are absolutely crucial to enable the green transition."
It is the most substantial REO deposit in the European region that is yet to be exploited. Since rare earth minerals are used in hi-tech devices like lithium-ion batteries and high-performance magnets integrated into wind turbine mechanisms, they have significant implications for sustainable technology.
For our list of the largest global rare earth companies in the world, we've ranked them in ascending order of high market cap as of the writing of this article.
Here are the 10 largest rare earth companies in the world:
10. Rare Element Resources Ltd (REEMF)
Market Cap:$56.874 million
Rare Elements Resources Ltd one of the largest rare earth companies in the world. It is an American corporation specializing in the mining and provision of rare earth materials. It has experienced significant market valuation growth, with its market capitalization reaching $56.874 million as of the writing of this article.
As a publicly traded entity, the firm's main business scope covers the extraction and refining of rare earth elements. As REEs are integral components for various sectors, including technology, energy, and defense applications, Rare Elements Resources Ltd aims to extract high-grade rare earth oxides from its Bear Lodge REE project. The company's strategic focus on rare earth elements positions it advantageously within an expanding market and aligns it with the increasing global emphasis on sustainable technologies.
9. Aclara Resources (TSX:ARA.TO)
Market Cap: $91.405 million
Aclara Resources is amongst the largest rare earth companies in the world, with a current market cap amounting to $91.405 million. This REE mining company is based in Chile and is committed to environmental sustainability in mining, as this field is often associated with deleterious environmental impacts. Moreover, the company has a patented Circular Mineral Harvesting process, a distinctive closed-circuit system to extract heavy rare earth elements (HREE) in an eco-friendly manner. This extraction method aims to minimize the waste and pollution produced by traditional extraction methods and puts Aclara Resources at the forefront of the clean energy revolution.
Hastings Technology Metals Limited has a market cap of $116.132 million currently and focuses on extracting neodymium and praseodymium, two critical elements for high-strength permanent magnets and green energy technologies. The Perth-based rare earth company's key asset is the Yangibana Rare Earths Project, which comprises an integrated network of a mining site. Moreover, the Yangibana project has a beneficiation plant in Yangibana and a sophisticated hydrometallurgical plant in Onslow. Such diverse efforts in the rare earth mining sector imply that the project is a formidable enterprise in the value chain of rare earth production.
NioCorp Developments (NASDAQ:NB) currently boasts a market cap of $202.189 million and is involved in the purification and commercialization of three significant REEs. These are Neodymium-Praseodymium Oxide (a crucial constituent in NdFeB rare earth magnets), Dysprosium Oxide, and Terbium Oxide. Notably, NioCorp Developments (NASDAQ:NB) is progressing with the development of the Elk Creek Mine in Nebraska, which has the potential to be the most enriched Niobium and Scandium venture in North America. According to a comprehensive feasibility report, Elk Creek houses 632.9 kilotones of contained rare earth oxides. This is one of the largest deposits in the US, second only to the Mountain Pass Mine in California.
6. Arafura Resources (ASX:ARU.AX)
Market Cap: $729.11 million
Arafura Resources, one of the largest rare earth companies in the world, has a current market cap of $729.11 million and comes with a broad portfolio of resource holdings, including gold, nickel, and vanadium. However, the Australian company's strategic focus lies in exploiting REE assets, primarily situated in the Nolans Deposits. The Nolans initiative will have a mining operation, an integrated processing plant with beneficiation, extraction, and separation functions, as well as the requisite infrastructure. Moreover, the Nolans Bore deposit also contains phosphate, uranium, and thorium (REE-P-U-Th), distinguished as one of the most sizable and well-explored repositories of its kind globally. Arafura Resources is heavily invested in this deposit's development and will likely cement its position as a key supplier in the global rare earth market.
