Rare Earth Elements (REE)

Powering the clean energy and defense transition.

Rare earth elements are the cornerstone of the permanent magnet industry. Neodymium and Praseodymium (NdPr) form the core of NdFeB magnets, while Dysprosium and Terbium are added to prevent the magnets from demagnetizing at the high operating temperatures found in EV motors and wind turbines.

While Western nations have successfully reopened rare earth mines (like Mountain Pass in California and Mount Weld in Australia), the downstream supply chain—chemical separation, metal making, alloy production, and magnet manufacturing—remains highly concentrated. Building non-Chinese supply chains for heavy rare earths (Dysprosium/Terbium) is particularly challenging due to their scarcity in most Western ore bodies.