The Global Race for Rare Earth Metals: Who's Leading the Charge?

Rare earth metals power our modern world, from EVs to smartphones, wind turbines, and advanced military technology. These 17 elements—like neodymium, dysprosium, and yttrium—are the backbone of modern innovation. With global production skyrocketing from 103k tonnes in 2013 to 353.7k tonnes in 2023 (+13.1% per year), the race is heating up. But who’s winning, and where are these metals hidden?

Where Are Rare Earth Metals Found?

Rare earth metals aren’t as rare as their name suggests but are difficult to extract in pure form. They are hidden in igneous rocks and sedimentary deposits, often concentrated in carbonatites (uncommon igneous rocks rich in rare earth elements) and placer deposits (formed by erosion and water movement). Key sources include:

• China’s Bayan Obo Mine – The world’s largest deposit, rich in bastnäsite and monazite, two minerals that contain a high concentration of rare earth elements.

• Mountain Pass Mine (U.S.) – A major bastnäsite-rich source, particularly important for cerium and neodymium, which are essential for magnets in electric motors.

• Australia’s Mount Weld – Known for its high-grade rare earth oxides in weathered carbonatite, making it one of the richest rare earth deposits outside China.

• Brazil & India’s Beach Sands – Coastal monazite-heavy deposits, an important source of thorium, lanthanum, and cerium.

Production: China’s Grip and Rising Competitors

Despite rare earth metals being found across the world, China dominates production, accounting for 240k tonnes (67.9% of global output) in 2023. This dominance is largely due to state-backed mining efforts and advanced refining capabilities.

Other key players include:

• The U.S., which has significantly ramped up production, growing from 5.5k tonnes (2013) to 43k tonnes (2023), an annual growth of 22.2%.

• Australia, steadily increasing output with 16.8k tonnes in 2023.

• India & Russia, maintaining steady production levels.

• Brazil and Thailand, which have seen declines in mining activity despite holding reserves.

Reserves: Who Holds the Future?

Mining production is one thing, but long-term dominance depends on reserves. China holds the largest share, but others have significant untapped potential:

• China: at (38%) – The world’s largest known reserves.

• Brazil: at 18.2% – A sleeping giant with vast but underdeveloped deposits.

• U.S., India, Australia, and Russia – All holding large reserves but with varied extraction capacities.

The Future: A Shifting Landscape

The demand for rare earth metals is surging as green energy and AI industries grow. The U.S. and Australia are ramping up efforts to reduce reliance on China, but challenges remain—processing and refining are complex, costly, and environmentally taxing. With geopolitical tensions and sustainability concerns in the mix, the rare earth battle is far from over—it’s only getting started!