This brief article will discuss the top 5 rare earth companies’ market cap and working zones. If you want more information about the rare earth mining sector to see which names are leading the pack, read 10 Largest Rare Earth Companies In The World.
5. Energy Fuels (NYSE:UUUU)
Market Cap: $1.01 billion
Energy Fuels (NYSE:UUUU) is a leading American enterprise that works in uranium mining and has a notable current market cap of $1.01 billion. The company is engaged in uranium extraction, a primary ingredient for the production of nuclear energy, and processes it into natural uranium concentrates.
Major nuclear utilities use these concentrates as they contribute to the generation of carbon-neutral nuclear energy. Energy Fuels has recently broadened its international presence with the acquisition of the Bahia Project, a heavy mineral undertaking located in Brazil. The Bahia Project is in relation to a heavy mineral sand deposit which is a rich source of monazite (a phosphate mineral that contains rare earth elements).
The acquisition has the potential to yield between 3,000 and 10,000 metric tons of natural monazite concentrate annually over several decades. As per Energy Fuels, this extracted material will be dispatched to the company’s White Mesa Mill located in Utah, where it will undergo further processing to be converted into high-purity rare earth element oxides and other related materials. This strategic move will further Energy Fuels’ impact on the supply chain of critical elements for high-tech applications.
4. MP Materials (NYSE:MP)
Market Cap:$3.854 billion
MP Materials Corporation is valued at $3.854 billion in market capitalization, as of current, and is a prominent company in the American rare earth minerals sector. The company works in the extraction of Neodymium-Praseodymium (NdPr), a rare earth element used in high-strength permanent magnets. These magnets are used in electric vehicle traction motors, robotics, wind energy turbines, and unmanned aerial vehicles, and NdPr is a critical element for energy transition.
The company’s primary asset is the Mountain Pass Mine, the largest rare earth mine in the United States. This mine produced approximately 42,400 metric tons of REEs in 2022 and helped maintain the country’s annual throughput. MP Materials is proactive in the broader context of sustainability and claims to be working towards a carbon-reduced future. MP Materials is striving towards self-sufficiency in the domestic supply chain for REEs and aims to minimize the environmental impact associated with long-distance imports from China and Australia.
3. Lynas Rare Earths (ASX:LYC.AX)
Market Cap: $4.762 billion
Lynas Rare Earths is the third largest rare earth company in the world by market cap, which is $4.762 billion as of June 2023. The Australian company is a conscientious contributor to the rare earth supply chain as it’s committed to eco-friendly mining practices. Notably, Lynas is a major producer of segregated rare earth materials outside of China, which has long dominated this sector. Moreover, Lynas operates a rare earth processing facility in Malaysia that delivers premium-quality separated rare earth materials to manufacturing sectors in the US, Asia, and Europe. Lynas Rare Earths owns and operates Mount Weld Mine, a rare earth deposit renowned for its exceptional ore grade. This quality aspect and rare earth oxide reserves of 1.64 million metric tons make Mount Weld Mine the most rewarding REE site in Australia.
2. Iluka Resources (ASX:ILU.AX)
Market Cap: $4.976 billion
Iluka Resources ranks second among the largest rare earth companies in the world, with a market cap of $4.976 billion. Iluka Resources primarily engages in heavy mineral sand extraction, and monazite (a mineral rich in rare earth elements) emerges as an invaluable co-product of Iluka’s mining activities. The company’s in-process rare earth refining complex in Eneabba will also start working by 2025. Along with the Eneabba site, Iluka Resources possesses other extensive mineral sand reserves which present potential feed sources for the in-process refinery (like the Wimmera project in Victoria).
1. China Northern Rare Earth High-Tech Co., Ltd (SSE:60011.SS)
Market Cap: $86.653 billion
China Northern Rare Earth High-Tech Co. Ltd sits at the top when it comes to the largest rare earth companies in the world, with a current market cap of $86.653 billion. It operates the Bayan Obo Mining District in Inner Mongolia, estimated to be the planet’s most abundant source of REEs. China Northern Rare Earth High-Tech Co. Ltd employs open-pit excavation techniques to extract these valuable elements from the earth’s crust, and predominant rare earth elements mined in this area include lanthanum (La), cerium (Ce), and neodymium (Nd).
Subscribing to the Insider Monkey newsletter will bring all updates from the financial world to your inbox, from market insights to investment trends. We’re committed to equipping you with the information you need to make informed decisions. For a better understanding of the global mining sector’s expansive market footprint, read 15 Biggest Copper Companies in the World and 15 Biggest Gold Mining Companies in the World.
