600111.SSProducer
China Northern Rare Earth
HQ: China
Chinese state-controlled giant and the world's largest light rare-earth producer, supplying salts, oxides, metals and magnet materials.
Price
¥35.3
Mkt cap
$19B
1 yr
-26.9%
YTD
-23.5%
Investment thesis
Servers & hardware · Cooling & thermal · Power generation
Rare earths & magnets
NdFeB magnets in hard drives, cooling fans, pumps and the turbines that power data centers.
Permanent magnets are everywhere in physical AI infrastructure: hard drives, cooling fans and pumps, and the motors and generators of new power plants. China dominates rare-earth separation and magnet making and has put heavy rare earths under export control.
This is now the most policy-driven bucket. The US government owns stakes in key names and has set a price floor, which lowers downside for some companies but makes returns depend on Washington as much as on markets.
Context: MP Materials, Jul 2025 · Reuters, Jun 22 2026
Underlying minerals
What drives the magnets bucket
Supply status and the main constraint for each mineral, from its sourced profile in the database.
60
Nd
Neodymium
Tightrisk 78 · China 69%China dominates NdPr separation and magnets; a 10-year US price floor of $110/kg backs domestic NdPr output.
59
Pr
Praseodymium
Tightrisk 78 · China 69%China dominates NdPr separation and magnets; a 10-year US price floor of $110/kg backs domestic NdPr output.
66
Dy
Dysprosium
Tightrisk 78 · China 69%Among the seven heavy rare earths China placed under export controls in April 2025; China still supplies most separated output.
65
Tb
Terbium
Tightrisk 78 · China 69%Among the seven heavy rare earths China placed under export controls in April 2025; China still supplies most separated output.
Bull case
- A US government NdPr price floor and offtake support domestic producers' economics.
- Heavy rare earths (dysprosium, terbium) are the tightest link and have very few ex-China sources.
- Defense, EV and AI demand all pull on the same magnet supply.
Bear case
- Valuations have run ahead of production in several names; developers carry execution risk.
- Chinese producers can flood the market and push prices below Western costs.
- Policy support can change with administrations; China has blacklisted some US firms.
The basket
10 stocks and funds in this bucket
Grouped from diversified majors to developers and funds. Market data as of October 6, 2026.
LYC.AXUS: LYSDYProducer
Lynas Rare Earths
HQ: Australia
The largest rare-earth producer outside China, mining in Western Australia and processing in Malaysia.
Price
A$12.89
Mkt cap
$9.1B
1 yr
-33.4%
YTD
+2.5%
MPProducer
MP Materials
HQ: United States
Owner of Mountain Pass in California, the only scaled rare-earth mine in the US, and is building magnet capacity. It is the main US play on rare-earth magnets.
US Department of Defense holds about a 15% stake, its largest shareholder, alongside a 10-year NdPr price floor and magnet offtake. (Reuters, Jun 17 2026 ↗)Price
$48.53
Mkt cap
$8.6B
1 yr
-32.1%
YTD
-9.1%
000831.SZProducer
China Rare Earth Resources & Technology
HQ: China
China Minmetals' listed rare-earth arm, focused on the medium and heavy rare earths China tightly controls.
Price
¥52.73
Mkt cap
$8.4B
1 yr
+1.9%
YTD
+13.5%
UUUUProducer
Energy Fuels
HQ: United States
Top US uranium producer whose White Mesa Mill in Utah also separates rare earths. In 2026 it reported pilot-scale terbium production from US monazite.
Price
$11.24
Mkt cap
$2.8B
1 yr
-31.8%
YTD
-23.1%
ILU.AXUS: ILKAFProducer
Iluka Resources
HQ: Australia
Australian mineral-sands producer of zircon and titanium feedstocks, building a government-funded rare-earth refinery.
Price
A$5.82
Mkt cap
$1.8B
1 yr
-21.7%
YTD
-0.2%
NEO.TOUS: NOPMFRefiner / processor
Neo Performance Materials
HQ: Canada
Rare-earth processor and maker of Magnequench magnet powders, with plants in Asia and Europe.
Price
C$30.33
Mkt cap
$896M
1 yr
+36.3%
YTD
+92.2%
USARDeveloper
USA Rare Earth
HQ: United States
Developer of a US mine-to-magnet chain for neodymium-iron-boron magnets, built around a magnet plant in Stillwater, Oklahoma. It is pre-revenue at scale, and China has put it on an export-control list.
Administration taking a 10% stake as part of a $1.6B debt-and-equity package. (CNBC, Jan 24 2026 ↗)Price
$13.74
Mkt cap
$1.8B
1 yr
-47.1%
YTD
+1.7%
ARU.AXUS: ARAFFDeveloper
Arafura Rare Earths
HQ: Australia
Developer of the Nolans neodymium-praseodymium project in Australia's Northern Territory. It is pre-production.
Price
A$0.165
Mkt cap
$700M
1 yr
-25.0%
YTD
-36.5%
REMXETF
VanEck Rare Earth & Strategic Metals ETF
HQ: United States
ETF holding rare-earth and strategic-metal miners across lithium, rare earths, uranium and other niche metals, with significant China exposure.
Price
$63.79
Fund size
$829M
1 yr
-13.0%
YTD
-16.9%
Compare
Side-by-side
| Company / fund | Minerals | Type | HQ | 12 mo | ||||
|---|---|---|---|---|---|---|---|---|
| 600111.SS | China Northern Rare Earth | NdLaCe | Producer | CN | $19B | -26.9% | -23.5% | |
| LYC.AX LYSDY | Lynas Rare Earths | NdPrDyTb | Producer | AU | $9.1B | -33.4% | +2.5% | |
| MP | MP Materials | NdPrLaCe+1 | Producer | US | $8.6B | -32.1% | -9.1% | |
| 000831.SZ | China Rare Earth Resources & Technology | DyTbLaCe | Producer | CN | $8.4B | +1.9% | +13.5% | |
| UUUU | Energy Fuels | UVDyTb | Producer | US | $2.8B | -31.8% | -23.1% | |
| USAR | USA Rare Earth | Nd | Developer | US | $1.8B | -47.1% | +1.7% | |
| ILU.AX ILKAF | Iluka Resources | ZrTi | Producer | AU | $1.8B | -21.7% | -0.2% | |
| NEO.TO NOPMF | Neo Performance Materials | Nd | Refiner / processor | CA | $896M | +36.3% | +92.2% | |
| REMX | VanEck Rare Earth & Strategic Metals ETF | NdLiW | ETF | US | $829M | -13.0% | -16.9% | |
| ARU.AX ARAFF | Arafura Rare Earths | NdPr | Developer | AU | $700M | -25.0% | -36.5% |
10 of 10 shown. Size is market cap for companies and net assets for funds, in USD.
Not investment advice. Critical-Minerals.si is an independent research site. Baskets and model allocations are illustrative frameworks for exploring exposure, not recommendations to buy or sell any security. Mining and commodity equities are volatile, and many names listed here are small, foreign-listed or pre-revenue. Do your own research and consider a licensed adviser. Market data as of the date shown; prices change constantly.