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What are the top rare earth mining stocks?

AlphaOS investment intelligence · Research and education only — not investment advice · Updated Sep 27, 2026

About rare-earths

Direct answer

The top rare earth mining stocks are dominated by companies with significant production capacity and established operations, primarily Lynas Rare Earths, MP Materials, and China Northern Rare Earth Group, which collectively control a substantial portion of global rare earth oxide output.

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Key Takeaways

  • Lynas Rare Earths (ASX: LYC) is the largest rare earths producer outside of China, operating the Mount Weld mine in Western Australia and a processing facility in Malaysia.
  • MP Materials (NYSE: MP) operates the Mountain Pass mine in California, the only integrated rare earth mining and processing site in North America.
  • China Northern Rare Earth Group (SHA: 600111) is the largest rare earth producer globally, benefiting from China's dominant position in the rare earth supply chain.
  • Other notable players include Iluka Resources (ASX: ILU), which is developing a rare earth refinery in Australia, and Energy Fuels (NYSE: UUUU), which is processing rare earth carbonates.
  • The rare earth market is highly concentrated, with China historically controlling over 80% of global refined rare earth production.
  • Demand for rare earths is driven by their critical use in electric vehicles, wind turbines, defense applications, and consumer electronics.
  • Geopolitical factors and supply chain diversification efforts are increasing the strategic importance and investment interest in non-Chinese rare earth producers.

Evidence & Analysis

  • Lynas Rare Earths reported 2023 production of 17,577 tonnes of rare earth oxides (REO) from its Mount Weld operation.
  • MP Materials' Mountain Pass facility produced 43,000 metric tons of rare earth oxides in 2023.
  • China accounted for approximately 70% of global rare earth mining and 90% of rare earth processing in 2023, according to the U.S. Geological Survey.
  • The global rare earth market size was valued at over $5 billion in 2023 and is projected to grow significantly due to increasing demand from green energy and technology sectors.
  • The U.S. Department of Defense has invested in rare earth projects to secure domestic supply chains, including funding for Lynas and MP Materials.

Key Companies

LYC.AX

Lynas Rare Earths Ltd

Largest non-Chinese rare earth producer

MP

MP Materials Corp.

Only integrated rare earth mining and processing operation in North America

600111.SS

China Northern Rare Earth Group High-Tech Co., Ltd.

Largest rare earth producer globally

ILU.AX

Iluka Resources Limited

Developing a rare earth refinery in Australia

UUUU

Energy Fuels Inc.

Processing rare earth carbonates

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