Critical Minerals Refiners and Processors
Facts checked against sources on . How we check facts.
Refiners and processors turn mine concentrate into the oxides, chemicals and metals that manufacturers buy, and outside China only a few companies do it at scale. The International Energy Agency found that the top three refiners held an average 86% of supply across six key minerals in 2024. Lynas produced 7,260 tonnes of NdPr oxide in the year to June 2026 and MP Materials 840 tonnes in the June 2026 quarter, while Energy Fuels and Iluka are still building their heavy rare earth and refinery capacity.
86%
average share of the top three refiners across six key minerals in 2024, up from about 82% in 2020
Source: IEA, May 2025
7,260 t
of NdPr oxide produced by Lynas in the year to 30 June 2026, from 13,089 t of rare earth oxide
Source: Lynas 2026 Annual Report
840 t
of NdPr oxide produced by MP Materials in the June 2026 quarter, up 41% on a year earlier
Source: MP Materials Q2 2026 results
5,500 t
a year of NdPr oxide designed capacity at Iluka's Eneabba refinery, which is 60% built
Which companies refine critical minerals outside China?
The table lists the non-Chinese refiners whose own reports were read for this page. It separates what a plant has produced from what it is designed to produce, because several of the largest projects are still under construction.
| Company | What and where | Output, capacity and status | Source |
|---|---|---|---|
| Lynas Rare Earths | Mixed rare earth carbonate at Kalgoorlie, Western Australia; separation at Lynas Malaysia | Year to 30 June 2026: 13,089 t of ready-for-sale rare earth oxide including 7,260 t of NdPr (10,462 t and 6,558 t a year earlier). Dysprosium and terbium oxides were first produced in the 2025 financial year and samarium oxide in March 2026. Malaysian operating license renewed for 10 years from 3 March 2026. June quarter output was held back by an ore variation. | Lynas |
| MP Materials | NdPr oxide at Mountain Pass, California | Second quarter 2026: 840 t of NdPr oxide (597 t a year earlier) and NdPr sales of 1,006 t (443 t a year earlier). | MP Materials |
| Energy Fuels | Monazite separation at the White Mesa Mill, Utah | Phase 1 circuit designed to process 8,000 to 10,000 t of monazite a year into 4,000 to 6,000 t of rare earth oxide, with about 850 to 1,000 t of separated NdPr. Dysprosium and terbium oxides made on specification at pilot scale only. Construction of a commercial heavy rare earth plant began on 29 July 2026, and a conditional $725 million loan commitment from the Office of Strategic Capital was received on 18 June 2026. | Energy Fuels Form 10-Q |
| Iluka Resources | Eneabba rare earths refinery, Western Australia | Under construction, 60% complete, commissioning in 2027. Designed for up to 23,000 t of total rare earth oxide, 5,500 t of NdPr oxide and 750 t of dysprosium and terbium oxide a year. Cost estimate $1.7 to 1.8 billion, of which $1.1 billion was spent by 31 July 2026; funded by an Australian Government loan of A$1.65 billion. | Iluka |
| Albemarle | Lithium hydroxide at Kemerton, Western Australia | Albemarle announced in 2026 that Kemerton Train 1 would go into care and maintenance. | Albemarle |
| Terrafame | Nickel sulphate and metal intermediates at Sotkamo, Finland | 2025 net sales of EUR 197.0 million from battery chemicals (EUR 196.7 million in 2024), 35.4% of the total. The company reports record nickel production for the quarter and the year and expects the battery chemicals market to stay challenging in 2026. Tonnes were not stated in the release. | Terrafame |
| Umicore | Germanium, cobalt and nickel projects in Belgium and Finland | Promoter of 4 projects on the European Commission's strategic lists: GePETO, ReGAIN, CoNiKo, OREON. The lists give status as recognised projects and no output. | Commission annexes |
Chinese refiners are not tabulated because no company-level output could be verified from a primary report for this page. Korea Zinc, which plans germanium and gallium capacity in Korea and Tennessee, is covered on the semiconductor materials page. The Commission lists carry other refiners, such as Sibanye-Stillwater Sandouville and Jervois Finland, on the projects pages.
What supports refining outside China?
Refining outside China is being held up by price floors, loans and offtakes rather than market prices alone. Lynas agreed with Japan Australia Rare Earths a 12-year arrangement in March 2026 with firm offtake of 5,000 tonnes a year of NdPr, a floor price of US$110 per kilogram and sharing of upside above US$150, capped at US$10 million a year. Lynas also reports a supply agreement with the US Government over four years. The average China domestic NdPr price (VAT excluded) rose from US$55.0 per kilogram in June 2025 to US$100.8 in June 2026, according to Lynas.
Iluka's first rare earths offtake, announced on 23 June 2026, is a take-or-pay contract with a global automotive company for 1,200 tonnes a year of magnet rare earth oxides from 2028 over an initial four years, with a minimum contracted revenue of US$155 million. Iluka says the offtake validates a supply chain with prices independent of government backing. The page on offtake agreements explains how these contracts work, and separation plants lists the rare earth projects on official lists.
How concentrated is refining outside the plants in the table?
Refining remains concentrated in China even as non-Chinese capacity starts up. The European Commission's 2023 assessment found China held 100% of heavy rare earth processing, 85% of light rare earth processing, 94% of gallium processing and 56% of lithium processing, while nickel was less concentrated with China at 33%. The pages on processing and refining bottlenecks and why China dominates processing give the mining and processing shares side by side.
What should a reader check in a refiner's report?
- Produced or designed. Lynas reports tonnes produced, while Iluka and Energy Fuels give design capacity for plants not yet built. Energy Fuels' 850 to 1,000 tonnes of NdPr is a design figure for its Phase 1 circuit, not a reported output.
- Which product. Mixed carbonate, separated oxide and metal are different products at different prices. Kalgoorlie makes carbonate and Malaysia makes oxides.
- Pilot or commercial. Energy Fuels states that its dysprosium and terbium oxides were made at pilot scale. A commercial heavy rare earth plant is under construction.
- Who finances it. Government loans, floors and equity change a refiner's risk. The Iluka loan is non-recourse to the parent, and the Energy Fuels loan is conditional.
Frequently asked questions
Which companies refine rare earths outside China?
Lynas Rare Earths and MP Materials are the companies reporting NdPr oxide output outside China. Lynas produced 7,260 tonnes in the year to June 2026 and MP Materials 840 tonnes in the June 2026 quarter. Energy Fuels and Iluka are building capacity.
How much NdPr oxide does Lynas produce?
Lynas produced 7,260 tonnes of NdPr oxide in the year to 30 June 2026, up from 6,558 tonnes the year before, within 13,089 tonnes of ready-for-sale rare earth oxide. Lynas reported a record NdPr production in the second half of the year.
Why is critical mineral refining concentrated in China?
Refining is concentrated in China because it built processing capacity, supply contracts and skilled operators over decades, while the mines can be elsewhere. The IEA found the top three refiners held an average 86% of supply across six key minerals in 2024.
Are the announced refineries operating yet?
Several are not. Iluka's Eneabba refinery is 60% built with commissioning in 2027, Energy Fuels began building its heavy rare earth plant on 29 July 2026, and Albemarle put Kemerton Train 1 into care and maintenance in 2026.
Sources
Read on October 13, 2026. Figures on this page come from these documents; where a number is an estimate, the source says so.
- Lynas Rare Earths: 2026 Annual Report and Appendix 4E (26 August 2026)
- MP Materials: Second quarter 2026 results
- Energy Fuels: Form 10-Q for the quarter ended 30 June 2026 (SEC)
- Iluka Resources: 2026 Half Year Results presentation (19 August 2026)
- Albemarle: Second quarter 2026 earnings release
- Terrafame: 2025 results (February 2026)
- Commission Decision C(2025) 1904, annex (25 March 2025)
- Commission Decision C(2026) 8051, annex (9 October 2026)
- IEA: Diversification is the cornerstone of energy security (May 2025)
- European Commission: Study on the Critical Raw Materials for the EU 2023
