Ranking HREE projects is difficult due to limited and often early-stage data—especially from China and Myanmar, who dominate the market but provide little transparency. To compensate, we used backward calculations and estimates to build a consistent framework. These rankings reflect a Western retail investor lens, with risk-adjusted scoring. Even so, Chinese and Myanmar projects still rank highly due to their scale. Western HREE output remains small, but as new projects progress, we’ll update the rankings with the latest data.
Kachin Clays
Mineralogy
Type: Easy
Impurity: Low
Cost: N/A
Score: 10
ESG
Environmental: 1.0
Social: 1.0
Governance: 1.0
Score: 1
HREE Deposit
Dysprosium (t): 115,500
Terbium (t): 25,200
Score: 9
Production
Dy Output (t/y): 2,000 (China)
Tb Output (t/y): 400 (China)
Score: 6
Mount Weld
Mineralogy
Type: Diff.
Impurity: High
Cost: N/A
Score: 10
ESG
Environmental: 6.8
Social: 9.0
Governance: 8.0
Score: 8
HREE Deposit
Dysprosium (t): 11,750
Terbium (t): 1,872
Score: 6
Production
Dy Output (t/y): 500 (Ex-China)
Tb Output (t/y): 100 (Ex-China)
Score: 8
South China
Mineralogy
Type: Easy
Impurity: Low
Cost: N/A
Score: 10
ESG
Environmental: 3.0
Social: 3.7
Governance: 2.0
Score: 3
HREE Deposit
Dysprosium (t): 315,000
Terbium (t): 70,000
Score: 10
Production
Dy Output (t/y): 500 (China)
Tb Output (t/y): 100 (China)
Score: 5
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Key REEx Ranking Notes:
Production Capacity
All figures are estimates. China and Myanmar figures are based on smelting quotas; others are estimated due to limited public data. Lynas and MP Materials also lack disclosed HREE production data.
Lynas – Deposit Location
Score reduced from 10 to 7 due to sovereign risk in Malaysia.
HREE Deposits
Most are pre-Ore Reserve. Rankings use M&I Resource × metallurgical assumptions to reflect future supply potential.
HREE Rankings – Explanation of Categories
The most heavily weighted categories are:
| Ranking Category | Sub Category | Explanation |
|---|---|---|
| Deposit Location | n/a | Based on country stability, regulatory environment, and general infrastructure. |
| Project Stage | n/a | Production – Operational mine. Proven ability to extract, process, and sell product. Major risks are resolved, with infrastructure, permitting, and financing in place. Construction – Within ~5 years of production. Key milestones like financing and permitting are secured. Risks include delays, cost overruns, and commissioning challenges. Development – Typically 5–15 years from production. Feasibility studies may exist, but no Final Investment Decision (FID). Risks include permitting, financing, off-take, and execution. Exploration – Early-stage. Limited geological understanding and unproven commercial viability. High risk; long lead time to potential production. Care and Maintenance – Previously active or advanced projects now paused. Future viability uncertain due to market, technical, or regulatory issues. Cancelled – No longer considered viable. Removed from future supply plans unless major conditions change. |
| Mineralogy | Mineral Type | Score based on the complexity of impurities and treatment needs. Ie Radiation. |
| Mineralogy | Impurities | Score based on complexity of impurities and treatment needs. Ie Radiation. |
| Mineralogy | Processing Stage | Processing maturity – from Exploration, Concept, PEA, PFS, DFS, FEED to fully operational processing plants. |
| Mineralogy | Capex/Opex Cost | Cost implications of processing route. Lower = cleaner, simpler metallurgy. |
| ESG | Environmental | Energy, emissions, water, land impact, and processing method. |
| ESG | Social | Free, Prior and Informed Consent (FPIC), labor, local employment and training. |
| ESG | Governance | Transparency, ownership clarity, board diversity. |
| HREE Deposit | n/a | Calculated from resource grades, tonnage, and recovery assumptions, TREO%, Tb4O7 and Dy2O3 % – normalized. For HREE (Dy/Tb), most deposits are not yet at Ore Reserve stage, especially those with ion-adsorption clays or early-stage hard rock HREEs. In such cases, M&I Resource × metallurgical assumptions is the best available proxy for future potential supply — particularly when ranking supply-side capacity rather than current mine life. |
| Production Capacity | Production | Projected tonnes per annum of separated Dy₂O₃ and Tb₄O₇ oxides. May be modelled, announced, or estimated. NB – The project may not be processing to oxide, but it is the oxide that would be generated from their project. |
| Production Capacity | Oxide Production | If the oxide produced was processed in China or ex-China. |
Data Accuracy
We’ve used best endeavours to source and verify all information from company reports, public filings, and industry sources. If you believe any detail is incorrect or outdated, please contact us at: john@rareearthexchanges.com
Disclaimer
This ranking is an editorial and analytical tool, not financial advice. All investments carry risk, and individual due diligence is essential.
Legal Notice & Copyright
© 2025 Rare Earth Exchanges, LLC. All rights reserved. This ranking, its underlying data, scoring methodology, and visual presentation are the intellectual property of Rare Earth Exchanges (REEx). You may not reproduce, distribute, or republish this content without explicit written permission. The information presented is for informational purposes only and does not constitute financial, investment, or legal advice. While we aim to ensure accuracy, REEx makes no warranties or guarantees, express or implied, as to the completeness or reliability of the data. Use of this material is at your own risk. Always perform your own due diligence or consult a licensed financial advisor before making investment decisions.