Chinese Export Curbs Put Shin-Etsu, Meteoric and Amaroq Under Rare-Earth Spotlight

Highlights

• Shin-Etsu's Vietnam operation integrates refining, recycling, and finished NdFeB magnets, placing it at the strategically scarce end of the rare-earth value chain.
• Meteoric Resources' Caldeira project has reached DFS stage with a 1.6-billion-tonne resource, but still requires downstream separation and metallization before substituting Chinese supply.
• Amaroq's rare-earth exposure is upstream optionality only, with Paatusoq still at exploration stage within a gold-focused operating company.
• China's export leverage concentrates in mid- and downstream conversion steps, making conversion distance the critical metric for investors—not simply asset location outside China.