Infographic: The last 30 years of rare earths mining
Global minedrare earth supplyin 2024 was six times higher than in 1994, according to an analysis by Benchmark’s Rare Earths Forecast and the United States Geological Survey.
Back then, China and the US constituted the majority of supply. However,repeated spills of toxic wastewaterinto the Mojave National Preserve from the Mountain Pass Mine – once the world’s largest – led to legal action in 1997 and the eventual closure of the mine in 2002, bringing to an end the US’s position as a key source of mined rare earths.
This, combined with state support for domestic mines, access to cheaper labour, and looser environmental regulations,paved the way for Chinato capture over 90% market share at the turn of century. China’s share of mine supply didn’t drop below 80% until 2017, when new mines in Australia andMyanmarbegan to eat into its dominance.
Mountain Pass restarted operations in 2017 under the ownership of the newly formed company MP Materials. In 2024 it reached an annual mined output of 45,000 tonnes of total rare earth oxide. This put the US back into the global supply landscape at a time whenrare earth supply chains are increasingly at the heart of global geopolitics. In July this year, theUS government entered into a landmark public-private partnership with MP Materials, marking its first direct equity investment in a domestic critical minerals project.
In 2024, China accounted for 70% of the world’s rare earths mining with the US and Myanmar in second and third place with 12% and 9% of supply, respectively.
As the rare earths industry gains increasing attention from world leaders, Benchmark enables action by providing independent prices, supply and demand analysis, sustainability insights, and more. Contact us using the form below to learn more about Benchmark’s Rare Earths Service:
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