- In April 2024, U.S.-based MP Materials secured USD 58.5 million to advance the construction of the country’s first integrated rare earth magnet manufacturing facility. Located in Fort Worth, Texas, the plant is expected to commence commercial production by late 2025
- In July 2023, USA Rare Earth announced plans to invest USD 100 million in establishing a neodymium magnet production facility in Stillwater, Oklahoma. The facility will have an initial capacity of 1,200 tons per annum, with production expected to start by early 2026 and later expand to 4,800 tons per annum
- In April 2023, India-based IREL (India) Ltd. revealed its strategy to increase its mining capacity by 400% over the next decade, raising production from 5,000 tons to 13,000 tons to meet growing demand
- In August 2022, Australia’s Lynas Rare Earths Ltd announced its plan to expand capacity at the Mt Weld mine, which contains deposits of neodymium (Nd) and praseodymium (Pr). Expansion work was set to begin in early 2023, with full operations planned for 2024
- In April 2022, Iluka Resources Ltd committed an investment of USD 1.2 billion to develop the Eneabba Phase 3 rare earth refinery in Western Australia. The project aims to position Iluka as a key player in the downstream processing of Australia’s rare earth resources
