Rare Earths in 2023: China’s Processing Grip Drives a New Diversification Race
GlobalData estimates global rare earth mine production reached 350,000t REO equivalent in 2023, with China accounting for over 69% of mining and nearly 90% of processing. The US and Australia are expanding capacity, but midstream bottlenecks, cost competitiveness, and ESG/traceability concerns in some supply sources remain key constraints.