Rare Earths 2023: Mining Diversifies, Refining Concentrates—Canada Resource-Rich, Processing-Constrained
2023 data indicates China remains dominant in rare earths, especially refining (~87% of global refined supply), while permanent magnets account for roughly 46% of demand. Canada holds an estimated 15.2 million tonnes of rare earth oxide resources but is not yet a commercial producer, making processing capacity and project execution the key strategic variables.