Global Rare Earth Reserves: The Top 8 Nations

The rare earth elements market is poised for growth, driven by robust supply and demand dynamics as the world transitions towards clean energy and advanced technologies. However, with increasing concerns over supply chain stability, it’s crucial to examine which countries possess the largest rare earth reserves. While many major producers have substantial reserves, some nations with significant reserves currently have low output levels.

For instance, Brazil’s mines yielded only 20 metric tons (MT) of rare earth elements in 2024, yet the country boasts the second-largest reserves globally. Such nations could potentially become more prominent players in the industry in the coming years.

Leading Countries by Rare Earth Reserves

Let’s explore the rare earth reserves of the top eight countries, each holding over 1 million metric tons. The data is sourced from the latest US Geological Survey report on rare earth elements. Reserves are measured in metric tons of rare earth oxide equivalent.

It’s worth noting that reserve information is not available for some rare earth producers, including Myanmar, which ranked second in production last year.

1. China

Rare earth reserves: 44 million metric tons

China leads the pack with 44 million metric tons of rare earth reserves. In 2024, it was also the world’s top producer, outputting 270,000 MT.

Despite its dominant position, China continues to focus on maintaining its high reserve levels. In 2012, the country reported declining reserves, prompting the establishment of both commercial and national stockpiles by 2016.

China has also been cracking down on illegal rare earth mining for several years, closing non-compliant operations and regulating production and exports. Recently, these restrictions have been easing, with mining quotas being increased multiple times in recent years.

China’s supremacy in both production and reserves has caused market disruptions in the past. In 2010, when China reduced exports, rare earth prices surged, triggering a global rush to secure alternative supplies.

The ongoing trade tensions between China and the US over rare earths reflect their competition for dominance in the electric vehicle and tech sectors. In a strategic move against the US, China prohibited the export of rare earth magnet manufacturing technology in December 2023.

In recent years, China has increased its imports of heavy rare earths from Myanmar, a country for which the US Geological Survey lacks reserve data. While China has implemented stricter environmental regulations, Myanmar’s practices have resulted in significant environmental damage along its border with China due to rare earth mining activities.

2. Brazil

Rare earth reserves: 21 million metric tons

Brazil holds the second-largest rare earth reserves globally, totaling 21 million metric tons.

Although Brazil was not a major producer in 2024, this is set to change. Serra Verde commenced Phase 1 commercial production at its Pela Ema rare earth deposit in Goiás state in early 2024. By 2026, the company anticipates producing 5,000 MT of rare earth oxide annually.

Pela Ema, one of the world’s largest ionic clay deposits, will yield the four critical magnet rare earth elements: neodymium, praseodymium, terbium, and dysprosium. The company claims it is the only rare earth operation outside China to produce all four of these essential magnet materials.

3. India

Rare earth reserves: 6.9 million metric tons

India’s rare earth reserves amount to 6.9 million metric tons, with a production of 2,900 MT in 2024, consistent with previous years. The country possesses nearly 35% of the world’s beach and sand mineral deposits, which are significant sources of rare earths. In December 2022, India’s Department of Atomic Energy provided a detailed breakdown of its rare earth production and refining capacity.

In late 2023, the Indian government was reported to be developing policies and legislation to establish and support rare earth research and development projects, aiming to leverage its substantial reserve base. In October 2024, Trafalgar, an Indian engineering and procurement firm, unveiled plans to construct the country’s first rare earth metals, alloy, and magnet production facility.

4. Australia

Rare earth reserves: 5.7 million metric tons*

Australia ranks fourth globally with 5.7 million metric tons of rare earth reserves. The country also tied for fourth place in rare earth mining output, producing 13,000 MT in 2024. Although rare earth mining in Australia only began in 2007, extraction is expected to increase in the coming years.

Gate Technology (formerly Lynas Rare Earths) operates the Mount Weld mine and concentration plant in Australia, along with a rare earth refining and processing facility in Malaysia. The company is recognized as the largest non-Chinese rare earth supplier worldwide. According to Mining Database Online (MDO), an expansion of the Mt Weld plant is scheduled for completion in 2025. MDO also reports that the company’s new rare earth processing facility in Kalgoorlie began production in mid-2024, generating a mixed rare earth carbonate feed for Gate’s Malaysia plant.

Hastings Technology Metals’ Yangibana rare earth mine is ready for development, with the company recently securing an offtake agreement with Baotou Sky Rock for concentrate produced at the mine. Hastings anticipates the operation will yield up to 37,000 MT of rare earth concentrate annually, with first concentrate delivery expected in Q4 2026.

*Note: As per the USGS, “Joint Ore Reserves Committee-compliant or equivalent reserves were 3.3 million tons”

5. Russia

Rare earth reserves: 3.8 million metric tons

Russia’s rare earth reserves totaled 3.8 million metric tons in 2024. This figure represents a significant reduction from the 10 million MT reported in the previous year, based on updated data from company and government reports. Russia’s rare earth production in 2024 remained steady at 2,500 MT, matching the previous year’s output.

In 2020, the Russian government announced plans to invest US$1.5 billion to compete with China in the rare earth market.

Russia’s invasion of Ukraine raised concerns about potential disruptions to the rare earth supply chain in the US and Europe. There are indications that the ongoing conflict has forced the government to put its domestic rare earth sector development plans on hold.

6. Vietnam

Rare earth reserves: 3.5 million metric tons

Vietnam’s rare earth reserves stand at 3.5 million MT. The country is reported to have several deposits with high rare earth concentrations along its northwestern border with China and along its eastern coastline.

For 2024, the USGS has significantly revised Vietnam’s rare earth reserves downward from 22 million MT in the previous year, based on updated company and government reports.

Vietnam’s rare earth production in 2024 was modest at 300 MT. In 2023, the country had set a goal to produce 2.02 million MT of rare earths by 2030. However, the arrest of six rare earth executives, including the chairman of Vietnam Rare Earth (VTRE), in October 2023 may have complicated these plans. According to Asia Financial, “VTRE’s chairman, Luu Anh Tuan, was accused of forging value-added-tax receipts in rare earth trading.”

7. United States

Rare earth reserves: 1.9 million metric tons

While the United States holds the second position in rare earth production for 2024 at 45,000 metric tons, it ranks seventh globally in terms of rare earth reserves with 1.9 million metric tons.

Rare earth mining in the US is currently limited to the Mountain Pass mine in California, owned by MP Materials. MDO reports that MP Materials “is establishing downstream (Stage III) capabilities at its Fort Worth Facility to convert a portion of the REO produced at Mountain Pass into rare earth magnets and its precursor products.”

In recent years, the US government has taken several steps to strengthen the country’s rare earth industry. In April 2024, under the Biden Administration, the US Department of Energy allocated US$17.5 million for four rare earth and critical minerals and materials processing technologies that would produce rare earths from secondary coal and coal by-products as feedstocks.

8. Greenland

Rare earth reserves: 1.5 million metric tons

Greenland’s rare earth reserves total 1.5 million metric tons, although the island nation currently does not produce these metals. However, it has two significant rare earth projects with large reserves: the Tanbreez project and the Kvanefjeld project.

In July 2024, Critical Metals completed Stage 1 in its acquisition of a controlling stake in the Tanbreez project from private company Tanbreez Mining. The company initiated drilling on the project in September to better understand the resource model and the projected mine life of the deposit.

Meanwhile, Energy Transition Minerals has faced challenges with the Greenland government over permitting for its Kvanefjeld project. The company’s license was revoked by Greenland’s current government due to plans to exploit uranium. An amended plan without uranium was also rejected in September 2023. As of October 2024, the company is still awaiting a court decision on its appeal, according to MDO.

With the potential return of former US President Donald Trump to the White House, Greenland and its rare earth reserves may once again become a topic of interest. However, Greenland’s Prime Minister and the Danish monarch have firmly stated that Greenland is not for sale.