$MP Materials says the industry is finding ways to reduce heavy rare-earth usage

MP’s CEO, James Litinsky, said magnet producers are increasingly able to make high-performance magnets with "little or no heavies content."
Instead of relying heavily on scarce and expensive heavy rare earths, the industry is trying to redesign magnet production around lower heavy rare-earth content while still preserving performance
Litinsky’s view is that NdPr remains the more important bottleneck, while heavy rare-earth prices may not rise as much