Bayan Obo
The largest rare earth deposit in the world, mined alongside iron ore.
Resource, economics and jurisdiction
- Resource
- Enormous rare earth and niobium resource with iron ore co-production.
- Production
- Supplies the majority of global light rare earth feedstock.
- Economics
- Scale and integration deliver unmatched cost position.
- Infrastructure
- Fully integrated rail, power and separation complex at Baotou.
- Jurisdiction
- Elevated policy risk
- Ownership
- China Northern Rare Earth Group
- Region
- Inner Mongolia
What this asset is
The largest rare earth deposit in the world, mined alongside iron ore.
Earthern Project Score 90
Version v0.1
- Resource Quality
- 88 (weight 1.2) — Grade, continuity and metallurgical complexity of the resource.
- Project Scale
- 98 (weight 1) — Annual output potential relative to the global market for its primary mineral.
- Development Stage
- 95 (weight 0.9) — How far the asset has advanced toward or through production.
- Jurisdiction
- 87 (weight 1.1) — Political stability, permitting predictability and rule of law.
- Infrastructure
- 92 (weight 0.9) — Access to power, water, transport and processing capacity.
- Economics
- 95 (weight 1.2) — Cost position and margin resilience through the price cycle.
- Strategic Importance
- 93 (weight 1) — Relevance to national critical mineral strategies and allied supply chains.
- Supply-Chain Value
- 89 (weight 1) — Whether the asset relieves a genuine downstream bottleneck.
- Sustainability
- 81 (weight 0.9) — Carbon intensity, water use, tailings approach and community standing.
- Execution Risk
- 81 (weight 1) — Technical, financing and schedule risk to reaching nameplate output. Higher is lower risk.
Minerals produced
Neodymium
A light rare earth element and the backbone of high-performance NdFeB permanent magnets.
Rare EarthsDysprosium
A heavy rare earth added to magnets to preserve performance at high operating temperatures.
Rare EarthsPraseodymium
A light rare earth usually produced and traded jointly with neodymium as NdPr oxide.
Related assets
Ganzhou Separation Complex
The centre of global heavy rare earth separation capacity.
refinery · MalaysiaLynas Advanced Materials Plant
The largest rare earth separation facility outside China.
processing · AustraliaLynas Kalgoorlie Facility
A cracking and leaching plant that moves the first processing stage onshore in Australia.
mine · AustraliaMount Weld
One of the highest-grade rare earth deposits in the world, feeding Lynas separation capacity.
mine · United StatesMountain Pass
The only operating rare earth mine in the United States and the anchor of domestic magnet ambitions.
processing · United StatesMP Independence Magnetics Facility
A US NdFeB magnet manufacturing facility completing a domestic rare earth loop.