US Rare Earth Producers Sell Output to Japan and South Korea; Domestic Magnet Output Under 1,000 Tonnes

Rare earth products from MP Materials, Energy Fuels and Phoenix Tailings are being sold to companies in Japan and South Korea. The three firms have together received billions of dollars in US government support. Phoenix Tailings customers are primarily in Korea and Japan, chief executive Nick Myers said.

The company secured a conditional $500 million from the US government in June. MP Materials generated the largest share of its neodymium-praseodymium oxide and metal sales under an agreement with Sumitomo Corporation of Americas for distribution to Japanese customers. The company also has an agreement signed in the first quarter of 2026 with an unnamed US technology and industrial firm.

It stopped selling to China’s Shenghe Resources under its deal with the US government. MP Materials holds supply agreements with General Motors and Apple and stated in May that it expected to begin shipping finished magnets to GM this year. Energy Fuels received $725 million in conditional US government funding in June.

It plans to send oxides to Korea in the near term, chief executive Ross Bhappu said. The company is acquiring Australian Strategic Materials, which owns a rare earths metal-making plant in South Korea, and announced a $1.9 billion deal in June to buy German magnet maker Vacuumschmelze.

Japan produces 10,000 to 15,000 tonnes of neodymium iron boron magnets per year, South Korea produces 2,000 to 3,000 tonnes annually, and the United States produces 1,000 tonnes or less, according to consultant John Ormerod.

China remains the largest global producer.