Rare Earth Producers
Rare Earth Operating Margin
Operating margin for the most recent fiscal year. Both producers are near or below breakeven, which is the central tension of the segment: these are the companies Western governments most want to exist, and the economics do not yet work at prices set largely inside China.
Rare Earth Revenue
Revenue for the most recent fiscal year. The absolute numbers are strikingly small against the strategic attention and state support these companies attract. TMC is absent because it is pre-revenue and awaiting deep-sea mining regulation.
Rare Earth Capital Spending
Capital expenditure for the most recent fiscal year. The spending is going into separation and magnet capacity rather than into mining, because refining is where the Chinese chokepoint actually sits.
Margins Across the Whole Sector
Operating margin for every tracked company, ranked. The gap between the copper miners at the top and the lithium and rare earth producers at the bottom is the sector's defining fact: strategic importance and profitability are not the same thing.
