Rare Earth Directory

Ownership map

Who owns what in US rare earths: ownership and acquisition map

MP Materials owns Mountain Pass, the only active primary rare earth mine in the US, and the US Department of War holds about 15% of MP on a fully converted basis. The map tracks 37 parent, stake, venture and acquisition relationships, and marks each as in place, pending or proposed.

Verified through Oct 1, 2026

See who owns whom All relationships

Who owns the only US rare earth mine

  1. Mountain PassMine, San Bernardino County, California
  2. MP MaterialsNYSE: MP, bought the mine in 2017
  3. US Department of War$400M convertible preferred, about 15% fully converted (Jul 2025)
Relationships tracked
37Each with a source
In place
25
Pending
8Agreed, not yet closed
Proposed
2Letters and targets

Who owns whom in US rare earths?

Each card shows one company with what holds it on the left and what it holds on the right. Green marks a relationship in place, amber a pending deal, violet a proposal and grey a figure from a past date. Open "Terms and source" on any line for the details.

Companies assembling mine-to-magnet chains

MP Materials, USA Rare Earth and Energy Fuels are each putting more of the chain under one owner, by building, buying or partnering. Two of the deals are still pending.

Held by

Company

MP Materials

NYSE: MP

Mines and plants

Holds

Held by

  • US Department of Commerce Pending

    16.1M shares and about 17.6M warrants

    Government equity · Jun 3, 2026

    Terms and source

    Part of the CHIPS Act package of up to $277M in funding and up to $1.3B in loans. Funding is paid in phases tied to milestones. The release gives no percentage and does not say whether the shares and warrants have been issued.

    USA Rare Earth 8-K on the Commerce definitive agreements (SEC, Jun 2026)

Company

USA Rare Earth

Nasdaq: USAR

Mines and plants

Holds

Held by

No strategic or government holder is tracked. Ordinary shareholders are not listed.

Company

Energy Fuels

NYSE American: UUUU; TSX: EFR

Mines and plants

Holds

Held by

Company

eVAC Magnetics

VAC Group is being acquired by Energy Fuels

Mines and plants

Holds

No subsidiary or stake tracked.

Parents and subsidiaries

Several US operations belong to a holding company or to a larger group abroad.

Held by

  • Compass Diversified In place

    Subsidiary

    Subsidiary · Current

    Terms and source

    Compass Diversified (NYSE: CODI) is a holding company with several industrial subsidiaries.

    Compass Diversified 10-K (SEC)

Company

Arnold Magnetic Technologies

Subsidiary of Compass Diversified (NYSE: CODI)

Holds

No subsidiary or stake tracked.

Held by

Company

REalloys

Nasdaq: ALOY

Mines and plants

Holds

Held by

No strategic or government holder is tracked. Ordinary shareholders are not listed.

Company

NioCorp

Nasdaq: NB

Mines and plants

Holds

Controlling holders, ventures and named investors

Who stands behind the companies that are not simply listed with a spread of public shareholders.

Held by

Company

ReElement Technologies

Private (American Resources, Nasdaq: AREC, holds a minority stake)

Mines and plants

Holds

No subsidiary or stake tracked.

Held by

Company

HyProMag USA

Private venture

Mines and plants

Holds

No subsidiary or stake tracked.

Held by

Company

Aclara Resources

TSX: ARA

Mines and plants

Holds

No subsidiary or stake tracked.

Held by

Company

Vulcan Elements

Private

Mines and plants

Holds

No subsidiary or stake tracked.

Held by

Company

Cyclic Materials

Private

Mines and plants

Holds

No subsidiary or stake tracked.

Who owns each US rare earth mine and plant?

Every tracked mine, project, mill and plant has one owner or operator, listed here with the strategic and government holders behind it. 35 sites are tracked. Mountain Pass and White Mesa Mill belong to listed companies, and several plants belong to private companies that do not disclose a controlling owner.

Who owns or operates each tracked mine, project, mill and plant, and who holds that company
SiteStatusOwner or operatorWho holds the owner
Mountain PassSan Bernardino County, CaliforniaProducingMP MaterialsUS Department of War (about 15%, convertible preferred)
Euclid metallization facilityEuclid, OhioPlant operatingREalloysPublic company (Nasdaq: ALOY)
Exeter metal refineryExeter, New HampshirePlant operatingPhoenix TailingsPrivate; owners not disclosed in the sources checked
Independence magnet plantFort Worth, TexasPlant operatingMP MaterialsUS Department of War (about 15%, convertible preferred)
Mesa recycling facilityMesa, ArizonaPlant operatingCyclic MaterialsAccounts advised by T. Rowe Price Associates (led a $75M round); ERI (strategic investor)
Research Triangle Park magnet facilityResearch Triangle Park, North CarolinaPlant operatingVulcan ElementsUS Department of Commerce ($50M of equity, proposed, proposed); Altimeter Capital, One Investment Management and 1789 Capital ($65M Series A)
San Marcos magnet plantSan Marcos, TexasPlant operatingNoveon MagneticsPrivate; owners not disclosed in the sources checked
Stillwater magnet plantStillwater, OklahomaPlant operatingUSA Rare EarthUS Department of Commerce (16.1M shares and 17.6M warrants, pending)
Sumter NdFeB plantSumter, South CarolinaPlant operatingeVAC MagneticsVAC Group (owned), itself held by Energy Fuels (100%, pending) and Ara Partners (owner today)
Upton demonstration plantUpton, WyomingPlant operatingRare Element ResourcesSynchron (majority holder)
Wheat Ridge demonstration facilityWheat Ridge, ColoradoPlant operatingUSA Rare EarthUS Department of Commerce (16.1M shares and 17.6M warrants, pending)
White Mesa MillSan Juan County (near Blanding), UtahPlant operatingEnergy FuelsPublic company (NYSE American: UUUU; TSX: EFR)
10X magnet campusNorthlake, TexasPlant buildingMP MaterialsUS Department of War (about 15%, convertible preferred)
Blacksburg magnet and metal campusBlacksburg, South CarolinaPlant buildingUSA Rare EarthUS Department of Commerce (16.1M shares and 17.6M warrants, pending)
Louisiana Strategic Metals ComplexAlexandria, LouisianaPlant buildingUcore Rare MetalsPublic company (TSXV: UCU; OTCQX: UURAF)
Marion advanced technology centerMarion, IndianaPlant buildingReElement TechnologiesUS Department of War (warrants, pending); American Resources Corp (about 19%); Transition Equity Partners ($200M equity facility); Mitsubishi Materials (planned preferred shares, pending)
Bear LodgeCrook County (near Sundance; Black Hills National Forest), WyomingDevelopmentRare Element ResourcesSynchron (majority holder)
Brook MineSheridan County (near Ranchester), WyomingDevelopmentRamaco ResourcesPublic company (Nasdaq: METC)
Elk CreekJohnson County (southeast Nebraska)DevelopmentNioCorpPublic company (Nasdaq: NB)
Halleck CreekAlbany County (northeastern; central Laramie Mountains), WyomingDevelopmentAmerican Rare EarthsPublic company (ASX: ARR (US OTC listing))
Round TopHudspeth County (near Sierra Blanca), TexasDevelopmentUSA Rare EarthUS Department of Commerce (16.1M shares and 17.6M warrants, pending)
Benson magnet campusBenson, North CarolinaPlant plannedVulcan ElementsUS Department of Commerce ($50M of equity, proposed, proposed); Altimeter Capital, One Investment Management and 1789 Capital ($65M Series A)
Dallas-Fort Worth recycling and manufacturing hubDallas-Fort Worth, TexasPlant plannedHyProMag USAMaginito (50%), itself held by Mkango Resources (79.4%); CoTec Holdings (50%)
Gramercy bauxite residue projectGramercy, LouisianaPlant plannedElementUSAPrivate; owners not disclosed in the sources checked
Port of Vinton separation facilityVinton, LouisianaPlant plannedAclara ResourcesHochschild Mining (20% in 2021, as of Dec 2021); Entities controlled by Eduardo Hochschild (30.7% in 2021, as of Dec 2021)
Rawhide pilot processing facilityGillette, WyomingPlant plannedPeabodyPublic company (NYSE: BTU)
Bokan MountainPrince of Wales Island, AlaskaExplorationUcore Rare MetalsPublic company (TSXV: UCU; OTCQX: UURAF)
ColosseumSan Bernardino County (Mojave National Preserve; about 10 km north of Mountain Pass), CaliforniaExplorationDateline ResourcesPublic company (ASX: DTR)
Diamond CreekLemhi County, IDExplorationIdaho Strategic ResourcesPublic company (NYSE American: IDR)
La PazLa Paz County, ArizonaExplorationAmerican Rare EarthsPublic company (ASX: ARR (US OTC listing))
Lemhi PassLemhi County, ID and Beaverhead County, MT (about 25 miles southeast of Salmon, ID)ExplorationIdaho Strategic ResourcesPublic company (NYSE American: IDR)
Sheep CreekRavalli County (Bitterroot National Forest), MontanaExplorationUS Critical MaterialsREalloys (non-binding, up to 10% of output, proposed)
Silicon RidgeLake Mountains, Utah County (Utah state trust land)ExplorationIonic Mineral TechnologiesPrivate; owners not disclosed in the sources checked
Georgia mineral sands operationOfferman, GeorgiaOther commodityChemoursPublic company (NYSE: CC)
Starke mineral sands operationStarke, FloridaOther commodityChemoursPublic company (NYSE: CC)

Who holds the owner lists strategic and government holders and parents, two levels up. Ordinary shareholders of public companies are not tracked. A holder marked pending is an agreed deal that has not closed.

Does the US government own part of any rare earth company?

Yes, in one: the Department of War holds $400M of convertible preferred stock in MP Materials, about 15% on a fully converted and exercised basis. Four other positions are agreed or proposed: Commerce shares and warrants in USA Rare Earth, warrants in ReElement, a $50M equity letter for Vulcan Elements, and a share of the Saudi refinery venture.

Equity and warrants held, agreed or proposed by the US government
HolderCompanyStake or termsDateStatusSource
US Department of WarMP MaterialsAbout 15% on a fully converted and exercised basis$400M of Series A convertible preferred stock, plus a warrant for about 11.2M shares. The same deal included a $150M loan, a 10-year NdPr price floor and a 10-year purchase of 10X magnet output.Jul 11, 2025In placeSource
US Department of CommerceUSA Rare Earth16.1M shares and about 17.6M warrantsPart of the CHIPS Act package of up to $277M in funding and up to $1.3B in loans. Funding is paid in phases tied to milestones. The release gives no percentage and does not say whether the shares and warrants have been issued.Jun 3, 2026PendingSource
US Department of WarReElement TechnologiesWarrants (number not stated)Warrants come with a conditional $80M Office of Strategic Capital loan commitment. Closing of the loan is not confirmed in the sources checked.Nov 3, 2025PendingSource
US Department of CommerceVulcan Elements$50M of equity (proposed)A non-binding preliminary letter of intent under the CHIPS Act, for equipment. It is not a final award.Nov 3, 2025ProposedSource
US Department of WarSaudi rare earth refinery joint ventureTogether with MP Materials, targeted at 49%The Department of War joins MP Materials as a party to the joint venture.Nov 2025PendingSource

The government support tracker lists the loans, grants and purchase agreements around these stakes, each with its own status.

Which ownership deals are still pending?

8 deals are agreed but not closed and 2 are proposals. The largest by value is Energy Fuels' purchase of VAC Group, expected to close in Q1 2027. USA Rare Earth's stake in Carester was due to close in the third quarter of 2026, and completion is not confirmed here.

Every ownership relationship the directory tracks

The table lists all 37 relationships with the holder, the company held, the stake or terms, the date, the status and the source. Filter by status to see only what is in place or what is pending, or by relationship to see only subsidiaries, stakes or investors.

Status
Relationship
37 of 37 shown
All 37 ownership relationships tracked, with status and source
HolderHeldRelationshipStake or termsDateStatusSource
USA Rare EarthSerra Verde GroupAcquisition100%; $300M in cash plus 126.849M sharesSept 3, 2026In placeSource · Source
Energy FuelsAustralian Strategic MaterialsAcquisition100%; about US$243M at closingAug 28, 2026In placeSource
Australian Strategic MaterialsKorean Metals PlantOwnsOperating plantAug 28, 2026In placeSource
Australian Strategic MaterialsDubbo projectOwnsProjectAug 28, 2026In placeSource
Accounts advised by T. Rowe Price AssociatesCyclic MaterialsInvestorLed a $75M roundAug 2026In placeSource
ERICyclic MaterialsInvestorStrategic investorAug 2026In placeSource
USA Rare EarthRound TopOwns100%Aug 2026In placeSource · Source
USA Rare EarthTexas Mineral Resources Corp.Acquisition100% of the shares; all-share deal valued at about $73MAug 2026In placeSource · Source
USA Rare EarthCarester SASMinority stakeAbout 13.6%Jul 23, 2026PendingSource
VAC GroupeVAC MagneticsSubsidiaryUS armCurrentIn placeSource
Energy FuelsVAC GroupAcquisition100%; about $718M in cash plus 65.85M shares (about $1.9B in equity value)Jun 23, 2026PendingSource
Ara PartnersVAC GroupOwnsOwner and sellerUntil closingIn placeSource
US Department of CommerceUSA Rare EarthGovernment equity16.1M shares and about 17.6M warrantsJun 3, 2026PendingSource
REalloysUS Critical MaterialsNon-binding agreementUp to 10% of Sheep Creek production; equity investment contemplatedApr 2, 2026ProposedSource
Mitsubishi MaterialsReElement TechnologiesInvestorPlanned investment in preferred shares (amount not disclosed)Mar 31, 2026PendingSource
BlackboxstocksREalloysMergerMerger closed Feb 24, 2026Feb 24, 2026In placeSource
REalloysHoidas Lake projectOwnsProjectCurrentIn placeSource
Transition Equity PartnersReElement TechnologiesInvestor$200M equity facilityJan 13, 2026In placeSource
MaginitoHyProMag USAJoint venture50%Dec 2025In placeSource
CoTec HoldingsHyProMag USAJoint venture50%Dec 2025In placeSource
Mkango ResourcesMaginitoMinority stake79.4%Dec 2025In placeSource
NioCorpFEA MaterialsAcquisition100%; $8.4MDec 2025In placeSource
MP MaterialsSaudi rare earth refinery joint ventureJoint ventureMP and the Department of War together target 49%Nov 2025PendingSource
US Department of WarSaudi rare earth refinery joint ventureJoint ventureTogether with MP Materials, targeted at 49%Nov 2025PendingSource
MaadenSaudi rare earth refinery joint ventureMajority holderNo less than 51% (target)Nov 2025PendingSource
American Rare EarthsWyoming Rare (USA) Inc.SubsidiaryWholly ownedNov 2025In placeSource
US Department of WarReElement TechnologiesGovernment equityWarrants (number not stated)Nov 3, 2025PendingSource
US Department of CommerceVulcan ElementsGovernment equity$50M of equity (proposed)Nov 3, 2025ProposedSource
American Resources CorpReElement TechnologiesMinority stakeAbout 19% of common sharesNov 2025In placeSource
Lynas Rare EarthsLynas USASubsidiaryUS subsidiaryCurrentIn placeSource
Altimeter Capital, One Investment Management and 1789 CapitalVulcan ElementsInvestor$65M Series AAug 2025In placeSource
US Department of WarMP MaterialsGovernment equityAbout 15% on a fully converted and exercised basisJul 11, 2025In placeSource · Source
USA Rare EarthLess Common MetalsSubsidiaryOwnedDate not statedIn placeSource
Compass DiversifiedArnold Magnetic TechnologiesSubsidiarySubsidiaryCurrentIn placeSource
SynchronRare Element ResourcesMajority holderMajority shareholder; about 71.4% expected after a later share offeringOct 2022In placeSource
Hochschild MiningAclara ResourcesMinority stake20% after the demergerDec 2021As of a past dateSource
Entities controlled by Eduardo HochschildAclara ResourcesMinority stake30.7% after the demergerDec 2021As of a past dateSource

Dates are the date of the announcement or closing, or "Current" where a source describes the present arrangement. A stake is as of its date; later financing can dilute it.

Download CSV · Download JSON. Free to use with attribution. Verified through Oct 1, 2026.

Questions about who owns what

Who owns the only rare earth mine in the US?

MP Materials (NYSE: MP) owns Mountain Pass in California, the only active primary rare earth mine in the United States. It bought the mine in 2017. The US Department of War holds $400M of convertible preferred stock, about 15% of MP on a fully converted and exercised basis.

Does the US government own part of USA Rare Earth?

Not yet in a way the filings quantify. Under definitive agreements signed on Jun 3, 2026, the Department of Commerce is to receive 16.1M shares and about 17.6M warrants as part of a CHIPS Act package. The release gives no percentage and does not say whether they have been issued.

Who is buying VAC, the owner of eVAC Magnetics?

Energy Fuels agreed on Jun 23, 2026 to buy VAC Group from Ara Partners for about $718M in cash plus 65.85M shares, an equity value of about $1.9B. Closing is expected in Q1 2027 and needs regulatory and stock exchange approvals. eVAC runs the Sumter, South Carolina magnet plant.

Who owns Rare Element Resources?

Synchron, an affiliate of General Atomics, is the majority shareholder. It first bought about 33.5% of the shares and held an option to rise to 49.9%, and after a later offering it was expected to hold about 71.4%. Rare Element Resources fully owns the Bear Lodge project in Wyoming.

Who owns ReElement Technologies?

ReElement is private. American Resources holds a minority stake of about 19% (Nov 2025), and it is not a subsidiary. Transition Equity Partners closed a $200M equity facility in Jan 2026, Mitsubishi Materials announced a planned investment in Mar 2026, and the Department of War is to receive warrants with a conditional $80M loan.

Who owns HyProMag USA?

HyProMag USA is a 50/50 joint venture between Maginito and CoTec Holdings. Mkango Resources holds 79.4% of Maginito and CoTec holds the other 20.6%, so CoTec has the larger indirect interest.

Sources and verification

Each profile lists its sources, a confidence grade and a verification date. Order of authority: official records (SEC filings, agency documents), company documents and technical reports, research papers, then independent press. Syndicated copies and reference works are labeled and are never the only source for a number. Company-reported figures are labeled as such, and non-binding deals are labeled "letter of intent" or "conditional".

Tags show what kind of source each link is. How sources are ranked

This map covers strategic and government stakes, parents, ventures and announced acquisitions. It does not list ordinary shareholders of public companies, whose holdings change daily; use a company's proxy statement for those. See the methodology for how statuses and sources are graded.