Terbium producers are under scrutiny after the metal posted a 20.7% month-on-month price gain in April 2026 — reaching $970/kg FOB China and marking the largest single-month move since 2023. China controls over 90% of global terbium refining capacity, and export controls introduced in early 2025 have tightened supply to non-Chinese buyers. The list below ranks the ten most significant terbium producers and developers by separation capacity, strategic position in the heavy rare earth element (HREE) supply chain, and proximity to commercial output.
How We Ranked the Top 10 Terbium Producers
Terbium is not reported as a standalone production metric by most mining companies. Unlike neodymium or praseodymium, terbium volumes are rarely disclosed in annual reports or earnings releases. This ranking of terbium producers therefore reflects supply chain control and separation capacity rather than audited output figures, cross-referenced against USGS Rare Earths Statistics and project disclosures. Entries are weighted by: (1) verified separation capacity or separation-stage proximity, (2) strategic control of terbium-bearing feedstock, and (3) disclosed production milestones or credible commercial timelines.
1. China Rare Earth Group — China
China Rare Earth Group (CREG) is the state-consolidated entity controlling southern China’s ion-adsorption clay deposits — the primary global source of heavy rare earth elements. Formed in 2021 through a merger of major Chinese producers including Ganzhou Rare Earth and China Minmetals Rare Earth, CREG holds dominant position over the ionic clay deposits of Jiangxi, Guangdong, and Fujian provinces. Terbium is produced as a co-product within the HREE separation stream from these deposits. CREG’s state mandate positions it as the default swing supplier of global terbium, with output adjusted in line with national export quota policy. The principal risk to CREG’s dominance is the strategic diversion of ionic clay feedstock from Myanmar’s heavy rare earth mines, which supply an estimated 70% of China’s HREE input.
2. China Northern Rare Earth — China (SHA:600111)
China Northern Rare Earth (CNRE) is the world’s largest rare earth producer by volume, anchored at the Bayan Obo deposit in Inner Mongolia — the single largest rare earth reserve globally. Bayan Obo skews heavily toward light rare earths (lanthanum, cerium, praseodymium, neodymium), but CNRE’s processing pipeline includes heavy REE separation capacity, and terbium is present in its concentrate output. CNRE’s position among terbium producers is secondary to CREG — its feedstock is LREE-dominant — but its sheer processing scale and state-affiliated status give it a strategic role in China’s HREE supply management. Revenue exceeded RMB 30 billion in 2024.
3. Lynas Rare Earths — Australia (ASX:LYC)
As of 2025, Lynas Rare Earths is the only company separating heavy rare earth elements — including terbium — outside Chinese jurisdiction at commercial scale. Lynas processes ore from its Mount Weld mine in Western Australia at its LAMP facility in Malaysia, where HREE separation is conducted. A dedicated HREE separation facility at Seadrift, Texas, funded in part by the US Department of Defense, is under development and targeted to add Western-based terbium separation capacity. CEO Amanda Lacaze, who led Lynas through its recovery and growth phase, stepped down in June 2026. Lynas’s terbium output volumes are not publicly disclosed by element, but its strategic position as the sole ex-China separated HREE supplier gives it outsized importance in supply chain planning for magnet manufacturers outside China.
4. Energy Fuels — USA (NYSE:UUUU / TSX:EFR)
On 25 March 2026, Energy Fuels produced the first kilogram of 99.9% purity terbium oxide at its White Mesa Mill in Utah — the first confirmed primary terbium production in the United States in decades. The milestone was achieved using monazite feedstock processed through Energy Fuels’ rare earth separation circuit. At pilot scale, the facility is producing approximately 1 kg of terbium oxide per week. Energy Fuels is targeting commercial-scale terbium output of up to 12 tonnes per year by as early as 2027, rising to 35 tonnes per year of dysprosium as Phase 2 commissioning progresses toward a 2029 target. White Mesa is the only operating rare earth processing facility in the US. The commercial ramp is contingent on feedstock supply scaling alongside monazite procurement agreements.
5. Shenghe Resources — China (SHA:600392)
Shenghe Resources occupies a distinctive position among terbium producers: it is simultaneously a major Chinese state-affiliated processor and a global trading entity with stakes in non-Chinese rare earth operations. Shenghe holds a significant commercial relationship with MP Materials at Mountain Pass, California, purchasing rare earth concentrate from the site. Shenghe’s domestic HREE processing operations in China feed into the terbium and dysprosium separation pipeline, and its global sourcing network — including investments in African and North American projects — gives it strategic feedstock optionality. As Chinese export controls tighten, Shenghe’s role as a conduit between Western mining projects and Chinese processing capacity is under increasing geopolitical scrutiny.
6. MP Materials — USA (NYSE:MP)
MP Materials operates Mountain Pass in California — the only active rare earth mining and processing operation in the United States. Mountain Pass produces NdPr oxide and a heavy rare earth-bearing concentrate that includes terbium. However, as of 2026, MP Materials does not separate terbium domestically: HREE-bearing concentrate is processed through third-party channels. The company’s stated strategic direction includes building domestic magnet manufacturing capacity, and future terbium separation at scale would represent a significant step-change in US supply chain independence. MP Materials is ranked here for its feedstock position and scale — not yet as a terbium separator in its own right. Investors tracking terbium price movements should note that Mountain Pass output does not yet directly influence spot pricing.
7. Northern Minerals — Australia (ASX:NTU)
Northern Minerals holds one of the most significant undeveloped HREE resources outside China at its Browns Range project in remote Western Australia. A definitive feasibility study is complete. A final investment decision (FID) is targeted by September 2026, subject to funding confirmation, with first production planned for 2028. At full build, Browns Range is projected to supply approximately 8% of global dysprosium and terbium demand — a material share for a single Western project. The US Export-Import Bank has issued a letter of intent, signalling US government interest in the project’s financing. A governance complication arose in May 2026 when Australian authorities ordered the divestment of Chinese shareholders under foreign investment review provisions — this process is ongoing and may affect project financing timelines. FID has not yet been taken; Northern Minerals is a development-stage company, not a producing terbium supplier.
8. USA Rare Earth — USA (Nasdaq:USAR)
USA Rare Earth controls the Round Top deposit in west Texas, an HREE-enriched sedimentary-hosted asset acquired through its merger with Texas Mineral Resources in March 2026. Round Top contains dysprosium and terbium in its HREE profile. USA Rare Earth is also completing the acquisition of Serra Verde (Pela Ema project, Brazil) — an ionic clay deposit that would make it the first Western company to produce from this deposit type outside Asia, with dysprosium and terbium in the output stream. Processing operations are centred at Wheat Ridge, Colorado. Commercial production from Round Top is targeted for 2028. The Serra Verde acquisition adds a second HREE feedstock source but introduces execution risk across two simultaneous development programmes.
9. Ionic Rare Earths — Australia (ASX:IXR)
Ionic Rare Earths is developing the Makuutu project in Uganda, an HREE-enriched ionic clay deposit with a terbium and dysprosium profile comparable to southern Chinese sources. Makuutu’s ionic clay mineralogy is directly analogous to the Chinese deposits that dominate global HREE supply, making it geologically one of the most strategically relevant non-Chinese terbium prospects. Ionic is also pursuing rare earth recycling and magnet recovery technology, creating a dual pathway to terbium output — primary mining and secondary recovery. Makuutu is pre-production; development timelines and financing remain subject to revision. Uganda’s regulatory and infrastructure environment adds country-risk factors not present in Australian or North American projects.
10. Indian Rare Earths Ltd (IREL) — India
Indian Rare Earths Ltd (IREL) is a state-owned enterprise processing monazite from India’s coastal beach sand deposits in Kerala, Odisha, and Tamil Nadu. Terbium is present in monazite’s HREE fraction and appears in IREL’s separation output, though at volumes that are strategic rather than commercially significant by global standards. IREL is central to India’s ambition to develop an independent rare earth supply chain under the national critical minerals framework, and terbium processing forms part of its broader HREE capability building. Volumes remain low relative to Chinese producers, and IREL’s primary output is weighted toward thorium, uranium, and light rare earth fractions. For context on India’s broader rare earth positioning, see the India rare earth country profile.
Terbium Producers — Summary Comparison
| Company | Country | Key Asset | Terbium Role | Status |
|---|---|---|---|---|
| China Rare Earth Group | China | Southern ionic clay deposits | Primary separator — dominant global share | Producing |
| China Northern Rare Earth | China | Bayan Obo (Inner Mongolia) | HREE co-product — LREE-dominant feedstock | Producing |
| Lynas Rare Earths | Australia | Mount Weld / LAMP / Seadrift | Only ex-China separated HREE producer | Producing |
| Energy Fuels | USA | White Mesa Mill (Utah) | First US primary Tb oxide — pilot scale, targeting commercial 2027 | Pilot production |
| Shenghe Resources | China | HREE processing + global stakes | Processor and trader — Mountain Pass off-take | Producing |
| MP Materials | USA | Mountain Pass (California) | HREE concentrate producer — terbium not yet separated domestically | Producing concentrate |
| Northern Minerals | Australia | Browns Range (Western Australia) | ~8% of global Dy+Tb demand at full build | Development — FID targeted Sept 2026 |
| USA Rare Earth | USA | Round Top (Texas) / Serra Verde (Brazil) | HREE-rich deposits; commercial production targeted 2028 | Development |
| Ionic Rare Earths | Australia | Makuutu (Uganda) | HREE ionic clay — Dy+Tb profile; dual mining/recycling pathway | Pre-production |
| IREL | India | Beach sand monazite — Kerala, Odisha | Terbium in HREE fraction — strategic, low volumes | Producing (limited) |
Outlook for Terbium Producers
The outlook for terbium producers is shaped by two forces pulling in opposite directions. On the demand side, terbium’s role as a dysprosium co-additive in NdFeB permanent magnets — used in EV drivetrains, wind turbine generators, and defence systems — is growing. Adamas Intelligence projects continued growth in HREE demand through the 2030s as EV penetration accelerates. On the supply side, China’s rare earth export controls, introduced in stages from early 2025, have materially tightened access to separated terbium for non-Chinese buyers. The April 2026 price spike of 20.7% is a direct consequence. For current pricing benchmarks, see Shanghai Metals Market.
The Western terbium producer landscape is building — but commercial scale outside Lynas remains at least two years away. Energy Fuels’ March 2026 milestone at White Mesa is the most concrete near-term signal: pilot-scale US production is now confirmed, and a commercial ramp targeting up to 12 tonnes per year by 2027 is in progress. Northern Minerals’ Browns Range, if it reaches FID by September 2026, adds an eight-percent share of global Dy+Tb supply to the pipeline. None of these terbium producers will shift the supply balance materially before 2027 at the earliest — and China’s structural control of ionic clay deposits, combined with Myanmar disruptions reducing China’s own HREE feedstock, keeps upward price pressure intact in the near term.
This article is for informational purposes only and does not constitute investment advice. Prices are subject to change without notice.
Who is the largest terbium producer in the world?
China Rare Earth Group controls the largest volume of terbium production through its dominance of southern China’s ion-adsorption clay deposits, which supply the majority of global heavy rare earth output. China as a whole accounts for over 90% of global terbium supply.
Which company produces terbium outside China?
Lynas Rare Earths (ASX:LYC) is currently the only company separating heavy rare earth elements including terbium outside Chinese jurisdiction at commercial scale. Energy Fuels (NYSE:UUUU) produced the first kilogram of 99.9% purity terbium oxide in the United States in March 2026 at its White Mesa Mill in Utah — the first confirmed domestic primary terbium production in decades.
What is driving terbium prices in 2026?
Terbium prices rose 20.7% month-on-month in April 2026, reaching $970/kg FOB China — the largest monthly gain since 2023. The primary driver is China’s rare earth export controls introduced in early 2025, which have tightened supply of heavy rare earths to non-Chinese buyers. Myanmar supply disruptions have reduced China’s own HREE feedstock imports, compounding upward price pressure.
What are the main terbium mining projects outside China?
The most advanced non-Chinese terbium development projects include Northern Minerals’ Browns Range in Western Australia (FID targeted September 2026, first production planned 2028), USA Rare Earth’s Round Top deposit in Texas (commercial production targeted 2028), and Energy Fuels’ White Mesa Mill in Utah (commercial terbium scale targeted as early as 2027).
Why is terbium so scarce outside China?
Terbium typically makes up less than 1% of rare earth deposits and is concentrated almost exclusively in heavy rare earth ores — specifically ion-adsorption clay deposits in southern China and Myanmar. Unlike light rare earths such as neodymium, there are very few terbium-bearing deposits that can be economically mined and separated at scale outside Asia, making geographic supply concentration extreme.
