For now, AP is leading as the densest REPM pipeline across all 3 legs:
Upstream: Monazite; IREL’s 10,000 TPA plant Gudur due to come online; beach-sand Ops + new Rare Earth corridor
Mid: ROSATOM/Giredmet via Nexon; DAE’s SmCo plant Vizag
Down: Proterial (1.2 KTPA), NAN Mag (1.2 KTPA) & Nexon Geochem (600 TPA)
Proterial’s 30 KTPA Metglas plant adds a 2nd high-value magnetic materials play.
AP: NAN shows a credible profile for integrated REPM: feedstock, domestic offtake & potential Japanese tech know-how. Naidupeta targets 1,200 TPA, with an oxide-to-magnet mfg chain & closed-loop recycling.
NAN has engaged NdFeB’s inventor—Dr. Masato Sagawa, so P-L Processing for magnet forming, along with GBD for lower Dy/Tb consumption while retaining hi-temp performance. Potentially Kyoto or Daido?
Said to have an Aus feedstock supplier, another key limitation for both India & the program. And claims offtake partners (domestic Tier 1 auto). Hydrometal recycling will close the materials loop.
Ofc, in a volatile, evolving climate, nothing is concrete until production commences🤞