India's rare earths come mostly from monazite, a heavy mineral in the black sands of the Kerala, Tamil Nadu, Odisha and Andhra coasts, mined alongside ilmenite, rutile and zircon.
IREL (India) LtdOwner · HighUnlisted
Kerala Minerals and Metals (KMML)Operator · LowUnlisted
Midwest LtdEmerging entrant · LowListed
IREL (India) Ltd
State-owned miner and processor of beach-sand minerals and India's only large rare-earth separator; supplies NdPr oxide to the three lowest scheme bidders
Strengths
Holds the monazite: beach-sand plants in Kerala, Tamil Nadu and Odisha, rare-earth extraction in Odisha and separation at Aluva (Kerala)
Policy anchor of the whole chain - the scheme's 500-tonne oxide allocation runs through it
Risks
Not investable: a fully government-owned company under the Department of Atomic Energy
Output is small - roughly 400-500 tonnes of neodymium a year (Reuters, Aug 2025)
Background
Central PSU under the Department of Atomic Energy
NdPr oxide capacity 400 tonnes a year plus about 500 tonnes of stock (REPM notification, Dec 2025)
Compiled from public reporting — not exchange-listed.
Where it fits
Miners dredge or dig heavy-mineral sand, concentrate it on spirals, and separate ilmenite, rutile, zircon, garnet and monazite. Monazite (rare earths plus thorium) goes to IREL for processing.
Why it matters
India has about 6.9 million tonnes of rare-earth oxide reserves (USGS), among the world's largest; the government puts it at 7.23 million tonnes in coastal monazite. Budget 2026-27 announced Rare Earth Corridors in exactly these four states to tie mining to processing and manufacturing.
Where the value pool sits
Rare earths are a by-product of a titanium-minerals business. Value is controlled by the state: monazite handling sits with IREL (Department of Atomic Energy), and state miners like KMML focus on titanium minerals.
Key drivers
IREL capacity expansion plans
Rare Earth Corridors (Odisha, Kerala, Andhra Pradesh, Tamil Nadu)
National Critical Mineral Mission (₹16,300 Cr, approved 29 Jan 2025)
Potential bottlenecks
Coastal regulation and environmental approvals for beach mining
Thorium in monazite makes it a regulated atomic mineral
Low rare-earth grades mean large tonnages must be moved
Investor metrics to watch
IREL monazite throughput and NdPr output
Corridor project approvals
Overseas feedstock deals (e.g. Midwest's Sri Lankan sand licences)