NdPr oxide is reduced to metal in molten-salt electrolysis cells, then melted with iron and boron and strip-cast into the alloy flakes magnet plants grind up.
IREL (India) LtdOperator · MediumUnlisted
Non-Ferrous Materials Technology Development Centre (NFTDC)Enabler · HighUnlisted
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
Metal makers convert oxide to NdPr metal; alloy makers melt it with iron, boron and small additions (cobalt, dysprosium) and cast thin alloy strips. The scheme expects winners to do this in-house as part of an integrated plant.
Why it matters
India has almost no commercial oxide-to-metal capacity today - the Cabinet itself said the country lacks large-scale plants for oxide-to-metal, metal-to-alloy and alloy-to-magnet. Without this step, oxide from IREL cannot become an Indian magnet.
Where the value pool sits
A narrow, specialised step whose value will mostly sit inside the integrated magnet makers. Government labs (BARC, NFTDC) hold the technology and are licensing it to industry.