Neodymium exemplifies the rare-earth paradox: the element itself is not geologically rare, but separation from the REE basket and downstream magnet manufacturing are near-monopolized by China (91% separation, 94% of sintered NdFeB magnets). NdFeB permanent magnets drive ~85% of Nd demand, with EV traction motors and wind turbines the fastest-growing segments. The "balance problem" of rare earths means you cannot scale Nd production independently of Dy, Tb, or less-valuable Ce/La — mining produces fixed ratios.