Sustainability & Metals & Mining: Rare Earths: Where Is The Money Flowing?

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Sustainability & Metals & Mining: Rare Earths: Where Is The Money Flowing?

Global Foundation

July 16, 2026 04:00 AM GMT

Morgan Stanley & Co. International plc+MSustainability & Metals & Mining Arushi Agarwal, CFA

Equity Strategist

Rare Earths: Where Is The Arushi.Agarwal1@morganstanley.comMorgan Stanley Australia Limited+ +44 20 7677-3944

Rahul Anand, CFA

Equity AnalystMoney Flowing? R.Anand@morganstanley.com +61 2 9770-1136

Rare Earths export controls are driving investor focus and Morgan Stanley & Co. LLC

Carlos De Alba

Equity Analystinflows into the theme. We map public equity holdings and

Carlos.De.Alba@morganstanley.com +1 212 761-4927

private capital flows. Public equity exposure is dominated by

China and up/mid-stream, while late stage private pipeline seems Morgan Stanley & Co. International plc+

Amy Gower (Amy Sergeant), CFA

Commodities Strategistmore focused on downstream companies.

Amy.Gower1@morganstanley.com +44 20 7677-6937

Rachel Fletcher, Ph.D.

Equity StrategistMExport controls are driving focus on Rare Earths. These materials are critical to Rachel.Fletcher@morganstanley.com +44 20 7677-4089

defence, offshore wind, EVs, semis, and humanoids. China controls most of the value

Morgan Stanley & Co. LLC

chain and has imposed several export restrictions, resulting in higher prices, up 90% Stephen C Byrd

in some cases. The IEA estimates rare earth controls could put $6.5tn of Equity Analyst

Stephen.Byrd@morganstanley.com +1 212 761-3865

downstream production at risk, with Autos the most exposed.

Morgan Stanley Australia Limited+

Global policy is pushing towards a multi-year diversification strategy. G7 leaders Michael A Stancliff

have pledged to reduce dependence on any single rare-earth supplier to below 60% Research Associate