Step 1: Mining - europium is in the basket, not the headline
Europium typically originates from the same upstream systems that produce the light rare earths:
- Bastnäsite-style deposits (large light-REE systems; classic example is Mountain Pass).
- Monazite-bearing systems, including mineral sands where monazite is a co-product and can be upgraded into rare earth mineral concentrates.
China's big light-REE production is historically tied to deposits like Bayan Obo, but the investor-relevant point is simpler: even when ore is mined elsewhere, you still need the midstream to turn it into separated Eu products.