Step 1: Mining - holmium comes from "heavy rare earth" feed, not a holmium mine
Holmium occurs in rare earth minerals such as monazite and xenotime (and other mixed REE minerals). No holmium-dominant mineral is mined at scale, so holmium supply depends on whether the overall rare earth basket is being mined and processed.
Feed types that matter most for Ho:
Xenotime concentrates
Tend to be yttrium-rich and heavy-REE-leaning, which is where holmium typically "rides" in the product basket.
Monazite
More often light-REE-heavy overall, but it can still be part of the broader feed ecosystem that funds separation capacity and provides mixed streams for midstream plants.