The combined neodymium-praseodymium oxide that carries most of the value in a rare earth deposit.
A combined rare earth product containing neodymium oxide (Nd2O3) and praseodymium oxide (Pr2O3), the two most valuable rare earth elements for permanent magnet production. NdPr oxide typically trades as a single commodity due to similar properties and applications.
NdPr is what permanent magnets are made from, and therefore what an EV motor or wind turbine actually needs. A rare earth project's economics are usually an NdPr story wearing a TREO headline.
Compare rare earth projects on NdPr per tonne, not on total rare earth oxide. Two deposits at identical TREO can differ several-fold in value.
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