There are multiple moves outside the US to address this, but the cost of setting up a refinery is at least USD1b.
Iluka (Aus) has a mineral sands stockpile from their zircon/rutile processing, and are constructing a refinery next to the heap to process the rare earth minerals. Plant is fully funded and should come online end of 2026.
Lynas (Aus) has two refineries (and one planned in the US with DoD funding) and is partnering with a Korean firm in magnet production. They are also the only commercial-scale producer of Dy/Tb outside of China and recently raised an additional AUD800m to fund expansion.
Iluka (Aus) has a mineral sands stockpile from their zircon/rutile processing, and are constructing a refinery next to the heap to process the rare earth minerals. Plant is fully funded and should come online end of 2026.
https://www.iluka.com/products-markets/rare-earth-products/
Lynas (Aus) has two refineries (and one planned in the US with DoD funding) and is partnering with a Korean firm in magnet production. They are also the only commercial-scale producer of Dy/Tb outside of China and recently raised an additional AUD800m to fund expansion.