Rare earth magnets such SmCo5,Sm2Co17, NdFeb,NdFebDy, NdFeBHRE (HRE=Heavy rare earth) were developed with very high energy product and have been used extensively in motors, speakers, actuating devices and in computer peripherals for quite a few years. Very high percentage of the rare earth raw material is located in China and due to regulatory reasons the availability of heavy rare earths is controlled. Number of developments have taken place to reduce the heavy rare earth or eliminate them entirely. Increasing prices and concern with China polices have accelerated the development of rare earths projects outside of China, with projects in Australia, Russia, Brazil, Canada, Burundi and Tanzania set to enter production by 2027. This presentation will cover the alternates to current supply source. Critically evaluate the promise of alternate magnet systems.