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Systems and methods for recovering rare earth metals from rare earth metal-containing magnets includes fragmenting or commutating the magnets, contacting the commutated magnets with a mixture of low molecular weight carboxylic acids such as formic acid and water, and removing or extracting non-rare earth metal carboxylate phases such as an iron carboxylate (formate) phase from a rare earth metal carboxylate (formate) phase, using a solvent such as water.