The instability of rare earth elements (REEs) supply chains due to, among others, geopolitical factors brought alternative sources of REEs under the spotlight. Waste from electrical and electronic equipment (WEEE) is considered one of such sources. WEEE recycling is seen as a way not only to mitigate the aforementioned REEs supply risk but also to benefit the environment and society caught currently in a precarious position. Within this context, bioleaching for REEs recovery is gaining attraction, considering that, so far, this process has mainly been used to recover other elements (e.g., Cu, Ni, Zn, Al, Au, Ag). Hitherto, a few lab-scale studies on Nd, Dy, and Pr bioleaching from NIB magnets were identified in the open literature, whereas only one study attempted to perform a simplified LCA analysis of the process. Ergo, this study aims at filling this knowledge gap. For this purpose, the Life Cycle Assessment (LCA) and Material Flow Cost Accounting (MFCA) were performed to assess the process' environmental and economic feasibility after scaling it up from a lab to a pilot scale. Moreover, a break-even analysis was performed to assess the competitiveness of the technology. As the bioleaching of NIB magnets is an emerging concept, this study aimed to identify future process optimisation and development directions. The process was divided into six stages (i.e., demagnetising, shredding, bacteria cultivation, bioleaching, REEs extraction, and oxidation), analysed individually and collectively. Electricity and oxalic acid consumption, together with investment costs, were identified as the main hotspots for future improvement.