Lynas posts 115% revenue increase

Rio Tinto to supply green steelmaking plant Rio Tinto (ASX: RIO) will supply 70% percent of the iron ore for Primetals’ industrial-scale prototype plant in Austria. Primetals Technologies, together with its strategic partner Mitsubishi Corporation and Rio Tinto and globally leading steel and technology group voestalpine, signed a cooperation agreement to fast-track the development of fluidised bed and smelter technologies. The participants will implement and operate an industrial-scale prototype plant scheduled for startup in 2027. The plant will feature a new process for potential net-zero carbon dioxide...

Lynas posts 90% profit plunge, flags uncertainty in US plant Lynas Rare Earths (ASX: LYC) net profit after tax fell to $8m for FY25, a sharp decline from $84.5m in FY24. The miner has cited depreciation on plant and equipment at its Kalgoorlie facility and Mt Weld coupled with lower than nameplate production at the Kalgoorlie facility as contributing factors. Lynas has also noted its significant uncertainty as to whether the construction of its heavy rare earth processing facility at Seadrift, Texas in the US will proceed and if so, in what form. Lynas has an expenditure-based contract...

BlueScope, BHP and Rio Tinto decarbonise steel Australia’s two largest iron ore miners and its biggest steelmaker have selected the Kwinana Industrial Area in WA as the location to develop Australia’s largest ironmaking electric smelting furnace (ESF) pilot plant. The groundbreaking project combines the expertise of BlueScope (ASX: BSL), BHP (ASX: BHP) and Rio Tinto (ASX: RIO) to test technology to enable the use of Pilbara iron ore to produce iron without the need for traditional blast furnaces, as the companies come together to try to accelerate the decarbonisation of steelmaking. The industry leaders formed the NeoSmelt collaboration in February 2024, combining...