Tag: Lynas

WA-based Lynas Rare Earths, the largest rare earths producer outside China, has posted record quarterly revenue on the back of "very strong" demand for its range of specialised metals that offset softer prices. Lynas reported a jump in fourth-quarter revenue to $185.9m, more than triple $38m a year earlier, pushing the stock up 9%. Demand for rare earth materials such as neodymium and praseodymium (NdPr) has rebounded from a pandemic-driven drop last year as electric vehicles continue to gain popularity amid a global push to reduce carbon emissions. Lynas and other western producers stand to benefit from efforts by the US to curb its reliance on China for the minerals, which are used in items such as magnets for windfarms,...

Malaysia gives Lynas thumbs up WITH another three years’ grace to process rare earths in Malaysia, Lynas is surging ahead with its cracking and leaching plant in Kalgoorlie, WA. Lynas managing director, Amanda Lacaze, said  the company has confirmed its commitment to the 97pc Malaysian workforce with the renewal of the licence to operate. “We have created over 1000 direct jobs, 90pc of which are skilled or semi-skilled, and we spend over RM600m ($217 million) in the local economy each year,” she said. The plant is now ensured to be operational until at least July 2023. The licence includes the development of a permanent disposal facility in the first year. The construction of the cracking and leaching plant will be...

Lynas wins approval for Kalgoorlie AUSTRALIAN rare earths company Lynas Corporation’s (ASX: LYC) new processing plant in Kalgoorlie, WA, has been granted Major Project Status by the Australian government. Major Project Status streamlines government approvals processes for mining projects, providing a single-entry point for their assessment by the Australian government, and formally recognises a project’s significance to the Australian economy. The company’s Kalgoorlie processing plant will carry out cracking and leaching of rare earth concentrate from Lynas’s Mt Weld mine in WA’s Goldfield’s region and will support the development of new infrastructure including chemicals production for the rare earths industry. At its peak construction phase the plant is expected to create 500 jobs, and increase Lynas’s Goldfields workforce to more...

LYNAS Corporation (ASX: LYC) is facing a new wave of judicial proceedings in Malaysia over its subsidiary, Lynas Malaysia’s rare earths processing facility. In a statement released to the ASX after the market had closed on Friday, the company said that three long-term opponents of the plant launched the judicial review proceedings in the Malaysian High Court, and would contest the August 2019 decision to renew Lynas’ full operating licence at the processing plant near Kuantan, Pahang, on the country’s east coast. The company said that the grounds set out in the documents “relate to the processes followed by the Government of Malaysia”. The respondents included the Prime Minister of Malaysia, 27 ministers and cabinet members, the Government of Malaysia,...

THE Australian Government has released a Critical Minerals Strategy Report, exposing huge holes in the supply chain as tensions between Beijing and Washington heat up. The 17 elements that make up the rare earths are vital to high-tech appliances for both domestic and military use, and the heavy rare earths are the fundamental component in the powerful magnets used in electric vehicle motors. The report highlights Australia’s status as the world’s second largest producer of rare earths, and therefore perfectly positioned to supply the US with the high-tech elements, particularly the heavy rare earths that China has traditionally dominated. Resources and Northern Australia Minister Matt Canavan said that the Critical Minerals Strategy would prepare Australia to become the alternative to...