Rio paid $9.5b in Australian taxes for 2025

Lynas Rare Earths (ASX: LYC) has signed a binding letter of intent with the US Department of War to finalise a four-year rare earth oxide offtake agreement. Under the agreement, Lynas will allocate $137m worth of rare earth oxides to support US supply chain resilience objectives with an established floor price for supply of US$110/kg for neodymium and praseodymium. This offtake agreement follows the mutual decision to modify the original agreement between Lynas and the DoW based on significant uncertainty as to whether the construction of the heavy rare earth (HRE) processing facility at Seadrift, Texas would proceed. Lynas chief executive and managing director Amanda Lacaze says, through the agreement, the US Defense Industrial Base will continue to have access to rare earth oxides essential for modern manufacturing. “We thank the US Government for working with Lynas to reach this mutually beneficial arrangement and look forward to finalising the definitive agreement in due course and continuing our productive engagement," she said. Lynas and the DoW continue to discuss further supply arrangement for HRE oxides.  Last week, Lynas extended its rare earths supply deal with Japan Australia Rare Earths (JARE) through to 2038 and established a floor of US$110/kg for neodymium and praseodymium — identical to that set in the DoW agreement.  As the world’s only significant producer of separated rare earth materials outside of China, Lynas is strategically important to diversifying the global supply of rare earths. This significance has been bolstered by the company’s H1 FY26 results in which the company reported a 63% rise in revenue for $413.7m — Lynas’ best first-half profit in three years.  Lynas saw the average price of all its rare earth products rose to $96/kg during the half, a trend that continued in 2026 with neodymium and praseodymium reaching a domestic price of $157 /kg in China. 

Lynas Rare Earths (ASX: LYC) is expecting production shortfalls at its Kalgoorlie processing facility in WA due to major power supply disruptions.

Rio Tinto (ASX: RIO) and the WA Government have entered into a 50:50 joint venture to complete both Stage 1 and Stage 2 of the Dampier seawater desalination plant.Stages 1 and 2 are intended to reduce pressure on regional aquifers after below-average rainfall over the past five years reduced groundwater recharge and put West Pilbara Water Supply Scheme (WPWSS) sources under increased strain.Rio Tinto says abstraction from these groundwater sources is of significant concern to Traditional Owner groups.Once fully operational, the plant will deliver 8GL of desalinated water per year to the WPWSS.WA Premier Roger Cook comments on the initiative.“WA has the strongest economy in the nation thanks largely to the Pilbara and our world-leading resources industry. That’s why we want to ensure the Western Australians who live in such an important part of our state have access to the quality infrastructure and services they deserve,” he said.“We are already working with Yindjibarndi Aboriginal Corporation to improve the Millstream aquifer’s sustainability. Now, we are investing hundreds of millions of dollars in a project that will deliver billions of litres of water to local households and businesses.”Rio Tinto iron ore chief executive Matthew Holcz says the company understands water is a scarce resource, especially in the Pilbara.“Bringing on the Dampier seawater desalination plant is an important step as we work to reduce our reliance on groundwater abstraction,” he said.“Stage 1 of the Dampier seawater desalination plant will reduce our draw on the Bungaroo aquifer, which we recognise is deeply important to the Robe River Kuruma People.”Construction of Stage 1 of the desalination plant is underway and is expected to begin delivering 4GL of annual desalination capacity later this year.Stage 2 construction, which will add a further 4GL of annual capacity, has commenced, with first water expected in 2027.