- Lynas Rare Earths’ (LYC) subsidiary Lynas USA secures a contract with the US Department of Defence (DoD) to establish a commercial heavy rare earths (HRE) separation facility in the US
- The contract is worth US$120 million (A$173 million) and will fully cover costs for the HRE facility
- The facility will assist the company in establishing an operating footprint within the country, with a location in the industrial area along the Gulf Coast of Texas
- Lynas is aiming for the facility to be operational in FY25
- Shares in Lynas Rare Earths had dropped 8.05 per cent to $7.88 as of 10:04 am AEST
Lynas Rare Earths’ (LYC) subsidiary Lynas USA has secured a contract with the US Department of Defence (DoD) to establish a commercial heavy rare earths (HRE) separation facility in the US.
The contract is worth US$120 million (A$173 million) and will fully cover costs for the HRE facility.
The facility will assist the company in establishing an operating footprint within the country, with a location in the industrial area along the Gulf Coast of Texas.
The company will use materials from its Western Australian operations to create a mixed rare earth carbonate feedstock.
It is aiming for the facility to be operational in FY25.
Managing Director and CEO Amanda Lacaze said the contract was a crucial part of the company’s accelerated growth plan.
“The DoD’s decision to fully fund the construction of the heavy rare earths facility demonstrates the priority that the US Government is placing on ensuring that supply chains for these critical materials are resilient and environmentally responsible, and as importantly, their confidence in Lynas’ ability to execute, including access to quality
feedstock and processing expertise,” Ms Lacaze said.
Shares in Lynas Rare Earths had dropped 8.05 per cent to $7.88 as of 10:04 am AEST.