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Lynas to spend $500 million on Western Australia upstream mining expansion

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Australian rare earths mining firm, Lynas Corporation, have announced their intentions to invest $500 million by 2025 on growing their production.

Lynas are planning significant investment both within Australia and in the US to capitalise on the need for rare earths for use in electronics and energy
(Image via Lynas Corporation)

The proposed expansion will enlarge Lynas’ geographical coverage and ability to supply multiple downstream processing sites close to the resources. It will also involve the creation of an upstream processing plant.

The company have proposed two possible sites for the plant: near Lynas’ existing Mount Weld rare earth deposit south of Laverton or outside Kalgoorlie.

The proposal was announced during an investor day presentation in Sydney, where managing director Amanda Lacaze stated the company’s intention to be a “truly global” business by 2025, and a “true leader, recognised for our leadership in processing, technology and applications development.”

This global strategy follows the company’s announcement last week of their intention to build a rare earths processing plant in Hondo, Texas, having signed a memorandum of understanding with Blue Line Corporation.

According to the firm, this plant will be the only large-scale producer of separated medium and heavy rare earth products outside of China. It will allow both companies to capitalise on the gap in the US supply chain for raw materials used in the electronics and energy industries.

Due to their use in wind turbines and electric cars, demand for rare earths is expected to increase by over 8% this year, according to consultancy Roskill. Currently Lynas controls around 10% of the global market, but with these investments will be seeking to drastically increase that share.

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Lynas to spend $500 million on Western Australia upstream mining expansion - Time to read 2 min
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