Lynas secures better loan terms with Japanese backers

Lynas is the only major miner outside China of the rare earth elements, metals that are crucial in the production of computers and mobile phones. It mines raw materials in Western Australia which are sent to its Malaysian plant for processing. (Reuters filepic shows Lynas' processing plan in Gebeng.

MELBOURNE: Australia’s Lynas Corp said it has signed a 10-year loan extension on easier terms with its long-time Japanese backers, increasing its commitment to supply rare earths to Japanese customers.

The extension to 2030 to repay US$147mil will help Lynas, the only major producer of rare earths outside China, follow through on its 2025 expansion plans, with greater cashflows available thanks to the improved terms.