LYNAS Rare Earths Ltd. will expand its processing capacity of so-called heavy rare earths at its Malaysian refinery to meet increasing demand for the metals key to robotics, advanced tech and military applications.
The company, which is the only supplier of both light and heavy rare earth oxides outside China, will build a new separation facility at its plant, it said in a statement Wednesday. It will use ore from its Mount Weld mine in Australia as well as other sources from Malaysia.
"Market demand for heavy rare earths is high and Lynas can be selective in where, and at what price, we sell heavy rare earth oxides,” Chief Executive Officer Amanda Lacaze said in the statement.
It comes as the US and Europe work to lessen their dependence on sources of critical minerals from China, which dominates the sector. Japan, which invested in Lynas after Beijing briefly cut off its access to rare earths in 2010, struck a new agreement with the US on Tuesday to cooperate and stockpile the metals widely used from consumer products to military equipment.
Lynas said the expansion project will cost approximately A$180 million ($119 million) million). First production is expected from April. - Bloomberg
