PETALING JAYA: Lynas Rare Earths Ltd will expand its processing capacity of heavy rare earths at its Malaysian refinery to meet increasing demand for robotics, advanced tech and military applications.
Lynas said the expansion project will cost approximately RM498.7mil (US$119mil), with first production expected from April.
In a statement yesterday, the company, the only supplier of both light and heavy rare earth oxides outside China, will build a new separation facility at its plant.
According to a Bloomberg report, it will use ore from its Mount Weld mine in Australia and 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,” said chief executive officer Amanda Lacaze.
It comes as the United States 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 United States on Tuesday to cooperate and stockpile the metals widely used in consumer products and military equipment.
