Lynas’ long engagement with the US government has finally borne fruit in the form of cash to build a refinery in Texas.
The US government has pumped more money into Australia’s critical minerals industry under an agreement to fully fund Lynas’ plans to build a rare earths refinery in the southern states of the US.
Lynas said it had signed “a follow-on contract” for about $US120 million with the US Department of Defence to establish the refinery, which will produce separated heavy rare earths like terbium and dysprosium. The refinery would process the ore that Lynas mines at Mt Weld in Western Australia, but Lynas said it may also process ore mined by other companies.
Lynas says the contract is mutually beneficial and allows the company to establish an operating footprint in the US and will complement its existing product suite, which is primarily focused on light rare earths like neodymium and praseodymium .of the industry; Lynas’ Malaysia refinery is the only rare earths separation plant outside China.
The growing demand for rare earths to make the magnets that are essential for electric vehicles, wind turbines and defence industry tools like drones has prompted the US government to add rare earths to its list of minerals that are “critical” to national security and economic growth.
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