Leading rare earths producer outside China presents annual report.
Lynas, the largest producer of rare earths outside China, is seeking to strengthen its position through a planned capital increase of USD 537 million. CEO Amanda Lacaze announced the move during an investor conference accompanying the release of the company’s annual report. The funds will be used to expand processing capacity along the value chain, with the goal of reinforcing the global supply of rare earth metals and magnets independent of China.
A key focus will be the further development of the Mount Weld mine in Australia, aimed at increasing production of higher-grade neodymium and praseodymium. In addition, the company plans to expand its separation capacity for heavy rare earths in Malaysia. Lynas is also building a separation plant in Texas, supported by funding from the U.S. Department of Defense. However, finalization of the project remains conditional on securing long-term offtake agreements at commercially viable terms. The Department of Defense has already reached such an agreement with U.S.-based MP Materials.
For the fiscal year ending June 30, Lynas reported a sharp drop in profit, down nearly 90% to $5.2 million, according to Bloomberg. Revenue, on the other hand, rose by around 20% to approximately USD 361 million.
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