Lynas Posts 47 Percent Decline in Quarterly Profit
Australian mining company Lynas has released its quarterly revenue report. It posted a significant loss compared to last year.
Australian mining company Lynas has released its quarterly revenue report. It posted a significant loss compared to last year.
Japan and Saudi Arabia could jointly develop raw materials in the future. The two countries could possible team up and benefit from a major player in the mining sector.
Lynas on Monday provided an update on progress in the construction of its rare earth processing plant in Kalgoorlie, Western Australia. Production is now expected to begin in August, the mining group said in a press release, citing a shortage of staff and the late delivery of equipment for delays.
Malaysia could play an important role in U.S. commodity strategy in the future. Edgard Kagan, U.S. ambassador-designate for the Asian country, is convinced of this. The country not only has processing capacities, but also deposits of rare earths and other critical minerals.
Australia and the U.S. have signed the Climate, Critical Minerals and Clean Energy Transformation Compact, intended to boost the countries’ clean energy and critical minerals sectors and create secure supply chains. The compact also incorporates imports from Australia in these sectors in the Inflation reduction Act, making the Pacific country’s industry more competitive.
Rare earths refinery allowed to continue full-scale operations until 2024.