(March 26): Lynas Rare Earths Ltd will join forces with South Korea’s LS Cable & System Ltd to explore development of a rare earths metals production plant in Vietnam.
The facility would enable Perth-based Lynas to manufacture finished rare earth metals derived from oxides produced at its plant in Malaysia and mine in Australia.
Lynas shares rose as much as 2.8% in early trading in Sydney. The miner is one of the most successful of Australia’s 200 biggest companies this year, with its equity rising more than 60%. The firm is one of only two major rare earths miners outside China — which holds a near-monopoly over the supply chain.
The company currently gets most of its income from rare-earth oxides, which need to be processed further into the metals that are used in permanent magnets vital to industries from carmaking to defence. It earlier this month started producing samarium in Malaysia, which will also be the priority for the new facility in Vietnam.
“Secure access to metallisation is critical to support a robust rare earths industry,” Lynas chief executive officer Amanda Lacaze said in a statement, adding that the company’s venture into processed metal was a “key pillar” of growth.
See also: Energy Fuels produces ‘heavy’ rare earth metal at Utah mill
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