Lynas shares surge on US rare earth plant agreement

Original article by Nick Evans
The Weekend Australian – Page: 21 & 26 : 23-Jan-21

Shares in rare earths producer Lynas Corp closed up 13.7 per cent at $5.56 on 22 January after it advised it had struck an agreement to construct a $60 million processing plant in Texas to produce rare earth products. The US Defence Department will pay half the cost of the plant, which will make products for US strategic stockpiles. Lynas is the only non-Chinese refiner of rare earth products, which are used in the manufacture of equipment such as missile systems and high-­performance magnets, and the increased tension between the US and China has seen the US keen to reduce its reliance on China for the supply of such products.

CORPORATES
LYNAS RARE EARTHS LIMITED – ASX LYC, UNITED STATES. DEPT OF DEFENSE

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