Rare earths producer Lynas says a blowout won’t derail its plans to secure new mines and build downstream capacity in Texas in partnership with the Pentagon.
Lynas is withholding a portion of supply from the market in response to depressed prices.Lynas Rare Earths blames inflationary pressures, approval delays and deadlines imposed by Malaysian authorities for a big cost blowout on a downstream processing plant under construction in Western Australia.
The company is pursuing legal action in Malaysia aimed at lifting onerous conditions retrospectively applied to its original operating licence for downstream processing at Kuantan of rare earths mined at Mt Weld in WA. Lynas said rare earths prices in China were improving but only at about “one renminbi a day” amid concerns about the economy and housing sector.
Lynas said it could cover the additional costs from available reserves and without affecting its other growth plans, which include a big expansion of the Mt Weld mine,to boost its capacity to produce heavy rare earths and a major downstream processing plant being built in Texas with $US258 million in backing from the US Department of Defence.
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