Australia's Lynas nears start of heavy rare-earth processing amid China shift

CEO sees expansion into rarer, pricier elements potentially boosting margins

Lynas Rare Earths started up its first Australian rare-earth processing facility in November. (Lynas Rare Earths)

RURIKA IMAHASHI, Nikkei staff writer

December 21, 2024 15:30 JST

SYDNEY -- Lynas Rare Earths is preparing to expand rare-earth processing to include heavy rare-earth metals amid a growing Western push to chip away at China's monopoly.

The Australian miner, the world's biggest producer of rare earths outside China, is slated to begin processing heavy rare earths at a facility in Malaysia next year. It also plans to build a plant for this purpose in Texas, for which it has received $258 million in funding from the U.S. Defense Department.