Australia-listed Lynas – the only major producer of rare earths outside China – has known more hard times than most. But now rare earths are back in hot demand amid the global push to cut carbon emissions.
Mineral sands miner Iluka will spend $1.2 billion to produce rare earths essential for electric vehicles and wind turbines with backing from a federal fund designed to help wean the west off a reliance on China for critical minerals.
‘Many supply chains are yet to return to normal,and we see this continuing for some time,’ says Lynas CEO Amanda Lacaze.
Lynas’ soaring share price reflects the optimism that the rare earths market is finally ready for prime time. The company now faces a novel threat:New competition.
Lynas chief executive Amanda Lacaze says global trends towards electric vehicles,wind turbines and electronics are driving rare earth prices and underpinned a massive rise in profit for the group.
Chief executive Amanda Lacaze said the rare earth group's soaring share price is a vindication of its decision to fund its ambitious growth plans.
The rare earths miner said it is actively engaging with governments over plans to ease China’s grip over the crucial sector which has become central to global trade tensions.
Lynas vice president of upstream Kam Leung told the Diggers and Dealers conference on Wednesday he welcomed the political support but would like to see more financial support.
Australia's Lynas Corp received a boost after President Trump signed an order to stop US reliance on China for rare earths crucial in the electronics and defence sector.
As supply lines shrink and geopolitical tensions rise policymakers are coming to terms with a gaping hole in the world's development of rare earths.
The rare earths miner says it is expecting higher demand for its ores in the current half year after the COVID-related shutdown of its Malaysian operations crippled production for the June quarter.