03 Aug Lynas to expand Mt Weld rare earths mine with $345 million investment
Australia’s Lynas Rare Earths has revealed plans to invest US$345.4 million in expanding the capacity of its Mt Weld mine in Western Australia, in a response to increasing demand for rare earth materials.
The deposits at the mine are comprised of the rare earths neodymium (Nd) and praseodymium (Pr), which are critical for the manufacture of magnets used in electric vehicles (EVs) and wind energy operations.
Lynas, which is the world’s largest producer of rare earths outside China, is aiming for a feedstock production capacity of 12,000 tonnes per annum NdPr equivalent in 2024 following the expansion.
“Investment in capacity expansion will be required at every production stage,” Lynas said in a statement earlier today.
The expansion of mine capacity in existing upstream and downstream production at Mt Weld would offer an additional 2,400 tonnes NdPr equivalent production per year, the company added.
The expansion work will commence early next year ahead of full operation in 2024 – a year earlier than the previously announced growth plan for Mt Weld.
Last month, Lynas reported a 58% rise in quarterly revenue based on skyrocketing demand for rare earths, as the global decarbonisation trend shifts into a higher gear.