Latest news with #LynasRareEarthsLtd
BusinessToday
28-04-2025
- Business
- BusinessToday
Lynas Warns US Tariffs Could Threaten Texas Rare Earths Project
Lynas Rare Earths Ltd, the world's largest producer outside China, is negotiating with the Trump administration over rising costs for its planned Texas refinery, while cautioning that the US president's tariff policies could jeopardise the project. The Perth-based company — supported by Australia's richest person Gina Rinehart — said on Monday that while pre-construction activities have commenced, additional expenses are required to address wastewater challenges. It is currently in discussions with the US government over the matter. 'We are also reviewing the potential cost implications for the US project as a consequence of recent announcements on global tariffs,' Lynas said. Lynas produces 'light' rare earths, vital components for magnets used in electric vehicle motors, wind turbines and munitions. It is poised to expand into the 'heavy' rare earths sector with new refining capacity both in the US and in Malaysia, where an existing plant will begin processing many of the metals now restricted by Chinese export controls later this year. China's dominance of the rare earths industry — supplying 69% of global mined production according to the US Geological Survey — has stirred unease in Washington, which is actively seeking to diversify its supply chains. In retaliation to US tariffs, Beijing has added seven rare earths to its export control list. Ore for the Texas plant will be sourced from Lynas' Mt Weld mine near Kalgoorlie in Western Australia, the company said on its website. Bloomberg Related
Bloomberg
25-02-2025
- Business
- Bloomberg
Lynas Profit Slumps 85% as Prices of Rare Earths Stay Low
Lynas Rare Earths Ltd. 's first-half profit slumped 85% from the year before, as prices for the materials — used in everything from wind turbines to military hardware and electric vehicles — remain in the doldrums. The Australian miner reported net income of A$5.9 million ($3.7 million) for the six months to Dec. 31, it said in a statement Wednesday. It won't pay an interim dividend.
