Lynas Rare Earths announces AU$500 million Mt Weld Expansion

Lynas Rare Earths Limited (ASX: LYC) announced an approx. AU$500 million project to increase the capacity at the Mt. Weld mine and concentration plant to meet growing market demand for rare earth materials.

The world's demand for rare earth materials and NdFeB magnets continues to increase. NdFeB magnet demand is expected to grow from 130,000 tonnes of NdFeB magnets consumed in 2020 to 265,000 tonnes in 2030, driven by growth in electric vehicles and wind energy. The company needs an investment in capacity expansion at every production stage. This starts with accelerating feedstock availability, and the company has today announced a project to substantially expand Mt Weld feedstock capacity, which builds on the previously announced Lynas 2025 growth plan for Mt Weld.

The Mt Weld mine is a high grade long life resource. The significant potential for further development of the ore body was demonstrated by the 1km deep exploration drill hole completed in 2021, which displayed continuous rare earth mineralisation. The early expansion to 12,000 tonnes per annum NdPr equivalent has been fully scoped, and approx. AU$500 million investment for this stage of the project is fully funded from cash flow.

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