Lynas subsidiary signs follow-on contract for ~US$120 million to build commercial HRE facility

Lynas Rare Earths Ltd (ASX: LYC) announced that its 100% subsidiary Lynas USA LLC, has signed a follow-on contract for ~US$120 million with the U.S. Department of Defense to establish a first of its kind commercial Heavy Rare Earths (HRE) separation facility in the United States.

The Company believes that the contract would help it in establishing its presence in the US, including the production of separated Heavy Rare Earth products to match its Light Rare Earth product suite. As a result of this deal, the US industry will get access to locally produced HRE. Further, it is vital to the development of a strong supply chain for upcoming facing industries like electric vehicles, wind turbines as well as electronics.

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