Lynas Rare Earths Ltd., based in Perth, is partnering with South Korea’s LS Cable & System Ltd. to explore the development of a rare earths metals production facility in Vietnam.
The proposed plant would allow Lynas to produce finished rare earth metals from oxides sourced from its Malaysian processing plant and Australian mine. This step is part of the company’s strategy to move further along the rare earths supply chain, which is critical for industries such as automotive, defense, and electronics.
Shares of Lynas climbed as much as 2.8% in early Sydney trading. The miner has been among Australia’s top-performing companies this year, with its share price rising over 60%. Lynas is one of only two major rare earths producers outside China, which currently dominates the global market.
Most of Lynas’ revenue currently comes from rare earth oxides, which must be further processed into metals used in permanent magnets. The company recently began producing samarium in Malaysia, which will also be a focus for the new Vietnamese facility.
“Securing access to metallization is essential to building a strong rare earths industry,” said Lynas CEO Amanda Lacaze. She added that the company’s expansion into processed metals is a “key pillar” of its growth strategy.
