Lynas gains on first heavy rare earths product outside China
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The news: Lynas Rare Earths is the first commercial producer of separated heavy rare earth products outside China, achieving the feat at its facility in Malaysia, according to a company announcement on Friday.
The numbers: Lynas shares were up 3.15% to $7.70 by 12:47pm AEST.
The context: Lynas said it had successfully produced dysprosium oxide (Dy) from its new production line at Lynas Malaysia and is on track to produce terbium in June.
China eased its export restrictions of rare earths, which includes Dy and terbium, earlier this week but is not expected to remove them completely.
What they said: “The production of this on spec Dy is a significant step for supply chain resilience and provides customers with the option of sourcing product from an outside China supplier,” Lynas Rare Earths CEO and managing director Amanda Lacaze said.
“Lynas is uniquely positioned to contribute to and benefit from efforts to diversify and rebuild supply chains, including opportunities for a sustained market restructure.
"We are engaged with customers in Japan, the United States and Europe regarding Heavy Rare Earths supply.”
