Lynas Says U.S. Doubles Funding for Heavy Rare Earths Plant
01 August 2023 - 10:22AM
Dow Jones News
By Rhiannon Hoyle
Lynas Rare Earths said it has signed an updated contract with
the U.S. Defense Department to build a heavy rare earths plant in
Texas that includes a more-than doubled fiscal contribution from
the government for the project.
Australia-listed Lynas said the U.S. government now intends to
contribute roughly $258 million to the project, up from about $120
million in June 2022. The revised contract follows detailed design
work and cost updates since the initial design was completed, Lynas
said.
The company recently bought a large site in Seadrift, Texas,
where it intends to develop both heavy and light rare earths
separation plants.
"This further support by the DoD demonstrates the priority being
given to developing robust and resilient rare earth supply chains,"
said Amanda Lacaze, the miner's chief executive.
Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com
(END) Dow Jones Newswires
July 31, 2023 20:07 ET (00:07 GMT)
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