Lynas Rare Earths, the world’s largest producer of rare earth materials outside China, is evaluating potential acquisitions of rare earth deposits in Malaysia and Brazil as part of a broader effort to diversify its supply base and support early-stage mine development, CEO Amanda Lacaze said on Wednesday.
Speaking at the Macquarie Australia Conference in Sydney, Lacaze said the company is weighing new growth opportunities amid macroeconomic uncertainty. “Yes there are deposits there, yes there are deposits in Brazil. Yes we are looking at them,” she told the audience.
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Lynas, which operates a processing facility in Malaysia, sees geological similarities in the region with rare earth-rich areas such as Myanmar, a key supplier to China’s industry. Any developments in Malaysia, however, would need to meet rigorous environmental and sustainability criteria, Lacaze emphasized.
“Would we like to see them developed? Yes. Will we facilitate that development? Yes,” she said, adding that Lynas is open to working with other companies to “put our script to work” and advance early-stage projects.
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In Australia, Lynas continues to operate its Mt Weld deposit, one of the highest-grade rare earths mines globally. Lacaze criticized recent policy proposals from the re-elected Labor government aimed at stockpiling critical minerals, calling the approach “uneconomic.”
“You need to focus on developing a strong and successful business, and one which relies upon government funding to construct and then government funding to produce is probably by definition uneconomic,” she said.
Source: Reuters