Lynas Focused on Growing Rare Earths Production and Potentially Moving Downstream
Lynas Rare Earths is the largest rare-earth producer outside China, with vertically integrated operations spanning mining, refining, and separation of various rare-earth oxides. It owns the Mount Weld mine in Western Australia, one of the highest-grade, lowest-cost, and longest-life rare-earth deposits in the world. It also has processing operations in Kalgoorlie, Australia, and Kuantan, Malaysia. Lynas’ main products are separated light rare-earth neodymium and praseodymium, which account for about 60% of its production. They are sold to customers in the form of neodymium-praseodymium oxide. Lynas sold 7,300 metric tons of NdPr in fiscal 2026, roughly 10% of global supply, and we expect it to produce around 12,500 metric tons of NdPr midcycle in fiscal 2031 as it ramps up to its current nameplate while further expanding capacity.
United States