Lynas Corporation has taken steps towards achieving its 2025 growth vision after securing funding to develop its Kalgoorlie rare earth processing facility in Western Australia.
The company, reporting in its half year results, raised $425 million for the Kalgoorlie development, as well as for additional upgrades to its Malaysian plant.
As the company works on upgrades to the Kalgoorlie and Malaysian facilities, it also expects phase one of its United States-based heavy rare earths separation facility to be complete by the end of the 2021 financial year. This will complement the planned light rare earths facility announced in January this year.
As a result of a strong first half, the company board was also able to repay both the Australian JobKeeper subsidy and the Malaysian wage subsidy, which helped thousands of companies stay afloat in the midst of the COVID-19 pandemic.
Lynas chief executive officer Amanda Lacaze said she was grateful for the generosity of the respective authorities.
“We appreciated the support these payments provided our staff during a time of uncertainty and will repay approximately $1 million in support received,” Lacaze said.
This is especially important as Malaysia has undertaken a third wave of the virus.
Lacaze complimented her team on their success through a difficult period.
“The drive and discipline of the whole Lynas team has enabled us to meet the challenges presented by the pandemic whilst delivering strong results,” she said.
“Lynas has a unique position in an exciting market. We are the second largest producer of separated rare earths in the world and have a proven track record in developing and operating our production assets.
“Our team remains absolutely focussed on serving our long-term strategic customers with high quality products and on contributing to the development of a sustainable rare earths supply chain outside China.”