Lynas Corporation Ltd (ASX:LYC) has increased its Mt Weld resource estimate in Western Australia by 19.4 per cent.

It is estimated the development will produce 1.4 million metric tonnes of rare earth oxides.

Lynas advises that it owns the richest known deposit of rare earths in the world at Mr Weld, with development of the mine complete and production scheduled to begin next year.

Rare earths play a key role in green environmental products from energy efficient fluorescent light bulbs, to hybrid cars and wind turbine generators.

For the year to 30 June 2009, Lynas Corp reported a net loss of $29.28 million.