Lynas Rare Earths has entered into a Memorandum of Understanding (MoU) with Noveon Magnetics, a US-based manufacturer of sintered rare earth magnets. The partnership aims to supply rare earth permanent magnets to both the US Department of Defence and commercial clients. Lynas is the world’s largest producer of rare earths outside of China; the company explores, develops, mines and processes rare earth minerals, primarily in Australia. Noveon Magnetics specialises in creating magnets used in various applications, including electric vehicles, wind turbines and defence systems.
The agreement between Lynas and Noveon signifies a move to strengthen the rare earth supply chain within the United States. With growing demand for these critical materials, securing reliable sources has become a priority for industries and governments alike. This collaboration leverages Lynas’s position as a major rare earths producer and Noveon’s expertise in magnet manufacturing.
The MoU outlines the framework for the two companies to work together on specific projects and initiatives related to rare earth magnets. The partnership is expected to enhance the availability of these crucial components for the US defence sector, as well as contribute to the growth of commercial applications relying on rare earth magnets.
Shares in Lynas Rare Earths have experienced substantial growth this year, doubling in value. This surge reflects increasing investor confidence in the company’s strategic position and the growing importance of rare earth elements in various technological and industrial sectors.
