Lynas announces new US processing facility

Company News

by Anna Napoli

Rare earth minerals miner Lynas (ASX:LYC) has signed a memorandum of understanding with Texas-based Blue Line Corporation to set up a rare earths separation facility in the United States.

The move comes amid ongoing regulatory pressures at Lynas' Malaysian plant. The Malaysian Government has requested Lynas remove accumulated waste at the plant in order to have its license renewed.

Lynas says the Blue Line joint venture will help ensure that US companies have continued access to Rare Earth products by providing a U.S. based source.

Lynas and Blue Line will work together exclusively over the next year on the proposed development of a Rare Earths separation facility at the Blue Line site in Hondo, Texas.

Shares in Lynas (ASX:LYC)are trading 1.5 per cent higher at $2.03.

Anna Napoli

Finance News Network
Anna joined FNN February 2018 and also works with Channel 7 as a freelance producer. Anna has also worked as a lawyer and lecturer. She has also presented news updates for interstate news with Southern Cross Austereo.