how easily would IXR fit into any Lynas global expansion??
they already have all the contacts in various Govts
they have the expertise - both for Recycling, and Makuutu.
they have bucket loads of funding
they would have access to Offtakers, suppliers etc
if they want vertical integration, and expand their REE footprint, what better way than to get into Recycling?
IXR has the proven IP for recycling
IXR has the business model to expand GLOBALLY
Lynas has the US Govt and DoD on speed dial
Everything is for sale - it's just a question of price
Rare earths producer Lynas says it may pursue deals with an industrial magnet manufacturer after raising $750 million to grow its production of the metals needed for defence and decarbonisation.
Lynas is the biggest non-Chinese producer of the separated rare earth oxides that are turned into industrial magnets, and the company said it was raising $750 million to seize on a window of heightened government intervention in the sector.
Governments in Japan, Australia, Korea, Europe and North America have sought to break China’s stranglehold on rare earths supply over the past decade and the US Department of Defence accelerated those efforts in July when it promised to pay a “floor price” of $US110 per kilogram for neodymium and praseodymium (NdPr) produced in California by MP Materials.
Those two metals are valued for their magnetic properties, and the “floor price” offered to MP Materials was almost double the daily market price at the time of announcement in July. The intervention triggered a 40 per cent rally in rare earths prices over the past month.
Lynas seized on the market enthusiasm by launching Thursday’s fundraising, despite having $167 million of cash at June 30.
It means the miner will have $902 million to spend on growth once the raising is complete and chief executive Amanda Lacaze said it was “an excellent opportunity to ensure that we have the firepower to be able to take full advantage of the market, as it develops”.
Lacaze said some of the money would be spent on internal growth options, like its West Australian mine at Mount Weld and its Malaysian refinery. But Lynas was also keen to “partner with companies who have proven expertise in rare earth metal and magnet production”.
The comment implies Lynas is keen to become more vertically integrated; it currently operates a mine and a refinery, but does not operate a metalisation plant nor does it make magnets.
Lynas did not name any potential acquisition targets, but the size of Thursday’s fundraising is similar to the market value of Andrew Forrest-backed Neo Performance Materials, which had a market value of about $815 million at Wednesday’s close of trading on the Toronto Stock Exchange.
Neo is 19.99 per cent owned by Forrest’s private company Wyloo and has manufacturing assets in Estonia which process ore into rare earths metals. Neo is building a magnet plant with European government support which is due to begin production this year.
ASX-listed Australian Strategic Materials, which had a market value of $136 million on Thursday, also has a rare earths metalisation plant in South Korea, but does not yet have a mine to provide feedstock.
The focus on growth comes as Lacaze signalled she may abandon plans to build a rare earths refinery at Seadrift, Texas.
The US Department of Defence granted Lynas $US258 million during 2022 and 2023 to build a refinery that could provide a domestic supply of “heavy” rare earth elements like terbium and dysprosium, which help industrial magnets to withstand extreme temperatures.
Until Lynas started producing terbium and dysprosium at its Malaysian plant earlier this year, China was responsible for 100 per cent of global supply of those two metals, which are essential for the magnets used in fighter jets.
The Texas refinery project has suffered cost blowouts, and Lynas said the project may not go ahead unless a sales contract could be struck with the US government to mitigate the cost of the refinery.
“We are engaged with various governments including the US, Australian and Japanese governments on what it takes for the rare earths industry and supply chains to flourish in the years to come,” said Lacaze on Thursday.
“One of the things that includes is a reliable floor price for NdPr.”
The fundraising came as Lynas’ annual profit fell by 90 per cent to $8 million in the 12 months to June 30, even as revenues rose 16 per cent to $556.5 million.
Lynas said the average price for its NdPr increased 25 per cent over the year to $US55 per kilogram in June 2025, and was going higher.
Iluka Resources chief financial officer Adele Stratton told investors last week the daily market price for NdPr had hit $US89 a kilogram.
Lynas will raise the funds by issuing new shares at $13.25 each; lower than the $14.73 the stock was fetching at Wednesday’s close.
Lynas’ big shareholders include AustralianSuper, with almost 10 per cent, and Gina Rinehart’s Hancock Prospecting, which owns about 8.2 per cent.
IXR Price at posting:
1.6¢ Sentiment: Buy Disclosure: Held
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