asx announcement out, page-2

Lynas Corporation Limited (?Lynas?) (ASX: LYC, OTC: LYSDY) is pleased to announce that its wholly owned subsidiary Lynas Malaysia Sdn Bhd has signed a Letter of Award with Toyo-Thai Corporation Public Company Limited (?TTCL?) for Engineering, Procurement, Construction and Commissioning Assistance of the Phase 2 expansion of the Lynas Advanced Materials Plant (?LAMP?) at the Gebeng Industrial Estate, Kuantan, Pahang, in Malaysia. The Letter of Award is for a fixed price lump sum, in the amount of between US$180 Million ? US$210 Million. Subject to the receipt of all relevant approvals, Phase 2 construction is scheduled to be completed in calendar quarter 4, 2012. The Phase 2 expansion will increase the LAMP capacity to a total of 22,000t REO per annum of separated Rare Earths products.