Mining News of Note Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Mining News of Note

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

To: LoneClone who wrote (141357)	4/23/2020 5:22:45 PM
From: LoneClone	Read Replies (1) of 192410

Australia's Lynas wins funding for U.S. heavy rare earths facility uk.finance.yahoo.com Reuters22 April 2020 (Reuters) - Lynas Corp <LYC.AX> said on Wednesday the U.S. military will give it initial funding for a heavy rare earths separation facility in Texas as part of Washington's push to secure domestic supply of the essential minerals that China currently dominates. Australia-based Lynas said it and its joint venture partner Blue Line will receive 'Phase 1' funding from the U.S. Department of Defense for planning work for the construction of the facility. It did not say how much funding they will get, nor did it list any conditions associated with it. The Lynas-Blue Line project will involve processing of so-called heavy rare earths, a less-common type of the specialized minerals. Lynas aims to ship rare earths from its mine in Western Australia for final processing at the Texas facility. Once the planning work is complete, Lynas said it will be subject to another evaluation by the U.S. military before receiving any further funding to build the facility. Such funding is not necessarily guaranteed, Lynas said. Analysts had expected Lynas to be selected for initial heavy rare earths funding because of its market experience. Lynas is the largest producer of rare earths outside China. The United States is actively looking to reduce its reliance on other countries for the supply of the essential elements which have gained prominence after the U.S.-China trade war last year fueled worries that Beijing may use its dominance to restrict supply. Lynas also did not mention any deadlines for the project nor the volumes it may be required to produce. The statement was released by the Australian Securities Exchange after market hours. "Today's announcement creates the foundation for a facility in the U.S. that will assist the U.S. to avoid the supply chain vulnerability that has been exposed over the past year," Lynas Chief Executive Amanda Lacaze said in the statement. She added Lynas was confident it would be able to meet the conditions set by the U.S. Department of Defense.

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next