Business & Investment

Australia Gives Linus $ 11 Million for Reuters New Rare Earth Refining Process

© Reuters. File Photo: A truck carrying rare earths will move to Lynas Corp’s Mount Weld processing plant northeast of Perth, Western Australia, on August 23, 2019. REUTERS / Melanie Burton

(Reuters)-Lynas Rare Earths Ltd said Thursday that it received an A $ 14.8 million ($ 10.9 million) grant from Australia to commercialize a new mineral refining process that produces high-purity rare earth carbonates. ..

This grant is provided when countries around the world are looking at ways to curb their dependence on China for the specialty minerals used in various products such as electric vehicles, smartphones and military equipment. I will.

Linus, the world’s largest producer of rare earths outside of China, said the new refining process will be used at a future A $ 500 million processing facility in Kalgoorlie, Western Australia.

Approximately half of the cost of implementing the new process in Kalgoorlie will be covered by grants made as part of the Australian Government’s modern manufacturing initiative.

According to the government website https://business.gov.au/grants-and-programs/modern-manufacturing-initiative-manufacturing-integration, this initiative is a project that promotes collaboration between local and domestic and international companies. We support and jointly invest. ..

Linus said the rare earth carbonates produced in Kalgoorlie could be supplied to the Malaysian factory and the proposed facility in the United States.

The company’s share price rose 8.2%, the largest daytime surge in five months.

($ 1 = 1.3604 Australian dollars)

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Australia Gives Linus $ 11 Million for Reuters New Rare Earth Refining Process

https://www.investing.com/news/stock-market-news/australia-grants-lynas-11-million-for-new-rare-earth-refining-process-2564789 Australia Gives Linus $ 11 Million for Reuters New Rare Earth Refining Process

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