Insights › Rare-earth magnet supply chain atlas › Lindian Resources Limited
Malawi and Kazakhstan (company based in Australia)
Lindian Resources Limited
An ASX-listed developer building a monazite concentrate mine at Kangankunde, Malawi, and owning a mixed rare earth carbonate plant at Stepnogorsk, Kazakhstan, with a separation plant proposed alongside it. Its concentrate is contracted in part to Iluka's Eneabba refinery and its heavy rare earth product to Carester in France.
Points to check
Facts from the sources on this page that a reader should weigh before relying on the company's own figures.
- Nothing has been produced yet: first concentrate and first carbonate are both targeted for Q4 2026.
- Stage 1 output is given as 15,323 t/yr in the study and 20,000 t/yr as plant nameplate, and the two committed uses add to 18,500 t/yr.
At a glance
- Founded
- Not established in public sources — Incorporation year not found in the sources reviewed. Lindian completed its purchase of the final stake in Kangankunde in the December 2025 quarter and of 100% of SARECO on August 10, 2026. It also holds bauxite interests in Guinea and Tanzania.
- Headquarters
- Perth, Western Australia
- Ownership
- Listed: ASX (LIN); quoted OTC as LINIF. Substantial holders were not identified in the sources reviewed.
- Stage
- Lindian — SARECO, Stepnogorsk, Kazakhstan: Developing. An existing 2010 cracking and leaching plant, now wholly owned and being recommissioned for first mixed carbonate in Q4 2026; the separation plant beside it is at feasibility stage.
- Lindian — Kangankunde, Malawi: Developing. Funded and under construction: mining began in July 2026, with the concentrator's commissioning targeted for October and November 2026 and a binding Iluka offtake in place.
- Listing
- ASX: LIN · OTC: LINIF
- Revenue
- Not publicly disclosed. This company does not publish revenue and no named third party has published an estimate of it.
Capacity
Each date below links to the document the figure came from. A capacity figure with no source is not on this page.
| What | Figure | Status | As of |
|---|---|---|---|
| Rare earth concentrate (about 55% TREO), Kangankunde Stage 1 — study figure | 15,323 t/yr, containing about 1,640 t/yr of NdPr; 45-year life; capex $40M | Under construction | Jul 2026 |
| Rare earth concentrate, Kangankunde Stage 1 — plant nameplate | 20,000 t/yr; front-end commissioning October 2026, first production Q4 2026 | Under construction | May 2026 |
| Rare earth concentrate, Kangankunde Stage 2 | additional 100,000 t/yr targeted; definitive feasibility study due December 2026 | Announced | Sep 2026 |
| Mixed rare earth carbonate (MREC), SARECO, Stepnogorsk, Kazakhstan | feed of about 12,500 t/yr of Kangankunde concentrate; first MREC Q4 2026. An existing 2010 plant being recommissioned; capacity in MREC not published. | Under construction | Sep 2026 |
| Separated rare earth oxides (NdPr oxide and a mixed heavy compound), proposed Stepnogorsk solvent-extraction plant | 8,000 t/yr REO nameplate; definitive feasibility study with Carester and Tetra Tech due end-2026; no construction decision | Announced | Sep 2026 |
Narrative
Kangankunde is a monazite-bearing carbonatite in southern Malawi with a resource of 261 Mt at 2.14% TREO and a probable reserve of 23.7 Mt at 2.9% TREO, NdPr making up about 20% of the rare earths. Lindian began mining in July 2026 and targets commissioning of its Stage 1 concentrator in October and November 2026, producing a concentrate of about 55% TREO. Iluka holds a binding offtake for 6,000 t/yr of that concentrate for about 15 years, delivered to its Eneabba refinery, and lent Lindian US$20 million. Most of the rest, about 12,500 t/yr, is intended for SARECO, a cracking and leaching plant at Stepnogorsk in Kazakhstan built in 2010 by Kazatomprom and Sumitomo, which Lindian took to full ownership in August 2026 and is recommissioning to produce mixed rare earth carbonate. Beside it Lindian proposes an 8,000 t/yr solvent-extraction separation plant, at definitive feasibility stage with Carester and Tetra Tech. On September 2, 2026 Lindian and Carester signed a binding 10-year offtake, with two 5-year extensions, for 70% of the heavy rare earth product, capped at 8,750 dry t/yr, and a right of first refusal over 70% of mixed heavy carbonate, delivered to Carester's Caremag plant at Lacq, France.
Where public sources disagree
- Stage 1 concentrate output is 15,323 t/yr in the Stage 1 study (reported July 2026) and 20,000 t/yr as plant nameplate in the May 2026 release. The Iluka offtake (6,000 t/yr) and SARECO feed (about 12,500 t/yr) together total 18,500 t/yr.
- A December 2024 non-binding term sheet with Gerald Group gave Gerald full offtake rights to Phase 1; later agreements commit Phase 1 concentrate to Iluka and to SARECO. No source reviewed says the Gerald term sheet was terminated.
- The consideration for SARECO is given as US$20 million cash on a 100% basis (company release, August 10, 2026) and as up to US$20 million cash plus up to US$22 million in Lindian equity to RA Group (MINING.COM.AU, same date); the March 2026 term sheet was US$15 million for 100%.
- SARECO is described as 'constructed and operational' (August 10, 2026) and as under maintenance with full commissioning targeted for October 2026 (September 3, 2026).
- The May 2026 release describes 'no external debt reliance'; the Iluka US$20 million loan, a US$11.6 million NBS Bank facility and A$125 million of undrawn facilities are all on record.
Latest reports
| Period | Published | Report |
|---|---|---|
| Q4 FY26 (quarter to 30 Jun 2026) | 2026-07 | Quarterly activities report (press coverage) (republished copy) |
| Q3 FY26 (quarter to 31 Mar 2026) | 2026-04-29 | Quarterly activities report and Appendix 5B |
| Q2 FY26 (quarter to 31 Dec 2025) | 2026-01-23 | Quarterly activities report and Appendix 5B (republished copy) |
Across these reports
Cash fell from A$57M to about A$42M in the March 2026 quarter before an A$100M placement, and Lindian moved from a SARECO term sheet to full ownership while Kangankunde construction advanced to a November 2026 commissioning target. Nothing has been produced yet.
| Measure | What the reports show |
|---|---|
| Cash | A$56.96M (31 Dec 2025) → about A$42M (31 Mar 2026), followed by an A$100M institutional placement. |
| Kangankunde construction | Construction under way (May 2026) → first production blast (July 2026) → commissioning 'on track' for November (Sep 2026). |
| Kazakhstan ownership | Term sheet for 51% of a JV to buy SARECO (Mar 2026) → 100% of SARECO (10 Aug 2026). |
Stated dates
| Target | First stated | Now | Status |
|---|---|---|---|
| Kangankunde first production | Q4 2026 (7 May 2026) | commissioning November 2026 (2 Sep 2026) | not yet due |
| First MREC at SARECO | Q4 2026 (3 Mar 2026) | full commissioning October 2026 (2 Sep 2026) | not yet due |
| Stage 2 and Stepnogorsk separation plant feasibility studies | December 2026 / end-2026 (Sep 2026) | end-2026 | not yet due |
Figures are as the company reported them, linked to each report. This summarizes what changed between reports; it is not a view on the company or its shares.
Sources
- Kangankunde project page (resource and reserve) — Lindian Resources (2026-09-25)
- Kazakhstan project page — Lindian Resources (2026-09-25)
- Kangankunde construction update — Lindian Resources via ASX (2026-05-07)
- March 2026 quarterly activities report — Lindian Resources via ASX (2026-04-29)
- December 2025 quarterly activities report — Lindian Resources via Listcorp (2026-01-23)
- Rare earth concentrate supply agreement with Lindian — Iluka Resources (2025-08-06)
- Kangankunde project update — Mining Weekly (2026-07-10)
- Lindian signs term sheet for Kazakhstan MREC plant — Mining Technology (2026-03-04)
- Lindian acquires remaining 49% of SARECO — Lindian Resources via EQS (2026-08-10)
- Lindian secures full ownership of Kazakhstan facility — MINING.COM.AU (2026-08-10)
- Strategic partnership with Carester and 10-year offtake — Lindian Resources via PR Newswire (2026-09-02)
- Lindian locks in Carester partnership — Proactive Investors (2026-09-03)
How this page is sourced
Everything here comes from public sources — company filings, annual reports, exchange announcements, government releases and trade press. Every figure is linked to the document it came from and carries the date that document was published, because a capacity number without a date is not a fact, it is a rumor with a decimal point.
What is deliberately absent: material nonpublic information. I have spent more than two decades in this industry and a good deal of what I know about these companies I learned under NDA. Those obligations do not expire and they do not bend for a website. Nothing I have been told in confidence appears here in any form, and nothing on this page — or missing from it — should be read as a signal about what I know privately. I hold NDAs absolutely. It is the reason clients tell me things.
Judgment is the other thing left out on purpose. This page reports what has been published and who published it. Whether a target is credible, whether a ramp will hold, whether a capacity figure survives contact with the plant behind it — that is the work I do for clients, and it does not belong in a free reference page.
Where public sources disagree, I say so rather than picking a winner. Where a figure has not been published, the field says so rather than carrying an estimate. An empty field is information too.
Public filings tell you what a company has said. Whether it holds up is a different question, and the one I get hired to answer.
Get in touch← Back to Lindian Resources Limited in the atlas · the full supply chain atlas