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Australia

Lynas Rare Earths

Mine to separated oxide: bastnaesite-monazite ore from Mt Weld, cracking and leaching at Kalgoorlie, and solvent-extraction separation and finishing in Malaysia. The company describes itself as the only significant producer of separated rare earth materials outside China. It first separated dysprosium and terbium oxides in Malaysia in 2025 and samarium oxide in March 2026.

At a glance

Founded

1983 — Incorporated in Western Australia on 23 May 1983; moved into rare earths via the Mt Weld deposit in the early 2000s.

Headquarters

Perth, Western Australia, Australia

Ownership

Listed, ASX: LYC; ADRs trade over the counter in the United States as LYSDY. On 2 September 2026 a Lynas spokesperson told Reuters that the company had been in takeover discussions earlier in 2026, and that those discussions “had a high level of uncertainty and did not proceed.” No counterparty was named, and the confirmation was made to a wire service rather than in an ASX announcement. Lynas Malaysia's operating license was renewed for a 10-year term commencing 3 March 2026, per the company's FY26 results announcement, replacing the shorter renewal cycle it previously ran on.

Stage

• Lynas Rare Earths: Mature. Has mined Mt Weld and separated rare earths for more than a decade; it added Dy and Tb in 2025 and samarium in 2026.
• Lynas Advanced Materials Plant (LAMP): Mature. Has cracked and separated Mt Weld concentrate in Malaysia since 2012.

Listing

ASX: LYC · OTC: LYSCF
Investor relations

Revenue

AUD 977.9 million total sales revenue
Reported, FY26, year ended 30 June 2026.
Net profit after tax AUD 222.4 million. Lynas reports in Australian dollars; no conversion is applied here.
Source

Capacity

Each date below links to the document the figure came from. A capacity figure with no source is not on this page.

Narrative

Lynas Rare Earths runs an integrated chain from the Mt Weld mine and concentrator in Western Australia, through a cracking-and-leaching plant at Kalgoorlie, to the advanced materials plant at Gebeng, Kuantan, Malaysia, where products are separated and finished. In FY26, the year to 30 June 2026, the group produced 13,089 metric tons of rare earth oxides including 7,260 metric tons of NdPr, and reported revenue of A$977.9 million and net profit after tax of A$222.4 million. It reports in Australian dollars. A heavy rare earths separation expansion is under construction in Malaysia, and the company has a supply arrangement with JS Link, which is building a magnet plant at Kuantan.

Where public sources disagree

• There is no single Lynas capacity figure. Mt Weld is built to support 12,000 t/yr NdPr, Kalgoorlie's output supports 9,000 t/yr, and Malaysian separation nameplate is 10,500 t/yr. Actual FY26 NdPr production was 7,260 t. Any single number quoted elsewhere is picking one stage of the chain.
• The Malaysian heavy rare earths expansion was announced at roughly A$180 million in October 2025; the June 2026 quarterly puts the cost at approximately A$294 million.
• The Seadrift, Texas project is the most uncertain item. Lynas flagged significant uncertainty at its FY25 result in August 2025, and the June 2026 quarterly does not mention it. No source confirms construction has started, and no nameplate capacity has been published.
• Per-element tonnages for the Sojitz/JARE Japan supply commitment (reportedly Sm 1,100 t, Y 1,100 t, Gd 400 t, Dy 250 t, Tb 50 t, Lu 10 t) and a 2038 contract end date circulate in secondary Japanese coverage but do not appear in Sojitz's own 13 March 2026 release, which discloses no tonnages and no end date. Treated here as unconfirmed rather than as Lynas or Sojitz figures.

Latest reports

Across these reports

Across FY26 (year to 30 June 2026) Lynas's quarterly NdPr and total REO production, revenue and cash all rose, with FY26 revenue of A$977.9m vs A$556.5m in FY25. Samarium oxide output began in Malaysia in March 2026, the Seadrift, Texas facility was replaced by oxide purchases, and the Malaysian heavy rare earths facility cost estimate rose from about A$180m to about A$294m.

Stated dates

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.

Fact checks from the digest

Claims made about this company that the weekly digest has put against this atlas, newest first. The verdict and the working are here in full; the issue each came from is for subscribers.

1. narrower than claimed · Digest issue 010 · 25 October 2026

   Rochester will separate the oxides; the metal is still somewhere else

   The claim — that Rochester will be “one of the largest rare earth separation operations in the world” — is narrower than it reads, on 2 counts.

   Scale. More than 4,400 metric tons a year of all separated oxides is less than half of Lynas Malaysia’s nameplate of 10,500 metric tons a year of NdPr alone. It is ahead of Neo Performance Materials’ Silmet plant in Estonia, at 3,200 metric tons a year nameplate. This check does not compare it with Chinese separators, which is where the world’s largest operations are.

   Basis. The 4,400 is total oxides, lanthanum and cerium included, with no NdPr split, and it is a 2028 figure for a plant not yet built. The Lynas and Silmet figures are nameplates at operating plants.

2. narrower than claimed · Digest issue 008 · 12 October 2026

   A$968 million, or A$876 million, depending on which day you ask

   The A$968 million is accurate on the basis Lynas states for it — fully diluted, on 60-day VWAPs as at 30 September 2026 — and it is the highest of the three bases the announcement gives.

   On the last close it is A$876 million. 0.0207 × A$13.83 = A$0.2863 a share, × 3,060,127,368 shares. The 30-day basis gives about A$948 million.

   The premiums move with the basis. 68.4 percent is to last close; on 60-day VWAPs the premium is 64.2 percent, on 30-day 57.6 percent. Any figure for this deal should carry its basis with it, or it is a number without a date.

3. narrower than claimed · Digest issue 006 · 28 September 2026

   Japan has been building its way out of this since 2011, and the heavy half is eleven months old

   “China's near monopoly” is the framing every version of this story uses, and on the light elements it is simply true. On the heavies it is narrower than it sounds — and then, looked at closely, narrower again in the other direction.

   From this atlas: Lynas is the only company separating heavy rare earths at commercial scale outside China, and it got there recently — it first separated dysprosium and terbium oxides in Malaysia in 2025, and its heavy separation expansion is still under construction at up to 5,000 t/yr of heavy rare earth feedstock. How much dysprosium and terbium that actually yields is not public: Lynas reports heavy rare earths as a group and has never broken the two out. The others are smaller or not yet running. MP Materials' heavy circuit at Mountain Pass is 200 t/yr of Dy and Tb, nameplate, under construction. Solvay's dysprosium and terbium line at La Rochelle is under construction on a €15–20 million approval with no tonnage published. Neo's line at Silmet in Estonia, commissioned in April 2026, is a small-scale demonstration.

   And the fifteen-year framing needs the same discipline. For fourteen of those years this was a light-element arrangement, because NdPr from Mount Weld was what Lynas had to sell. Sojitz's first heavy rare-earth import from Lynas was 30 October 2025 — two months before China began squeezing Japan on dysprosium. Japan's heavy alternative is therefore not a hardened fifteen-year position. It is single-sourced and about eleven months old. Better than having nothing, which is what everybody else has. Nothing like enough.

4. it stands · Digest issue 006 · 28 September 2026

   Five hundred parts per million, and a semiconductor statute

   The rock claim stands, and the arithmetic is public. Work published in Advances in Materials Physics and Chemistry in January 2018, carrying the Texas Bureau of Economic Geology's resource estimate, puts the Round Top rhyolite at just over 500 ppm total rare earth — 0.05 percent — across a rhyolite mass of about 1.6 billion metric tons, with an inferred 430,000 metric tons of oxide in the drilled portion. Mount Weld runs 7 to 8 percent. That is 140 to 160 times the rock per ton of oxide, which lands squarely on the figure quoted. Nobody needs to take it on authority.

   And then the qualification nobody in the coverage makes. Grade is not mix. The same paper puts 72 percent of Round Top's rare earth content in yttrium and the heavies — "a level of enrichment in YHREEs rarely encountered in igneous rocks." Every issue of this digest has said the bind is dysprosium and terbium rather than NdPr, and Mount Weld's concentrate is overwhelmingly light. A deposit that is poor on grade and unusually rich in exactly the scarce elements is a harder question than "basically a lot of dirt," and saying so is not a defense of the company. It is the same discipline pointed the other way.

5. it stands · Digest issue 005 · 21 September 2026

   Lynas is now committed to sending 75 percent of its medium and heavy rare earths to Japan

   Largest non-Chinese heavy rare-earth producer: it stands, and the bar is lower than the phrase makes it sound. On our atlas, MP Materials' heavy circuit is 200 t/yr nameplate and under construction, and Solvay's Dy and Tb line at La Rochelle is under construction with no tonnage published. Lynas is the only one separating heavies at scale today.

   Against China the number is small, and how small is not public: Lynas reports heavy rare earths as a group and does not break out dysprosium and terbium, so the size of what has been committed is known only inside the company. Three quarters of it now goes to one country. Being the largest non-Chinese producer of something is a statement about how little of it exists outside China.

6. it stands · Digest issue 003 · 7 September 2026

   Lynas confirms it was in takeover talks

   It stands, and it is worth seeing exactly how narrow the gate is, because every word in it is load-bearing. MP Materials mines, separates NdPr and makes magnets — but its heavy circuit at Mountain Pass is 200 t/yr nameplate and under construction. Solvay separates NdPr and is building a heavy line at La Rochelle — but it does not mine. Neo separates at Silmet, runs a small-scale heavy line there and now makes magnets at Narva — but it does not mine either.

   So “integrated” and “operating” are what make the sentence true, and both of them expire the moment Mountain Pass commissions its heavy circuit.

7. it does not stand · Digest issue 002 · 31 August 2026

   Mkango buys a German magnet recycler for €8 million and 345 metric tons of feed

   I wrote that magnet-to-magnet recycling is the only near-term Western source of dysprosium and terbium that does not need a new mine. That is wrong, and the counterexamples are large. Iluka's Eneabba refinery runs off a stockpile that has been sitting on the ground since the 1990s and is rated at 750 t/yr of Dy and Tb oxide — no new mine anywhere in it. Lynas separates heavies today from Mt Weld, which is an operating mine rather than a new one.

   The defensible version is narrower: recycling is the only route that needs no new ore at all. That is a real distinction and it is not the one I made.

8. it stands · Digest issue 001 · 24 August 2026

   The first price floors on dysprosium and terbium, and nobody will say what they are

   The company calls these “the industry’s first and only price floors for heavy rare earths dysprosium and terbium.” I can find nothing to contradict it, and the qualifier is where the work is being done. Floors on light rare earths already exist: Lynas has a US$110 per kilogram floor on NdPr oxide from its March letter of intent with the Department of War. On the heavies there is no public counterexample.

   What makes the claim untestable rather than merely unverified is that no floor level is published. A floor of an unstated size under a volume of unstated size cannot be compared with anything, including a future one.

9. it stands · Digest issue 001 · 24 August 2026

   Iluka's numbers are in the slide deck and not in the announcement

   Nobody claims a record here, but 750 t/yr of separated dysprosium and terbium invites one, so here is the comparison. On our own atlas: MP Materials’ heavy circuit at Mountain Pass is 200 t/yr nameplate, under construction. Solvay’s heavy line at La Rochelle is under construction with no tonnage published. Neo’s heavy line at Silmet is small-scale, commissioned in April 2026, with no tonnage published. Lynas separates dysprosium and terbium today, at commercial scale, but publishes no tonnage for either.

   So the 750 figure is the largest stated heavy rare-earth line outside China that I can find. It is also a design number in a slide deck for a plant that is 60 percent built, which is a different class of fact from what comes out of a running plant — even when the running plant does not publish it.

Sources

1. FY26 full year results — Lynas Rare Earths / ASX (2026-08-26)
2. Appendix 4E and 2026 Annual Report — Lynas Rare Earths / ASX (2026-08-26)
3. FY25 results and Towards 2030 strategy presentation — Lynas Rare Earths / ASX (2025-08-28)
4. Quarterly activities report, June 2026 quarter — Lynas Rare Earths / ASX (2026-07-22)
5. Heavy rare earths separation facility, Malaysia — Mining Technology (2025-10-29)
6. JS Link agreement, Kuantan magnet plant — Lynas Rare Earths / ASX (2026-07-07)
7. Lynas Rare Earths says it was in takeover talks earlier this year — Reuters via Mining.com (2026-09-02)

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