Lynas Rare Earths has announced “an approximately $500m project” to expand capacity at the Mt Weld mine and concentration plant to meet growing market demand for rare earth materials.
Lynas said procurement of long lead equipment items has commenced, with construction activities expected to commence in early 2023.
According to CEO and Managing Director, Amanda Lacaze, the Mt Weld expansion project is expected to create up to 300 jobs during the construction phase and over 100 ongoing operational jobs in the Goldfields region of Western Australia.
“The rare earths market is growing at pace as the world transitions to new energy technologies such as wind energy and electric vehicles. Lynas has a decade long track record in responsible rare earths production and the $500m Mt Weld expansion project we are announcing today is designed to ensure we continue to grow with the market as a supplier of choice,” Ms Lacaze said.
“This investment is supported by our high grade, long life and reliable source of feedstock, the remarkable Mt Weld ore body.
“Having a long-life resource is an essential foundation for success in the rare earths market and the recent 1km deep drilling has demonstrated Mt Weld’s potential to supply feedstock for many years into the future.
“The Mt Weld capacity expansion project aims to unlock its true value in the most efficient and sustainable way to 2025 and beyond.”