UPDATE 1-Australia's Lynas plans new processing facility in the U.S. [Reuters]
LYNAS RARE EARTHS S/ADR (LYSDY)
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Source: Reuters
UPDATE 1-Australia's Lynas plans new processing facility in the U.S. - Reuters 2 Min Read (Adds context, details on the facility) May 20 (Reuters) - Rare earths producer Lynas Corp said on Monday it has signed a memorandum of understanding with Texas-based Blue Line Corp to set up a rare earths separation facility in the United States. Lynas’ move into the United States follows ongoing regulatory issues at its processing plant in Malaysia. The southeast Asian nation has told Lynas to remove years of accumulated waste at the plant in order to have its license renewed. Lynas and Blue Line will cooperate over the next year to develop the processing facility in Texas. The venture will be majority owned by Lynas, the companies said in a joint statement. The venture would allow Lynas to close a “critical” supply chain gap for U.S. manufacturers, the company said. Lynas had earlier indicated that it was considering building new processing facilities, given the situation in Malaysia. Lynas is
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