Lynas Corporation Limited's (ASX: LYC) vision is to be a global leader in Rare Earths for a sustainable future; a vision realised by the passion and practices of our people.
Lynas is an ASX listed company, with the strategy to create a reliable, fully integrated source of Rare Earths supply from mine through to customers, and to become the benchmark for security of supply and environmental standards in the global Rare Earths industry.
Lynas owns the richest deposit of Rare Earths in the world at Mount Weld, Western Australia. Lynas is set to provide the first new source of supply of Rare Earths outside of China when it comes into production in the third quarter of 2011. It believes this timeframe puts the company well ahead of its competitors. Its customers’ requirements and commitments are driving the business development strategy for products to be produced, growth of production and collaboration with partners in the value chain.
Lynas Corporation's Mount Weld rare earths price hits all time high
Boding well for Australian rare earths company Lynas Corporation (ASX: LYC), the price of rare earths is on the rise.
The average rare earths composition price for Lynas' Mount Weld product has increased to US$21.43 kg/REO on a FOB basis. This is a rise of over 16 per cent in the past week.
This follows the recent tightening of the Chinese export quota of rare earths announced by the company on 9 July 2010. China's rare earths export quota was significantly reduced for the second half of 2010, providing an upward impetus to prices of rare earths. The 2010 regulatory constraints of Rare Earths supply from China, which supplies over 90% of Rare Earths to the world, is a significant reduction in product available for export.
‘Rare Earths’ is the term given to fifteen metallic elements known as the lanthanide series, plus yttrium. They play a key role in green environmental products, from energy efficient compact fluorescent light bulbs (CFLs) to hybrid cars, automotive catalytic converters and wind turbine generators.
They are also essential in the development and manufacturing of many modern technological products, from hard disc drives to flat panel displays, iPods and magnetic resonance imaging (MRI) scans.
Lynas is aiming for production to commence in 2011.
