LYSDY - Lynas wins more U.S. government funding for heavy rare earths plant
2023-08-01 11:27:40 ET
Lynas Rare Earths ( OTCPK:LYSCF ) ( OTCPK:LYSDY ) said Tuesday it signed an updated contract with the U.S. Department of Defense to build a heavy rare earths processing plant in Texas that includes a more than doubled fiscal contribution from the federal government.
Lynas ( OTCPK:LYSCF ) ( OTCPK:LYSDY ) said the U.S. government now plans to contribute ~$258M to the project, up from the $120M announced in June 2022, following detailed design work and cost updates since the initial design was completed.
The company recently bought a 149-acre site in Seadrift, Texas, where it plans to develop both heavy and light rare earths separation plants; on completion, the project would be the only scale producer of separated heavy rare earths outside China.
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Lynas wins more U.S. government funding for heavy rare earths plant