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Australia's Lynas to Buy Brazilian Miner
1 Oct
Summary
- Lynas Rare Earths plans to acquire Meteoric Resources in a $672 million deal.
- The acquisition grants Lynas access to a new critical mineral deposit in Brazil.
- Lynas is the largest rare earths producer outside of China.
Lynas Rare Earths Ltd., Australia's largest producer of rare earths outside of China, has announced plans to acquire Meteoric Resources Ltd. The deal, valued at approximately A$968 million (US$672 million), will be settled through an all-share transaction.
This acquisition is strategically significant as it grants Lynas access to a newly identified deposit of critical minerals situated in Brazil. The move is expected to enhance Lynas's efforts to diversify its supply chain and geographic footprint.
With this expansion, Lynas aims to bolster its position in the global rare earths market, reducing reliance on any single source. The company's commitment to securing diverse and substantial mineral reserves underscores its growth strategy.
