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(Kitco News) - Rare earth producer Lynas (ASX: LYC) (OTC: LYSDY) yesterday announced that the company has been awarded A$20 million grant as part of the Australian Government’s Modern Manufacturing Initiative – Manufacturing Integration Stream.
According to a company news release, the grant will contribute to the development of a new capability to process apatite-rich ores from the Mt Weld ore body through a newly-developed process containing two circuits for the removal of apatite.
Lynas said this grant will partially fund the apatite leach circuit which will be established at Lynas’ Mt Weld site near Laverton, Western Australia, adding that the project will be undertaken as part of the Mt Weld expansion project which is scheduled for completion by end of calendar year 2024.
“Processing the apatite-rich ore will help to unlock additional value from the Mt Weld ore body with the goal of extending the operating life of both the mine at Mt Weld and the Lynas rare earths processing facility in Kalgoorlie,” the company noted.
Lynas Rare Earths is the world's only significant producer of separated rare earth materials outside of China. The company's Mt Weld mine in Western Australia is acknowledged as one of the world's premier rare earths deposits.
Lynas also operates the world's largest single rare earths processing plant in Malaysia where it produces high-quality separated rare earth materials for export to manufacturing markets in Asia, Europe and the United States.
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