Lynas Rare Earths has agreed to buy Meteoric Resources in a deal that values the Australia-listed explorer at around $672 million. The acquisition gives Lynas a foothold in Brazil’s growing rare-earths industry. Meteoric owns the Caldeira rare-earths project in the southwest region of Brazil’s Minas Gerais state.
The deal comes amid a race to rebuild rare-earths production outside China, which dominates processing of the critical minerals used in electric vehicles and consumer electronics as well as jet fighters and missile systems. Lynas plans to develop the Caldeira project, which is expected to cost over $500 million.
Source: Wall Street Journal US Business · Summarized by HeadlinesBriefing