The share price of Lynas Corporation Ltd (ASX: LYC) rose 2.4% today after the rare earths miner announced the location of its new cracking and leaching plant.
The company has chosen Kalgoorlie in Western Australia which will create jobs and is a first step in establishing a critical minerals hub in the Goldfields region.
One of the main reasons that Kalgoorlie was chosen was that it provides close proximity to the Lynas mine at Mt Weld. Another reason for the choice was that the region has a skilled workforce and a rich history in the mining & processing industries.
The new plant will upgrade the Lynas Mt Weld rare earth concentrate that is currently exported to the Lynas rare earth processing facility in Malaysia. It delivers on the objective of more downstream processing. The company will also explore opportunities for the next stage of processing – upstream solvent extraction – in Western Australia as well.
