Lynas Rare Earths

Lynas Rare Earths digs rare earth ore out of the ground at Mt Weld in Western Australia, then ships it to Malaysia, where it is split into separate oxides. The company calls itself the world's only commercial producer of separated light and heavy rare earth oxides outside China.

Of all the companies on our rare earth stocks list, Lynas produces the most. The nearest thing to it outside China is MP Materials in the US.

What does Lynas Rare Earths do?

Lynas handles every step from the mine to a finished oxide. Its 2026 annual report breaks this into three parts. Mt Weld makes a concentrate. That concentrate is cracked and leached at Kalgoorlie and in Malaysia. Then Lynas Malaysia separates it into individual products.

Hardly anyone outside China does that last part. To see why separation is so hard, read How Rare Earths Are Processed.

Where are Lynas's operations?

• Mt Weld, Western Australia. This is the mine, near Laverton. Trucks carry the ore to a plant on site, where it becomes a concentrate.
• Kalgoorlie, Western Australia. Here the concentrate is cracked and leached, which turns it into a mixed rare earth carbonate. Lynas was still ramping the plant up during the 2026 financial year.
• Lynas Malaysia. The separation plant, running since 2012, takes up 100 hectares of the Gebeng Industrial Estate outside Kuantan, according to Lynas.

You may read about a Lynas heavy rare earths plant in Texas. That is off: the 2026 annual report says it will no longer proceed.

What does Lynas produce?

Out of Malaysia come NdPr oxide, cerium and lanthanum products, and separated heavy rare earths such as dysprosium, terbium and samarium oxides. There is also a mixed heavy rare earth compound, which Lynas sells as SEGH.

The heavy ones are new. Lynas made its first dysprosium and terbium oxides in the 2025 financial year, then its first samarium oxide in March 2026. Magnets need these elements to keep working when they get hot (see Rare Earth Magnets Explained).

How much did Lynas produce in 2026?

In the year to June 30, 2026, Lynas made 13,089 tonnes of rare earth oxide ready for sale, and 7,260 tonnes of that was NdPr. Revenue came to A$977.9 million, its FY26 results show.

Source: Lynas Rare Earths FY26 results and 2026 Annual Report, August 26, 2026.

What are Lynas's growth plans?

Lynas wants to be able to separate 12,000 tonnes of NdPr a year. Note that this is nameplate capacity, not a forecast of what it will produce. Its plan for the next few years is called Towards 2030, and it is mostly about getting more out of the Lynas 2025 investments, which the company says were largely finished in 2025. One target slipped: the annual report admits Lynas did not reach more than 10,500 tonnes a year of capacity by June 30, 2026.

There is more going on. Lynas has a long-term partnership with JS Link to build a rare earth magnet factory in Kuantan, Malaysia. And in October 2026 it made an offer for Meteoric Resources, which owns the Caldeira rare earth project in Minas Gerais, Brazil. The deal would go through a court-approved scheme of arrangement, and it had not closed when we last checked.

What agreements does Lynas have with governments and customers?

• Malaysia. The plant's operating licence got a 10-year renewal starting March 3, 2026. If Lynas wants to expand there, Malaysia's Department of Environment wants a fresh environmental impact assessment first.
• United States. Lynas and the US Department of War signed a binding letter of intent in March 2026. Roughly US$96 million would buy light and heavy rare earth oxides from Lynas, and NdPr oxide would have a floor price of US$110 a kilogram. By the 2026 annual report it was still only a letter of intent.
• Japan. Japan Australia Rare Earths (JARE) has a firm deal to take 5,000 tonnes of NdPr a year, also with a US$110 a kilogram floor, according to the FY26 results.

That is the same US$110 floor MP Materials got from the US Department of Defense in 2025. What Is NdPr Oxide? covers why it matters.

Who runs Lynas?

Amanda Lacaze retired as chief executive and managing director on June 30, 2026. The next day, Pol Le Roux took over as interim chief executive.

Where can you find Lynas's reports?

Everything Lynas announces goes out first on the Australian Securities Exchange, under the code LYC. Copies sit in the investor centre on its website. Its year ends on June 30, and there is a quarterly report as well. If the technical sections are hard going, try How to Read a Rare Earth Resource Estimate.

Sources

• Lynas Rare Earths, FY26 results announcement (August 26, 2026)
• Lynas Rare Earths, Appendix 4E and 2026 Annual Report (August 26, 2026)
• Lynas Rare Earths, Lynas Malaysia operating licence renewed (March 2, 2026)
• Lynas Rare Earths, Letter of Intent with the US Department of War (March 16, 2026)
• Lynas Rare Earths, proposed acquisition of Meteoric Resources (October 1, 2026)
• Lynas Rare Earths, Lynas Malaysia operations page

More rare earth companies

• MP MaterialsMountain Pass in California, and a mine-to-magnet supply chain in the United States.
• USA Rare EarthA US magnet maker in Oklahoma, with the Round Top deposit in Texas.
• Rare earth stocks listEvery listed rare earth company we track, by stage.