© Reuters. (Reuters) – Rare earth producer Lynas Corp (AX 🙂 said Monday that it signed a contract with the US Department of Defense to begin initial design work on its Texas rare earth separation heavy facility for which the Pentagon is providing seed funding.
The ‘Phase 1′ funding is part of a concerted effort by Washington to reduce the United States’ dependence on China as the world’s largest producer of strategic minerals used to make missiles, cell phones and a ranger of other high-tech equipment.
Lynas, the largest rare earth producer outside of China, expects to complete the facility’s planning and design work in fiscal year 2021.
The facility will process heavy rare earths from the flagship Mt Weld Lynas mine in Western Australia, which the company says will become the “only source of separate heavy rare earths outside of China.”
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