21.7 C
New York
Friday, July 30, 2021

Australia grants Lynas $11 million for new rare earth refining process

Must read

Stocks in focus: JK Laxmi Cement, MRPL and more

Business News>Markets>Stocks>News>Stocks in focus: JK Laxmi Cement, MRPL and more Check out the stocks that will be in focus during trade today based on...

Buy Nalco, target price Rs 100: Yes Securities

Yes Securities has buy call on National Aluminium Company Ltd. with a target price of Rs 100. The current market price of National Aluminium...

Gold set for biggest weekly gain in over 2 months on dovish Fed

Gold prices held near a two-week high on Friday, and were set for their biggest weekly gain in more than two months, on renewed...

Wall St gains with upbeat earnings and forecasts; Facebook falls 4%

NEW YORK: US stocks ended higher on Thursday, boosted by robust U.S. earnings and forecasts, while data showed the economy recovered to pre-pandemic levels...
imageStock Markets17 minutes ago (Jul 21, 2021 10:25PM ET)

(C) Reuters. FILE PHOTO: A truck carrying rare earth travels towards Lynas Corp’s Mount Weld processing plant, northeast of Perth, in Western Australia, August 23, 2019. REUTERS/Melanie Burton

(Reuters) – Lynas Rare Earths Ltd said on Thursday it got a A$14.8 million ($10.9 million) grant from Australia to commercialise a new mineral refining process that produces high-purity rare-earth carbonate.

The grant comes as nations worldwide look at ways to curb their reliance on China for the specialised minerals, which are used in a range of products including electric vehicles, smartphones and military equipment.

Lynas, the world’s largest producer of rare earths outside China, said the new refining process would be used at its upcoming A$500 million processing facility in Kalgoorlie, Western Australia.

About half the cost of implementing the new process at Kalgoorlie will be met by the grant, which was made as part of the Australian government’s Modern Manufacturing Initiative.

According to a government website https://business.gov.au/grants-and-programs/modern-manufacturing-initiative-manufacturing-integration, the initiative supports and co-funds projects to encourage linkages between local businesses and domestic and international firms.

Lynas said it could supply the rare-earth carbonate produced in Kalgoorlie to its plant in Malaysia and its proposed facility in the United States.

Shares of the company rose as much as 8.2% in their biggest intraday jump in five months.

($1 = 1.3604 Australian dollars)

Australia grants Lynas $11 million for new rare earth refining process

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

- Advertisement -

Latest article

Stocks in focus: JK Laxmi Cement, MRPL and more

Business News>Markets>Stocks>News>Stocks in focus: JK Laxmi Cement, MRPL and more Check out the stocks that will be in focus during trade today based on...

Buy Nalco, target price Rs 100: Yes Securities

Yes Securities has buy call on National Aluminium Company Ltd. with a target price of Rs 100. The current market price of National Aluminium...

Gold set for biggest weekly gain in over 2 months on dovish Fed

Gold prices held near a two-week high on Friday, and were set for their biggest weekly gain in more than two months, on renewed...

Wall St gains with upbeat earnings and forecasts; Facebook falls 4%

NEW YORK: US stocks ended higher on Thursday, boosted by robust U.S. earnings and forecasts, while data showed the economy recovered to pre-pandemic levels...

Buy State Bank of India, target price Rs 465: Yes Securities

Yes Securities has buy call on State Bank of India with a target price of Rs 465. The current market price of State Bank...