SYDNEY, June 25, 2026, 07:08 (AEST)
- Lynas plans to file a revised environmental impact assessment for its expansion project in Malaysia.
- ASX is in pre-open. Lynas ended trade at A$19.34, gaining 4.03%.
- Macquarie lifted Lynas to Outperform from Neutral, putting the price target at A$22.
Lynas Rare Earths is set to file an updated environmental impact assessment for its expansion project in Gebeng, Pahang, after Malaysia’s Department of Environment asked for revisions based on a technical review. The EIA weighs possible environmental effects before a project gets approved.
The report first came out on April 3 and was up for public review April 10 through May 9. Feedback stayed open until May 24. The regulator hasn’t said in public why it wants changes.
Lynas finished up 4.03% at A$19.34 on Wednesday. Shares changed hands between A$18.46 and A$19.46. Turnover came in at 4.77 million. On Tuesday—the day the company made its announcement—the stock dipped 0.16%.
Lynas talked up a new Malaysian project last October, pegging the cost at A$180 million. The operation would separate as much as 5,000 tonnes a year of heavy rare earth feedstock for processing. “Market demand for heavy rare earths is high,” Chief Executive Amanda Lacaze said then. Reuters
Lynas got a 10-year licence renewal from Malaysia in March, but faces a five-year deadline to end production of radioactive waste. The company also has to neutralise residue left in that period, either by extracting thorium or using another approved process.
China put U.S. rare earth groups MP Materials and USA Rare Earth on an export-control list this week, blocking Chinese dual-use exports to them. Dual-use goods have civilian and military uses. George Chen, a partner for Greater China at Asia Group, said the move is “quite symbolic” since these firms probably don’t operate in China. Reuters
Beijing said Wednesday it set up a whistleblower hotline for tips on critical-mineral smuggling or export-control violations. China refines most rare earths globally and has increased its clampdown on moves to get around its rules.
China barely shipped any rare earths to Japan in May, with customs figures showing almost no terbium or dysprosium oxide exports since November. Rare earth magnet exports to Japan dropped 35% from April.
Lynas has a deal to supply Japan Australia Rare Earths with 5,000 tonnes a year of neodymium-praseodymium, or NdPr. The company said it will keep 75% of its heavy rare earth oxide output for Japanese industry.
Lynas said Chief Operating Officer Pol Le Roux will take over as interim chief executive on June 30, stepping in for Lacaze while the company reviews its expansion.
But the revised EIA could take longer than markets are hoping. Macquarie bumped Lynas to Outperform, saying shares are set to top the benchmark, but flagged Malaysian rules and power supply issues at the Kalgoorlie plant as risks. The bank kept its earnings and production forecasts steady and thinks the current Malaysian quotas are enough for its base case over the next three to four years.
