Lynas Rare Earths, First Heavy Rare Earths Producer Outside China, Reports 90% Profit Drop, Plans A$750 Million Raise for Texas and Malaysia Expansion

Australia's Lynas Rare Earths, the first commercial producer of heavy rare earths outside China, reported a 90% drop in its annual profit amid uncertainties surrounding its planned Texas plant. The company is seeking to raise approximately A$750 million (around $488 million) in equity capital to invest in expanding its capacity, including plans for growth in Malaysia. This fundraising effort comes as governments worldwide intensify efforts to secure critical minerals and reduce reliance on Chinese supplies. Meanwhile, Mineral Resources, another Australian diversified miner, reported a full-year net loss attributed to weakness in global lithium markets.