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Why the Lynas share price rose more than 2%

Tristan Harrison
Gold nugget on map of Australia

The share price of Lynas Corporation Ltd (ASX: LYC) rose 2.4% today after the rare earths miner announced the location of its new cracking and leaching plant.

The company has chosen Kalgoorlie in Western Australia which will create jobs and is a first step in establishing a critical minerals hub in the Goldfields region.

One of the main reasons that Kalgoorlie was chosen was that it provides close proximity to the Lynas mine at Mt Weld. Another reason for the choice was that the region has a skilled workforce and a rich history in the mining & processing industries.

The new plant will upgrade the Lynas Mt Weld rare earth concentrate that is currently exported to the Lynas rare earth processing facility in Malaysia. It delivers on the objective of more downstream processing. The company will also explore opportunities for the next stage of processing – upstream solvent extraction – in Western Australia as well.

The post Why the Lynas share price rose more than 2% appeared first on Motley Fool Australia.

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Motley Fool contributor Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

The Motley Fool's purpose is to help the world invest, better. Click here now for your free subscription to Take Stock, The Motley Fool's free investing newsletter. Packed with stock ideas and investing advice, it is essential reading for anyone looking to build and grow their wealth in the years ahead. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson. 2019