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secures rare earths outside China with Lynas, MP Materials deals","japan-secures-rare-earths-outside-china-with-lynas-mp-materials-deals","article/japan-secures-rare-earths-outside-china-with-lynas-mp-materials-deals",{"_uid":557,"date":558,"tags":559,"editor":563,"content":573,"excerpt":682,"featured":50,"reporter":683,"_editable":687,"component":688,"seo_title":689,"categories":690,"visibility":693,"author_company":694,"featured_image":695,"seo_description":699,"author_full_name":694,"author_job_title":694,"formattedDate":700,"formattedArticleDate":701},"9fe3c95f-21f0-4486-9a89-d54e0e243b16","2023-03-15 00:00",[560],{"slug":561,"name":562},"wind","Wind",[564],{"slug":565,"name":566,"content":567},"didi-bostock","Didi Bostock",{"job_title":568,"image":569,"bio":571,"linkedin":572},"Editor - Energy Transition & Economics",{"filename":570},"https://a.storyblok.com/f/287943243085208/512x512/2c5ca5c1a3/didi-bostock.jpeg","Didi is the Energy Transition & Economics Editor at Benchmark, covering a broad range of markets across the energy transition. His remit spans from downstream sectors such as BESS and EVs, through to midstream such as new technologies and battery production, to upstream critical minerals mining. He also leads on financial analysis across these supply chains, alongside in-depth policy analysis.\n","https://www.linkedin.com/in/didi-bostock-656342198/",{"type":574,"content":575},"doc",[576,593,598,603,608,613,618,627,632,637,642,647,652,657,662,667,672,677],{"type":577,"attrs":578,"content":579},"paragraph",{"textAlign":49},[580,583,591],{"text":581,"type":582},"Japan has moved to secure ","text",{"text":584,"type":582,"marks":585},"rare earth",[586],{"type":587,"attrs":588},"link",{"href":589,"uuid":49,"anchor":49,"target":49,"linktype":590},"https://source.benchmarkminerals.com/article/opinion-tesla-cutting-rare-earths-brings-new-competitive-dynamic-to-ev-motors","url",{"text":592,"type":582}," supplies for its magnet industry by investing A$200 million ($134 million) into Australian producer Lynas and signing an agreement with US miner MP Materials. ",{"type":577,"attrs":594,"content":595},{"textAlign":49},[596],{"text":597,"type":582},"This month JOGMEC and Sojitz Corporation, through a special purpose vehicle, said they would buy A$200 million worth of shares of Lynas and also forgo $11.5 million of historical interest due on a loan in 2016. Last month Sumitomo Corporation said it would become the exclusive distributor of rare earth oxides produced by MP Materials. ",{"type":577,"attrs":599,"content":600},{"textAlign":49},[601],{"text":602,"type":582},"The deals highlight the importance of rare earths to Japanese industry and the desire to reduce reliance on China, which produces the majority of the world’s rare earth magnets. Japan is the second-largest producer of rare earth magnets behind China. ",{"type":577,"attrs":604,"content":605},{"textAlign":49},[606],{"text":607,"type":582},"“Access to MP Materials’ US-produced rare earths will stabilise, diversify, and strengthen a supply chain of critical importance to Japan’s manufacturing sector,” Sumitomo said. ",{"type":577,"attrs":609,"content":610},{"textAlign":49},[611],{"text":612,"type":582},"Lynas said the money will help it expand production at its mine in Australia by more than 50% by 2024 to meet increased market demand. ",{"type":577,"attrs":614,"content":615},{"textAlign":49},[616],{"text":617,"type":582},"“Japanese magnet producers have significant exposure to a single source (China) for the majority of their required NdPr and DyTb material. Their deals with Lynas and MP Materials demonstrate they are actively looking to de-risk their supply chains without sacrificing output volumes,” Daan de Jonge, project manager at Benchmark, said. ",{"type":619,"attrs":620,"content":622},"heading",{"level":621,"textAlign":49},4,[623,625],{"text":624,"type":582},"Securing ",{"text":626,"type":582},"Lynas supply ",{"type":577,"attrs":628,"content":629},{"textAlign":49},[630],{"text":631,"type":582},"In return for their investment JOGMEC and Sojitz will receive priority rights over Lynas’s output until 2038, with at least 7,200 tonnes a year of neodymium and praseodymium (NdPr) for magnets, with the right to negotiate for more once Lynas’ production surpasses 9,600 tonnes a year.",{"type":577,"attrs":633,"content":634},{"textAlign":49},[635],{"text":636,"type":582},"The deal provides further support to Lynas, which is racing to displace their concentrate processing operations to Kalgoorlie in order to meet a Malaysian government deadline by July of this year.",{"type":577,"attrs":638,"content":639},{"textAlign":49},[640],{"text":641,"type":582},"“The new agreements will further strengthen the Lynas balance sheet and support funding of capital projects designed to meet accelerating global demand for rare earth materials,” it said. ",{"type":619,"attrs":643,"content":644},{"level":621,"textAlign":49},[645],{"text":646,"type":582},"Growing an Australian champion ",{"type":577,"attrs":648,"content":649},{"textAlign":49},[650],{"text":651,"type":582},"JOGMEC and Sojitz have backed Lynas since 2011, when they lent $250 million to the company to secure rare earths following a dispute with China that led Beijing to cut off supplies to the country. ",{"type":577,"attrs":653,"content":654},{"textAlign":49},[655],{"text":656,"type":582},"Lynas is currently the second biggest producer of rare earths outside of China, with production of 5,119 tonnes of NdPr in 2022. ",{"type":577,"attrs":658,"content":659},{"textAlign":49},[660],{"text":661,"type":582},"It plans to invest A$500 million to increase NdPr production at its Mt Weld mine in Australia by more than 50% to over 12,000tpa by 2025. ",{"type":577,"attrs":663,"content":664},{"textAlign":49},[665],{"text":666,"type":582},"The Japanese companies will also receive “priority of supply” of up to 65% of the supply of heavy rare earths dysprosium and terbium from the Mt Weld mine, Lynas said. ",{"type":577,"attrs":668,"content":669},{"textAlign":49},[670],{"text":671,"type":582},"Japan is heavily reliant on China for dysprosium and terbium. ",{"type":577,"attrs":673,"content":674},{"textAlign":49},[675],{"text":676,"type":582},"Though this is “subject to any agreement with the US government and to the extent that no opportunity loss will be suffered by Lynas.”",{"type":577,"attrs":678,"content":679},{"textAlign":49},[680],{"text":681,"type":582},"In June Lynas was awarded $120 million from the US Department of Defense to build a heavy rare earths separation facility in the US, to be co-located with its planned light rare earth separation plant, which will also be partially funded by the DoD.","Japan has moved to secure rare earth supplies for its magnet industry by investing A$200 million ($134 million) into Australian producer Lynas and signing an agreement with US miner MP Materials. This month JOGMEC and Sojitz Corporation, through a special purpose vehicle, said they would buy A$200 million worth of shares of Lynas and also […]",[684],{"slug":565,"name":566,"content":685},{"job_title":568,"image":686,"bio":571,"linkedin":572},{"filename":570},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"9fe3c95f-21f0-4486-9a89-d54e0e243b16\", \"id\": \"\"}-->","article","Japan secures rare earths outside China with Lynas",[691],{"slug":692,"name":420},"rare-earths","private","",{"id":49,"alt":694,"name":694,"focus":694,"title":694,"source":694,"filename":696,"copyright":694,"fieldtype":697,"meta_data":698,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/bb1abcf83f/bm-rare-earths-ndpr.jpg","asset",{"alt":694,"title":694,"source":694,"copyright":694},"Japan has moved to secure rare earth supplies for its magnet industry by investing A$200 million ($134 million) into Australian producer Lynas and signing an agreement with US miner MP Materials...","Mar 15, 2023","15th March 2023",[],[],1789748860246]