Lynas Rare Earths (ASX: LYC): Equity Analysis

Lynas Rare Earths is the largest producer of rare earth elements outside China, with operations spanning the Mt Weld mine (WA), Kalgoorlie processing plant, and Malaysian separation facility. The company focuses on neodymium and praseodymium (NdPr), vital inputs for electric vehicles, wind turbines, robotics, and defensive systems. It remains the only fully integrated ex-China producer of scale.

Business Model

Lynas runs a vertically integrated model - mining, processing, and refining rare earths into high-value separated products. The firm's FY25 strategy, Harvest & Grow, focuses on optimising production, controlling costs, and expanding into. . .