Australian Rare Earths Miner Makes Near $1 Billion Bet on Brazilian Mine
'We have a great deal of confidence in where demand is heading outside China,' said Lynas Chair John Humphrey.
TL;DR
- Lynas Rare Earths is acquiring Meteoric Resources for A$968 million.
- The deal provides Lynas with access to Meteoric's Caldeira project in Brazil, a large deposit of ionic clay rare earth oxide.
- Lynas is the world's second-largest producer of rare earths outside of China.
- The acquisition aims to capitalize on surging demand for rare earth metals used in electronics.
- The transaction includes a 68.4 percent premium to Meteoric's share price.
- Lynas Chairman John Humphrey views the Caldeira asset as consistent with the company's 'Towards 2030' strategy.