Australian rare earth producer Lynas has increased the projected cost of its new heavy rare earth processing facility in Malaysia by nearly $80 million. The company attributes this rise in expenses in part to China's export curbs on equipment sales to foreign producers of essential materials.
Lynas also reported a higher average selling price for its rare earth products during the three months through June. However, the company’s interim CEO described the quarter as challenging.
The cost increase and operational challenges highlight the impact of China's export restrictions on global rare earth supply chains and the efforts of companies like Lynas to diversify production outside China.
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