Perth-based Lynas Rare Earths has joined forces with a US magnetics developer to establish a domestic supply chain for rare earth magnets in the US.
The partnership links Lynas, the world’s only commercial producer of separated rare earths outside of China, with Noveon Magnetics, the only operational US manufacturer of sintered rare earth magnets.
The companies have signed a non-binding memorandum of understanding (MoU), and while final details are still being negotiated, both companies anticipate that this partnership can have an immediate impact.
“Together, we can offer a total solution today, not five years from now, that meets immediate US economic and national security needs,” Noveon Magnetics chief executive officer Scott Dunn said.
“This collaboration reflects our shared belief that sector-wide alignment and bold, coordinated action and leadership are essential to achieving supply independence.”
Lynas chief executive officer and managing director Amanda Lacaze said the agreement supports the company’s Towards 2030 growth strategy, which emphasises bolstering supply chains independent of China.
“By combining our world-class rare earths mining and processing expertise with Noveon’s proven downstream manufacturing capabilities, we can provide immediate and practical support to US manufacturers,” Lacaze said.
The partnership will create a fully traceable and transparent supply chain, prioritising magnets for US defence and critical infrastructure. It will involve the supply of both light rare earth and heavy rare earth materials, as well as finished magnets to the defence, automotive, and industrial sectors.
“The time to act is now,” Dunn said, “and this partnership delivers what the market and the US Government need most: capacity, certainty, and speed.”
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