Lynas Rare Earths has reported a 92 per cent increase in mineral resources at the Mount Weld rare earths deposit located near Laverton in Western Australia.
The mineral resource estimate (MRE) for Mount Weld now sits at 106.6 million tonnes (Mt) at an average grade of 4.12 per cent total rare earth oxide (TREO) for a total of 4.39Mt of contained TREO, representing a 46 per cent increase in contained TREO compared to the previous MRE released in June 2018.
The MRE increase at Mount Weld follows 84,000 metres being drilled between 2018 and 2024, the drilling of which targeted rare earth element mineral resources surrounding the open-cut mine in the saprolite zone and to 200 metres below surface.
Lynas also recorded a 63 per cent increase in ore reserves, with ore reserves sitting at 32Mt at 6.44 per cent TREO. It also includes a 92 per cent increase in contained dysprosium (Dy) oxide, with all heavy rare earth element grades including terbium (Tb) oxide included in the statement.
The ore reserves upgrade supports a 20-plus year mine life at 12,000 tonnes per annum (tpa) of neodymium and praseodymium (NdPr) oxide finished product production capacity, which is in line with the Mount Weld expansion capacity that is currently under construction.
It also supports a 35-plus year mine life at 7200tpa NdPr oxide finished product production capacity.
“We are delighted to release the 2024 mineral resources and ore reserves statement which demonstrates the remarkable advantages of Lynas’ Mount Weld deposit based on grades, total REO tonnage, NdPr content, and DyTb (dysprosium and terbium) content,” Lynas managing director and chief executive officer Amanda Lacaze said.
“This updated statement provides a 20-year life of mine at 12,000tpa NdPr finished product production capacity, providing confidence to our customers that we can meet their needs for responsibly produced rare earth materials today and tomorrow.”
Lacaze said the MRE and ore reserves upgrade demonstrates Lynas’ ability to improve orebody knowledge, assure ore reserves and continuously improve reserve extraction efficiencies.
“Dy and Tb are essential for high performance rare earth permanent magnets used in electric vehicles and essential for high-tech electronics,” Lacaze said.
“The increase in reserves ensures feed for the recently announced DyTb separation circuit at Lynas Malaysia, supporting Lynas to serve the needs of existing customers and acquire new customers.”
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