Lynas Rare Earths is investing $500 million to quickly expand the Mt Weld mine in Western Australia to meet global demand for electric cars and wind energy.
Shares in Lynas surged 7.5 per cent to $9.55 on Wednesday after managing director Amanda Lacaze told the Diggers and Dealers Mining Forum the expansion would occur more quickly than planned.
Lynas is the biggest producer outside China of key elements needed for the clean energy technologies that will drive the transition to net zero emissions, as well as being vital for advanced defence technologies.
“Investment in capacity expansion will be required at every production stage, Lynas said.
The project is expected to create up to 300 jobs during construction and over 100 ongoing operational jobs in the Goldfields region of Western Australia.
The expansion will start next year and hit full operational capacity in 2024, as western economies look to shore up supplies.
The federal government is working closely with the United States to secure supply chains for critical minerals.
