Lynas Rare Earths had talks with MP Materials, though `not ongoing’
“Lynas is implementing a strong organic growth plan” the company said in a statement on Saturday. In addition, Lynas continues to seek opportunities to use our proven expertise to build scale, improve market functioning and add value for shareholders.
On Friday Australian Financial Review reported that MP Materials (MP) and Lynas Rare Earths (OTCPK:LYSCF) may be working on a deal that would bring together the world’s two biggest non-China producers of rare earths materials.
Both MP Materials(MP), with its operations at California’s Mountain Pass, and Lynas (OTCPK:LYSCF), with a mine in Western Australia and a plant in Malaysia, have been hit hard by plunging rare earths prices.
MP Materials (MP) rose 6.4% on Friday.