Lynas Signs MOU for Malaysian Magnet Facility

Australian rare earth pioneer Lynas (ASX: LYC) has signed a Memorandum of Understanding (MoU) with Korean permanent magnet manufacturer JS Link to develop a sustainable rare earth permanent magnet value chain in Malaysia.

Under the terms of the MoU, Lynas will collaborate with JS Link on the development of a 3,000 tonne capacity NdFeB permanent sintered magnet manufacturing facility near the Lynas Malaysia advanced materials plant in Kuantan, Malaysia.

Lynas and JS Link will also collaborate in respect of the supply by Lynas of Light and Heavy Rare Earth materials to JS Link to support production of NdFeB permanent sintered magnets. The MoU is non-binding and subject to a definitive agreement.

“Lynas is delighted to partner with JS Link on the development of permanent magnet manufacturing in Malaysia. Manufacturers around the world are actively seeking new suppliers to meet their growing needs for permanent magnets,” CEO and Managing Director, Amanda Lacaze, said.

“Lynas is an established supplier of rare earth materials to permanent magnet makers and we look forward to working with JS Link to leverage its technology and expertise in permanent magnet manufacturing to develop an exciting new industry in Malaysia.”

Listed on the Korea Exchange, JS Link has a magnet division focused on rare earth permanent magnet manufacturing. It is currently building a permanent magnet factory in Korea, with first production expected in CY2025.