Lynas Moving In On Duncan Rare Earths Deposit
With its Malaysian plant still yet to process rare earths ore from its Mount Weld project, Lynas Corp. is now eyeing on the adjacent Duncan deposit and it most likely to develop it within the next four years.
The Duncan deposit is still part of the wider Mount Weld project, only that it the area holds a more highly concentrated type of heavy rare earths, The West Australian reported. On the whole, mining the Duncan deposit will need a different processing procedure and scheme.
Most precious metal experts and analysts have earlier that heavy rare earths such as dysprosium and terbium will be in an alarmingly short supply status. These elements are used as vital components for high-strength magnets.
The Australian rare earths miner on Thursday announced the results of a scoping study on the Duncan deposit, which revealed it can be mined using the traditional open cut approach sand treated by direct chemical beneficiation. Expected project cost was placed at $600 million, with production expected to yield 13,000 tonnes of rare earth oxides per annum.
Nick Curtis, chairman of Lynas Corp., said future feasibility studies on the Duncan deposit will include site selection for a corresponding processing plant, The West Australian reported.
The rare earths mining firm has an almost ready to ignite processing plant in Malaysia. But the plant still has yet to become fully operational pending the release of its highly contested and controversial temporary operating license, which experts and analysts said was unfortunately caught embroiled in this year’s political elections in Malaysia.
On Thursday, Lynas Corp. announced it is most likely to abstain from developing what should have been its second rare earths project in Malawi, Africa due to legal difficulties with the federal courts.
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