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Lynas Shares Sink on A$968M Meteoric Deal
- On Thursday, Lynas Rare Earths announced an agreement to acquire Meteoric Resources in an all-share transaction valuing the Perth-based miner at approximately A$968 million, representing a 68.4% premium to Meteoric's last closing price.
- Securing the Caldeira Rare Earth project in Brazil allows Lynas to expand its resource base, adding the world's largest known ionic clay rare earth deposit outside China to its existing Mt Weld operations in Western Australia.
- Meteoric's board unanimously recommended the deal, which includes a A$110 million interim funding facility from Lynas, pending necessary regulatory approvals and an independent expert's review.
- The acquisition is expected to add mineral resources containing 802,000 tonnes of neodymium-praseodymium oxides and 41,000 tonnes of dysprosium-terbium oxides, while Lynas plans to retain Meteoric's existing team.
- Meteoric shareholders are scheduled to vote on the scheme in January 2027, with implementation targeted for March 2027 following receipt of required court and regulatory approvals.
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The Australian mining company Lynas Rare Earths is expanding, gaining access to a new deposit with the acquisition of a competitor.
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==Career==The deal will allow Lynas Rare Earths to take root in the growing Brazilian rare earth metal industry.Metal Resources is owned by the Caldeira rare earth metal project in the south-west region of Minas Gerais, Brazil, and is written by The Wall Street Journal. An agreement is concluded against the backdrop of a global race to restore rare earth metal production outside China, which dominates the processing of critical minerals used in …
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Total News Sources27
Leaning Left0Leaning Right7Center6Last UpdatedBias Distribution54% Right
Bias Distribution
- 54% of the sources lean Right
54% Right
C 46%
R 54%
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