ASX-listed rare earths miner Lynas Corp plans to lift processing capacity at its Mt Weld mine in Western Australia by 83%.
Lynas, the world’s second-largest producer of rare earth metals neodymium and praseodymium, has started an approvals process which would see its Mt Weld processing capacity lifted from 242,000 tonnes per annum, to 443,000 tonnes.
The company’s plans include a third tailings storage site at Mt Weld, as well as extra processing infrastructure, and power facilities.
The 83% capacity increase target exceeds the 40% discussed by Lynas at its last annual general meeting.
According to a report in The West Australian, the expansion would cost $14 million, and would take roughly three months to complete, with the company reportedly targeting completion by midway through this year.
The company is also spending $15 on a second mining program at Mt Weld.
Shares in the rare earth miner jumped from a $1.86 opening price on February 15, to a closing price of $2.06 on February 20.