Lynas Rare Earths (ASX:LYC) has signed a memorandum of understanding (MoU) with Korean manufacturer JS Link (KOSDAQ:127120), to develop a sustainable rare earth permanent magnet value chain in Malaysia.
Under the non-binding MoU, both companies will collaborate to develop a 3,000 tonne capacity neodymium-iron-boron permanent sintered magnet manufacturing facility near the Lynas Malaysia advanced materials plant in Kuantan.
Lynas will supply light and heavy rare earth materials to JS Link to support the production of neodymium-iron-boron permanent sintered magnets.
Rare earth permanent sintered magnets are created by pressing and sintering powdered metal alloys and then magnetising the resulting material. These magnets are used due to their high energy density and strong magnetic fields, making them essential in various applications such as electric motors, wind turbines, and electronics.
CEO Amanda Lacaze says manufacturers around the world are actively seeking new suppliers to meet the growing demand for permanent magnets.
“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,” Lacaze says.
JS Link, headquartered in Seoul, South Korea, 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 2025.
Lynas Rare Earths is a rare earth producer that wholly owns the Mt Weld Mine in Western Australia. The company also operates a large single rare earth processing plant in Malaysia where it produces high-quality separated rare earth materials for export to manufacturing markets in Asia, Europe, and the US.
Write to Aaliyah Rogan at Mining.com.au
Images: Lynas Rare Earths
