Gina Rinehart-backed Lynas to buy rare earths miner Meteoric

Australia's Lynas Rare Earths Ltd is set to acquire Brazilian miner Meteoric Resources Ltd in a deal worth approximately A$968 million. This acquisition will provide Lynas with access to a significant source of critical minerals in Brazil, diversifying the company's resources. Lynas, the largest rare earths producer outside China, will acquire Meteoric through an all-share deal, issuing 0.0207 shares for every share in Meteoric.

Lynas currently mines and processes rare earths in Australia and Malaysia, with the metals used in various applications ranging from military equipment to smartphones. The Brazilian Caldeira project, which Lynas intends to develop, is one of the world's largest deposits of rare earths and is expected to yield key elements such as dysprosium and terbium.

However, the project's completion is anticipated to cost over US$500 million. The acquisition requires government approval from Brazil, and there is an ongoing presidential election in the country, which may delay the process.