Lynas partners with Noveon for rare earth magnets supply to US

Reuters | October 8, 2025 | 6:55 am Critical Minerals Suppliers & Equipment Top Companies Australia USA Rare Earth

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Inside the lab at Lynas’ rare earths deposit in Mt Weld, Western Australia. Credit: Lynas Corp.

Australia’s Lynas Rare Earths has partnered with US-based manufacturer Noveon Magnetics to supply rare earth permanent magnets to defence and commercial sectors in the US, the two companies said on Wednesday.

The deal includes provision of both light and heavy rare earth materials and the production and supply of finished magnets to end-users across defense, automotive and industrial sectors.

“This partnership delivers what the market and the US government need most: capacity, certainty and speed,” Noveon CEO Scott Dunn said in a joint statement, adding that the companies plan to finalize a definitive agreement and work closely with the US government and customers.

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The companies did not divulge any financial details of the deal.

Washington has been pushing to secure critical minerals and reduce reliance on China, which produces around 90% of the world’s rare earths magnets.

Lynas is the world’s largest rare earth producer outside China and CEO Amanda Lacaze said the deal will provide US manufacturers with a “secure and traceable” magnet supply chain.

(By Kumar Tanishk; Editing by Janane Venkatraman and Rashmi Aich)