Australian rare metal producer, Lynas Corporation supplies rare earth products to Japanese market with 3-5 years contract by developing Mt Weld mine in Western Australia. The firm already started construction of concentration plant in Australia and plant in Malaysia to process and refine concentrate from Australia. The executive chairman Nicholas Curtis said the firm starts the commercial production in July-September 2009 and the sales to Japanese customers would represent more than half of the total sales. The firm develops open cut mine, Mt Weld mine to provide alternative source of China, which represents more than 90% of the world supply. The firm already removed the surface of mine, which contains low grade ore. The firm expects the resource is 12.24 million tonnes with 2.5% of the pay limit quality, which represents 1.184 million tonnes of rare earth oxide with 9.7% grade. Mr. Curtis said the mine has 9% more resource than original estimate. The firm plans to produce annual 120,000 tonnes of crude ore with 17% grade, enriches the ore into 32,000 tonnes of concentrate with 40% grade and produces annual 15,000 tonnes of the oxide for the first phase. The firm plans to expand the operation to 240,000 tonnes of crude ore, 64,000 tonnes of concentrate and 21,000 tonnes of oxide.
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Japan Steel Scrap Composite Prices (Sangyo Press)
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