Lynas Rare Earths to Raise A$750 Million After China Shock (3)

Australia’s Lynas Rare Earths Ltd., one of the few suppliers of the critical minerals outside China, unveiled a A$750 million ($488 million) share sale to fund its expansion as western firms respond to Beijing’s supply shock earlier this year.

The company — backed by Australia’s richest person, Gina Rinehart — will use the funds to streamline existing operations, modify an Australian mine and expand Malaysian processing plants. Lynas also wants partnerships with downstream metal or magnet projects, in the US or elsewhere.

The global rare earths industry is in the midst of upheaval after China launched export controls in ...