Lynas Rare Earths said on Tuesday it had signed a partnership deal with South Korea’s JS Link to develop a magnet factory in Malaysia.
The Australian rare-earths producer will also supply materials to JS Link’s magnet factory in South Korea and the planned factory in Malaysia until January 2038. The partnership follows a magnet manufacturing deal between the two companies last year.
Under the latest deal, JS Link will establish a magnet factory in Kuantan, Malaysia, with an operating capacity of 3,000 tonnes per annum of neodymium-iron-boron permanent sintered magnets.
Lynas said it would invest around A$50 million (US$34.8 million) in JS Link shares to support the development of the facility.
The produced magnets will supply automotive, wind energy and electronics manufacturing supply chains in key markets including South Korea and Malaysia. The company expects the Kuantan magnet factory to create up to 400 new jobs.
Meanwhile, Malaysia said on Monday it would review a US$96 million rare-earths supply deal signed earlier this year between Lynas, the operator of one of the world’s largest rare earths processing plants located in the Southeast Asian country, and the US Department of Defence.
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