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Uncle Sam bets big on MP Materials, is there anything left for Lynas Rare Earths' stalled Texas refinery?

Uncle Sam bets big on MP Materials, is there anything left for Lynas Rare Earths' stalled Texas refinery?

West Australian11-07-2025
Shares in Lynas Rare Earths spiked after MP signed a deal with the Pentagon, but is it really such good news for Australia's rare earths pioneer?
The US Department of Defense has staked its hopes of breaking China's rare earths domination on MP Materials with the sizeable purchase of company stock and an offtake agreement that combined will extend beyond a billion dollars.
Investors clearly believe Lynas will reap an indirect benefit from investment pouring in to strengthen a non-Chinese rare earths supply chain.
But could the direct impact on Lynas' own US ambitions counteract any benefit? Has Uncle Sam put all its chips on MP or does it want to up the ante?
Lynas more than a year ago secured a $US288 million commitment from the Pentagon to build the Seadrift rare earths refinery in Texas.
But progress has stalled before a shovel has even struck dirt.
Lynas wants the DOD to fork out more cash for an unspecified cost blow-out and sort out a wastewater permitting issue.
Rumours are the largest government department in the US is not keen to budge and the Lynas relationship is strained.
Seadrift is yet to see any love from Donald Trump's agenda to fast-track critical minerals projects. Others, like ASX-listed Dateline Resources and its Colosseum rare earths project in California, are being welcomed with open arms.
Late last year, The West Australian asked the DOD if the Lynas investment commitment was still on the cards.
The response was a definitive yes.
A couple of months ago the same question was put to the same government department.
This time, the response was quite different.
'No comment.'
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EU diplomats say a deal could result in a broad 15 per cent tariff on EU goods, mirroring a framework agreement with Japan and half of the 30 per cent tariff Trump is threatening to impose by August 1 As part of the visit, he will open a second 18-hole course on the Aberdeen property named in honour of his mother, Mary Anne MacLeod, who was born and raised on a Scottish island before emigrating to America. The White House has described the trip as "private". The trip shows how the president has become increasingly comfortable intermingling his governing pursuits with promoting his family's business interests. Trump has described Scotland as a "very special place" and made a similar trip there in 2016 during his first run for the presidency, but he will not necessarily get a warm welcome. About 70 per cent of Scots have an unfavourable opinion of Trump, while 18 per cent have a favourable opinion, an Ipsos poll in March found. His visit requires a major police operation that will cost Scottish taxpayers millions of pounds as protests are planned over the weekend. The union representing officers is concerned that they are already overworked and will be diverted from their normal duties. The overseas travel comes as Trump faces the biggest domestic political crisis of his second term in office. Allies and opponents alike have criticised his administration's handling of investigative files related to disgraced financier and sex offender Jeffrey Epstein's criminal charges and the circumstances of his 2019 death in prison. The issue has caused a rare breach with some of Trump's most loyal Make America Great Again supporters, and majorities of Americans and Trump's Republicans say they believe the government is hiding details on the case, according to Reuters/Ipsos polling. 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Trump is set to spend time at his golf resort in Turnberry on Scotland's west coast, before heading to his sprawling golf property 320 kilometres away near Aberdeen in the east. But it won't be all play and no work. He will meet British Prime Minister Keir Starmer and European Commission President Ursula von der Leyen who both want to talk about trade. Trump said Washington was also working hard on a possible trade deal with the EU, which he said was very keen to make a deal. EU diplomats say a deal could result in a broad 15 per cent tariff on EU goods, mirroring a framework agreement with Japan and half of the 30 per cent tariff Trump is threatening to impose by August 1 As part of the visit, he will open a second 18-hole course on the Aberdeen property named in honour of his mother, Mary Anne MacLeod, who was born and raised on a Scottish island before emigrating to America. The White House has described the trip as "private". The trip shows how the president has become increasingly comfortable intermingling his governing pursuits with promoting his family's business interests. Trump has described Scotland as a "very special place" and made a similar trip there in 2016 during his first run for the presidency, but he will not necessarily get a warm welcome. About 70 per cent of Scots have an unfavourable opinion of Trump, while 18 per cent have a favourable opinion, an Ipsos poll in March found. His visit requires a major police operation that will cost Scottish taxpayers millions of pounds as protests are planned over the weekend. The union representing officers is concerned that they are already overworked and will be diverted from their normal duties. The overseas travel comes as Trump faces the biggest domestic political crisis of his second term in office. 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The president was met by Scottish Secretary Ian Murray as he disembarked, before heading to the waiting presidential helicopter Marine One, bound for his nearby Turnberry golf course. His presence is expected to spark protests across the country, with Scottish Police being forced to request aid from other forces to help increase manpower for the trip. Trump is set to spend time at his golf resort in Turnberry on Scotland's west coast, before heading to his sprawling golf property 320 kilometres away near Aberdeen in the east. But it won't be all play and no work. He will meet British Prime Minister Keir Starmer and European Commission President Ursula von der Leyen who both want to talk about trade. Trump said Washington was also working hard on a possible trade deal with the EU, which he said was very keen to make a deal. EU diplomats say a deal could result in a broad 15 per cent tariff on EU goods, mirroring a framework agreement with Japan and half of the 30 per cent tariff Trump is threatening to impose by August 1 As part of the visit, he will open a second 18-hole course on the Aberdeen property named in honour of his mother, Mary Anne MacLeod, who was born and raised on a Scottish island before emigrating to America. The White House has described the trip as "private". The trip shows how the president has become increasingly comfortable intermingling his governing pursuits with promoting his family's business interests. Trump has described Scotland as a "very special place" and made a similar trip there in 2016 during his first run for the presidency, but he will not necessarily get a warm welcome. About 70 per cent of Scots have an unfavourable opinion of Trump, while 18 per cent have a favourable opinion, an Ipsos poll in March found. His visit requires a major police operation that will cost Scottish taxpayers millions of pounds as protests are planned over the weekend. The union representing officers is concerned that they are already overworked and will be diverted from their normal duties. The overseas travel comes as Trump faces the biggest domestic political crisis of his second term in office. Allies and opponents alike have criticised his administration's handling of investigative files related to disgraced financier and sex offender Jeffrey Epstein's criminal charges and the circumstances of his 2019 death in prison. The issue has caused a rare breach with some of Trump's most loyal Make America Great Again supporters, and majorities of Americans and Trump's Republicans say they believe the government is hiding details on the case, according to Reuters/Ipsos polling. White House officials, frustrated by the ongoing focus on the Epstein saga, are hoping the controversy dies down while Trump is abroad, one person familiar with the matter said. with PA and Reuters

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