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Lynas Rare Earths (OTCPK:LYSCF) said it had held confidential discussions with MP Materials (NYSE:MP) regarding a possible agreement, but such talks are “not ongoing”.
Lynas (OTCPK:LYSCF) has responded to media speculation regarding a potential deal with MP Materials (MP).
“Lynas is implementing a strong organic growth plan” the company said in a declaration on Saturday. Additionally, Lynas continues to seek opportunities to use our proven expertise to create scale, improve market functioning and add shareholder value.
The Australian Financial Review reported on Friday that MP Materials (MP) and Lynas Rare Earths (OTCPK:LYSCF) may be working on a deal that would bring together the world’s two largest producers of non-Chinese rare earth-related materials.
Both MP Materials (MP), with its Mountain Pass operations in California, and Lynas (OTCPK:LYSCF), with a mine in Western Australia and a plant in Malaysia, have been hit hard by the collapse in rare earth prices.
MP Materials (MP) increased by 6.4% on Fridays.
MP Materiasl (MP) will report fourth-quarter results on February 22, the company announced on Friday.