Gina Rinehart backed Lynas to buy rare earths miner Meteoric

Bloomberg News | September 30, 2026 |

Caldeira rare earth project in Brazil. Image from Meteoric Resources.

Australia’s Lynas Rare Earths (ASX: LYC) will acquire Meteoric Resources Ltd. in an all-share deal worth about A$968 million ($672 million), giving it access to a new deposit of the critical minerals in Brazil. 

Lynas is the largest rare earths producer outside of China. It is seeking to diversify its resources through the acquisition, the company said in a statement. It will offer 0.0207 shares in Lynas for every one in Meteoric, it added. 

Backed by Australia’s richest person, Gina Rinehart, Lynas currently mines rare earths — used in permanent magnets for everything from military applications to smartphones — in Australia and processes the material in Malaysia. 

“Expanding our operations into a new country will help Lynas maintain its leading position in the global rare earths supply chain and meet increased customer demand for rare earth materials,” Lynas’ Chairman John Humphrey said in the statement. “Brazil is a well-established and supportive mining jurisdiction and its rare earth reserves are the largest outside China.”

Perth-headquartered Meteoric has been working to develop its Caldeira mine in Brazil. Lynas said it expected development of the project would cost more than $500 million and it will undertake further studies on potential processing opportunities. 

(By Paul-Alain Hunt)