Rare-Earth Miner Lynas Advances Plans to Supply Pentagon

Lynas Rare Earths Ltd. has signed a binding letter of intent to supply the Pentagon with rare-earth oxides over a four-year period.

The arrangement is worth $96 million and will cover heavy and light rare-earth products, the company said in a statement on Monday. The letter “establishes a framework to finalize an agreement for the supply” of the critical minerals, used in everything from wind turbines and electric-vehicle motors to advanced military applications.