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Lynas Rare Earths (OTCPK:LYSCF) said it had confidential talks with MP Materials (NYSE:MP) regarding a possible deal, but those talks are “not ongoing.”
Lynas (OTCPK:LYSCF) 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 statement on Saturday. In addition, Lynas continues to seek opportunities to use our proven expertise to build scale, improve market functioning and add value for shareholders.
On Friday Australian Financial Review reported that MP Materials (MP) and Lynas Rare Earths (OTCPK:LYSCF) may be working on a deal that would bring together the world’s two biggest non-China producers of rare earths materials.
Both MP Materials(MP), with its operations at California’s Mountain Pass, and Lynas (OTCPK:LYSCF), with a mine in Western Australia and a plant in Malaysia, have been hit hard by plunging rare earths prices.
MP Materials (MP) rose 6.4% on Friday.
MP Materiasl (MP) is scheduled to report Q4 results on Feb. 22 the company announced on Friday.