Reuters reported that Australian miner Lynas Corporation looking to break China's grip on the global market for rare earths is running ahead of plan for metal recoveries from its recently commissioned Mount Weld concentrator.

Lynas aims to meet 20% of world demand for rare earths from its operations in west Australia. Currently, China produces about 97% of world supply of rare earths which are used to make high tech electronics, magnets and batteries.

Mr Nicholas Curtis executive chairman of Lynas said that "I'm pleased to say we are exceeding design rate recoveries already. Lynas still expects to start production at its processing plant in Malaysia by year end, once it addresses environmental concerns and secures pre operating licences.”

He said that the company expects a supply deficit for rare earths to persist through 2015 with demand seen exceeding 170,000 tonnes a year compared with expected production of 150,000 tonnes including output from Lynas and Molycorp.

(Sourced from Reuters)