Lynas, Noveon pact to supply U.S. rare-earth magnets

Australian miner Lynas Rare Earths has partnered with U.S. manufacturer Noveon Magnetics to supply rare-earth permanent magnets and both light and heavy rare-earth feedstocks to U.S. defence and commercial customers.
The agreement covers production and delivery of finished magnets and raw materials for defence, automotive and industrial applications. The companies said they plan to finalise a definitive contract and work closely with the U.S. government and end users; no financial terms were disclosed.
Noveon CEO Scott Dunn described the partnership as delivering "capacity, certainty and speed," while Lynas CEO Amanda Lacaze said it will give U.S. manufacturers a "secure and traceable" magnet supply chain.
The move supports U.S. efforts to diversify critical-minerals supply chains and reduce reliance on China, which accounts for roughly 90% of rare-earth magnet production. The deal aims to bolster domestic sourcing for EV motors, sensors and defence systems that depend on high-performance permanent magnets.