Friday 8 July 2011

Siemens sign deal for turbine magnets

Siemens and the Australian Lynas Corporation Limited have signed a letter of intent to establish a joint venture for the production of neodymium based rare earth magnets.

Magnets are needed for the production of energy-efficient drive applications and wind-turbine generators. Lynas will provide Siemens raw materials, predominantly neodymium to the joint venture.

Lynas Executive Chairman, Nicholas Curtis, said: "It is clear that rare earths magnets have tremendous growth potential in this field, and Lynas is pleased to be able to provide the necessary ingredients of a stable, secure, economically and environmentally sound supply chain which is required to enable this market to grow to its full potential."

Lynas is an ASX 100 listed company.