Lynas CEO Amanda Lacaze Steps Down After Breaking China's Rare Earths Monopoly

Key facts

• Amanda Lacaze steps down as CEO of Lynas Rare Earths at the end of June after 12 years.
• Lynas broke the Chinese monopoly on separated light rare earths in 2013 and heavy rare earths in 2025.
• The company's value has soared 30 times over the past decade to $15 billion.
• Lynas agreed a $110/kg price floor for NdPr with the U.S. Department of Defense for four years.
• The Pentagon provided $258 million for a Lynas heavy rare earth refinery in Seadrift, Texas.
• Lynas inked a 10-year price floor of $110/kg of NdPr with Japan.
• Lynas partnered with two South Korean firms to build rare earth alloy and magnet plants in Vietnam and Malaysia.
• Lynas's 'Lynas 2025' expansion project, approved in 2019, cost $1.5 billion when NdPr prices were $35/kg.

A Decade-Long Bet Pays Off

When Amanda Lacaze green-lighted the $1.5 billion 'Lynas 2025' expansion in 2019, the benchmark light rare earth alloy Neodymium-Praseodymium (NdPr) traded at just $35 per kilogram. Many dismissed the investment as folly. Seven years later, with NdPr price floors now set at $110 per kilogram, Lacaze's gamble has transformed Lynas into a $15 billion company. Lacaze, who steps down as CEO at the end of June after 12 years, said the daily price stagnation felt like 'a day of torture; another fingernail was pulled out.' But her long-held conviction that China's stranglehold on rare earths would eventually crack has been vindicated.

Breaking the Chinese Monopoly

Lynas broke China's monopoly on separated light rare earths in 2013 and on heavy rare earths in 2025.d selling separated rare earths for 12 years, competing successfully in a market long dominated by Beijing. China's control over more than 90% of the rare earth supply chain had kept prices artificially low for decades, stifling competition. But recent politically motivated export controls by Beijing spurred a wave of state investment from Washington and other governments, creating the conditions for Lynas to thrive.

Government Price Floors and Partnerships

The U.S. Department of Defense agreed to a four-year offtake agreement with Lynas at a $110 per kilogram price floor for NdPr, and provided $258 million for a heavy rare earth refinement facility in Seadrift, Texas. The Pentagon also set price floors with Las Vegas-based MP Materials. Lynas has also secured a 10-year price floor of $110 per kilogram of NdPr with Japan, and partnered with two South Korean companies to build rare earth alloy and magnet plants in Vietnam and Malaysia. These deals have propelled the Perth-based company's market value to $15 billion.

Defending the Price Floor Strategy

Critics argue that the price floors awarded to Lynas and MP Materials amount to picking winners, potentially jeopardizing broader industry diversification. Lacaze countered that price support can only be given to companies that actually produce—and outside China, only Lynas and MP Materials produce NdPr. 'You cannot provide price support to people who don't produce,' she said. The aim, she explained, is to move the whole market to a sustainable price level, which would allow other economic projects to come to market. China's long-standing tactic of keeping prices low had prevented such development.

Advocating for Demand-Side Policies

Lacaze emphasized that government policy should foster a successful industry rather than underwrite companies. She advocated for demand-side policies that change customer purchasing behavior, citing Japan as an example of a country that can weather Chinese strategies effectively. 'We do want there to be a larger, more robust outside-China industry, but we think that that must be as a result of government setting policies that allow companies to be successful,' she said. The recent U.S. initiatives like FORGE and Project Vault are steps in the right direction, but Lacaze cautioned against simply throwing money at the problem.

The Future Without Lacaze

Lacaze's departure marks the end of an era for Lynas, which she led from obscurity to a dominant position in the global rare earths market. The company now has secured offtake agreements and partnerships that provide a stable revenue stream for years to come. As she prepares to step down, Lacaze reflected on Lynas's journey: 'We are evidence that with the right assets and the right level of determination, you can actually be successful in this market.' The question now is whether Lynas can maintain its momentum without its long-serving CEO at the helm.

The bottom line

• Amanda Lacaze's 12-year tenure as CEO saw Lynas break China's monopoly on rare earths and grow its value 30-fold to $15 billion.
• Lynas secured multi-year price floors for NdPr at $110/kg with the U.S., Japan, and South Korea, ensuring stable revenue.
• The U.S. Department of Defense provided $258 million for a Lynas heavy rare earth refinery in Texas.
• Lynas's 'Lynas 2025' expansion, initially criticized, proved prescient as geopolitical tensions drove demand for non-Chinese supply.
• Lacaze advocated for demand-side government policies over direct subsidies to build a sustainable rare earths industry outside China.
• The company's future without Lacaze remains uncertain, but its strategic partnerships provide a strong foundation.