Lynas Rare Earths (OTCPK:LYSCF) engaged in confidential discussions with MP Materials (NYSE:MP) regarding a potential deal. The talks, however, are currently not ongoing.

In response to media speculation about a possible agreement with MP Materials (MP), Lynas (OTCPK:LYSCF) issued a statement, emphasizing the implementation of a robust organic growth plan. The company also expressed its ongoing pursuit of opportunities to utilize its established expertise to expand operations, enhance market dynamics, and generate value for its shareholders.

The Australian Financial Review recently reported that MP Materials (MP) and Lynas Rare Earths (OTCPK:LYSCF) might be exploring a collaboration that would unite the world’s top two non-China producers of rare earths materials.

Both MP Materials (MP), operating at California’s Mountain Pass, and Lynas (OTCPK:LYSCF), with a mine in Western Australia and a plant in Malaysia, have encountered significant challenges due to the sharp decline in rare earth prices.

MP Materials (MP) experienced a 6.4% increase in its stock price on Friday.

MP Materials (MP) is set to announce its Q4 results on February 22, as per the company’s recent announcement.