Lindian Resources, Carester ortaklığına ve uzun vadeli nadir toprak elementlerinin alımına kilitlendi

Lindian Resources locks in Carester partnership and long-term rare earths offtake

Proactive

Thu, September 3, 2026 at 3:33 AM GMT+3 4 min read

Lindian Resources Ltd (ASX:LIN, OTC:LINIF) has strengthened its push into downstream rare earth processing through a strategic partnership with French separation specialist Carester SAS.

The partnership advances the development of an 8,000-tonne-per-annum rare earth oxide separation facility in Kazakhstan with a binding long-term offtake agreement.

Carester and engineering group Tetra Tech (NASDAQ:TTEK) Coffey will advance a definitive feasibility study (DFS) for the proposed solvent extraction and oxide separation facility at Stepnogorsk, with completion targeted for the fourth quarter of 2026.

Furthermore, the agreement also gives Lindian a long-term route to market for heavy rare earth products.

Carester has committed to buy 70% of mixed heavy rare earths compound (SEGH) production from the SARECO processing facility under an initial 10-year agreement, with two potential five-year extensions. It also has a right of first refusal over 70% of mixed heavy rare earth carbonate (MHREC) production.

Moving downstream into separated oxides

The proposed facility represents a significant step in Lindian's strategy to build an integrated mine-to-oxide rare earth supply chain.

It is being designed to produce magnet-quality neodymium-praseodymium (NdPr) oxide at greater than 99.5% purity alongside SEGH carbonate, giving Lindian exposure to higher-value products containing dysprosium, terbium and yttrium.

A value-chain diagram in the announcement shows the planned integration of monazite concentrate from the Kangankunde Rare Earths Project in Malawi and Kazakhstan heavy rare earth feedstocks through SARECO's hydrometallurgical plant and the proposed oxide separation facility, before supplying downstream customers including Carester's Caremag refinery in France.

The Stepnogorsk plant is planned at about 1.5 times SARECO's capacity and is being designed to accept both product liquor solution from SARECO and compatible third-party mixed rare earth carbonate, potentially allowing Lindian to develop the site as a multi-feed processing hub.

Binding 10-year heavy rare earth offtake

Under the offtake agreement, Carester will purchase a minimum 70% of SEGH carbonate actually produced from SARECO each year, subject to an annual cap of 8,750 dry metric tonnes.

Pricing will be linked to Carester's realised prices for dysprosium, terbium and other economically recovered elements such as yttrium, adjusted by an agreed payability factor. Any applicable government price-floor support received by Carester or its affiliates will also be incorporated into the realised price.

The material is intended for Carester's Caremag refinery at Lacq in France, which has secured €216 million in French and Japanese financing.

Caremag is targeting operations from 2027 and, at full production, is designed to produce around 600 tonnes per annum of dysprosium and terbium oxides — equivalent to roughly 15% of global production according to Lindian — along with about 800 tonnes per annum of NdPr oxides.

"Capture more of the value"

Lindian executive chair Robert Martin said the partnership would extend the company's participation further down the rare earth value chain.

"The agreement with Carester represents another significant step in Lindian's strategy to move further downstream to expand our markets and to capture more of the value from the rare earths that we produce."

Martin said SARECO provided an established processing platform while Carester added specialist separation expertise and a long-term market for heavy rare earth production.

Carester president Frédéric Carencotte said combining SARECO with Carester's separation technology would provide long-term MHREC and SEGH feedstock security for its French plant and strengthen the critical raw materials value chain.

Kazakhstan's Ministry of Industry and Construction has also pledged support for the project, describing the oxide separation facility as an important step in adding value to the country's rare earth industry and developing its position in permanent magnet materials.

What's next

Lindian has several major development milestones clustered into the final months of 2026.

Preventative maintenance at SARECO is underway ahead of full commissioning targeted for October, while stage 1 of Kangankunde is scheduled for commissioning in November.

The Kangankunde stage 2 DFS and the oxide separation facility DFS are both targeted for completion in December.

Lindian's separation facility will be funded internally from Kangankunde and SARECO cash flows, supported by its cash position and undrawn Nico facilities.