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Australia's Lynas plans magnet JV with Siemens
July 7, 2011 / 6:38 AM / 6 years ago

Australia's Lynas plans magnet JV with Siemens

SYDNEY, July 7 (Reuters) - Australian rare earths firm Lynas said on Thursday it had signed a letter of intent with a unit of Siemens (SIEGn.DE) to form a joint venture to produce neodymium-based magnets.

Lynas will provide raw materials for the joint venture, with a planned shareholding of 55 percent for Siemens and 45 percent for Lynas. Lynas said additional financial details of the JV was not available immediately. (Reporting by Ed Davies; Editing by Narayanan Somasundaram)

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