The US Department of Defense (DoD) has increased its support of Lynas Rare Earth’s (Lynas) Texas-based rare earth processing facility from $120 million to $258 million. The updated contract is expenditure-based and will see construction costs incurred from developing the facility reimbursed based on cost estimates from an assessment conducted by Lynas in 2021. This follow on contract with the DoD is technically the third in a series of contracts between Lynas and the DoD for producing rare earth elements (REE) in the US. The first was signed in January 2021 for the development of a light rare earth separation facility in which Lynas and the DoD both contributed roughly $30 million to the project. Lynas then signed another contract…