The company reports 49.16 wt% Total Rare Earth Oxide over 3.7 metres less than 10 metres from surface.

GeoScience Australia and the United States Geological Survey (USGS) signed the agreement, which did not mention any specific funding.

The country wants to become the top supplier of critical minerals.

Western powers will attend talks in Brussels next week on curbing China's dominance of rare earths and other critical resources and EU officials will present their vision to create entire green supply chains.

The quota for six dominant producers, including China Northern Rare Earth Group High-Tech Co., was set at 132,000 tons for 2019.

Malaysia issued Lynas with a six-month licence renewal on Sept. 3.