The West Africa-focused junior hired boutique investment bank Raymond James to explore putting itself up for sale after shelving plans to list its shares in London.
While Australia-based Lynas cannot match China's rare earth processing capability, it is hoping that its role as the largest rare earth miner and the largest processor outside of China will help it forge new relationships and fuel expansion projects.
None of the potential buyers, which include GFG Alliance and former owner Greybull, would be willing to take on the whole company, even for a nominal sum.
The race to mine Guinea's iron ore has started although the focus is not on its giant Simandou deposits but on smaller finds whose output could be transported via Liberia if ArcelorMittal shares its railway.
Prime Minister James Marape doubled down on his plans to earn more taxes from the gas-and-gold-rich country's natural resources sector on Wednesday, but said major reform would not take effect for years.