The Diamond Natural Device is reportedly the first tech system capable of identifying the yellowish gems together with the colourless to near-colourless range of diamonds.
The offer represents a premium of nearly 45% on Lynas' closing price on Monday, but comes come with some significant conditions, including the rare dearth miner securing all necessary licences in Malaysia.
The Silangan copper and gold mine could be Philex's biggest source of revenue after its 61-year-old Padcal mine in the north is expected to close in 2022.