The definitive agreement comes almost three years after the incident, which killed 19 people and became the country’s worst ever environmental disaster.
The newly-elected coalition government is said to be ready to launch a three-month evaluation of Lynas' rare earths processing plant, which may end with authorities denying the company’s operating license renewal in Sep. 2019.
The company said the investment would enable it to sustain production of its Pilbara Blend brand of iron ore and its Robe Valley lump and fines products.