FOR RELEASE: August 17, 2021
VECKTA Wins Lynas Rare Earths Mt Weld Energy Optimisation
Empowering Lynas to develop carbon-free energy solutions for their globally significant Mt Weld Project
On May 4th 2021, Lynas Rare Earths Limited awarded VECKTA the contract for Distributed Energy System (DES) modelling, sizing, and initial conceptual design for the Lynas Rare Earths Mt. Weld mining operation.
Lynas is the only producer at scale of separated Rare Earths outside of China and the second largest in the world. The Rare Earths deposit in Mt Weld, Western Australia, is acknowledged as one of the highest-grade Rare Earths mines in the world and is a globally significant project for Australia.
In 2019, Lynas Rare Earths became a signatory to the United Nations Global Compact (UNGC) . As part of this commitment and the development of the Mt Weld strategic resource, Lynas is dedicated to exploring and developing best in class energy solutions.
VECKTA will empower Lynas to accurately assess the energy options for the Mt Weld project, and then optimize them using VECKTA market data and the world’s leading DES design toolkit, XENDEE. VECKTA can then match specific project needs with the best suited constructors and equipment suppliers in the VECKTA market platform, and facilitate the procurement and contracting for transparent, consistent and value adding win-win outcomes for all stakeholders.
‘We are privileged to be working on a project with such a significant global impact as Mt Weld. The minerals resulting from this project will touch every part of our lives from Electric Vehicles to Wind Turbines and many applications in between. The ability to power Mt Weld in a way that is consistent with Lynas and Lynas’ customers drive for sustainable mining, is exciting. It’s one of the reasons we built VECKTA, and we are proud to be part of the transition’ says Gareth Evans, CEO VECKTA
VECKTA is the Energy Transition Market Platform with founding investors Worley and XENDEE. VECKTA integrates the world’s most advanced energy system engineering tools with an end-to-end marketplace to bring together all the stakeholders to assess, design, supply, build, and finance microgrids and other Distributed Energy Systems (DES). VECKTA empowers businesses and communities to quickly and easily baseline their energy situation today, customize a solution specific to their needs (cost, reliability and/or emissions) and then seamlessly engage and contract the best equipment, services, and capital providers in the market to finance, deploy and operate it sustainably and profitably.
Lynas has a proven track record as the world’s second largest producer of separated Rare Earth materials, and the only significant supplier outside China.
Rare Earths are essential inputs to high growth global manufacturing supply chains, including future facing green technologies such as electric vehicles and wind turbines.
Lynas has a portfolio of integrated assets to explore, develop, mine and process Rare Earth minerals:
- Mt Weld – one of the world’s highest grade rare earths mines, located 35km south of Laverton in Western Australia
- Mt Weld Concentration Plant – commissioned in 2011
- Lynas Malaysia – a state-of-the-art refinery located in the Gebeng Industrial Estate near the Port of Kuantan in Malaysia which commenced production in 2012.
Lynas is recognised as a leading supplier of sustainably produced Rare Earth materials and the supply chain is traceable from mine to finished magnets.