Australia’s Lindian Resources to invest $150 million in Kazakh rare earths facility

The rare earth metals processing plant in Stepnogorsk, formerly owned by Kazatomprom and Japan’s Sumitomo, is set to receive new capacity under its Australian owner. Lindian Resources plans to modernize the existing facility and build a new workshop through its subsidiary Silkway Metals.

According to the Akmola region’s governor’s office, the project is scheduled for 2026-2028. Preparatory works have already begun. Around $50 million will be allocated to upgrading the existing facility, with another $100 million going toward the construction of a new workshop.

The new facility is expected to produce mixed rare earth carbonate, an intermediate product that is subsequently processed into materials used to manufacture permanent magnets.

«The design capacity of the new production facility will be 12,500 tons per year, with planned output of 8,000 tons annually. The company will retain 228 jobs and create additional ones once the new facility reaches design capacity,» the governor’s office said.

Plant’s new owner

Silkway Metals became a subsidiary of Lindian Resources in August 2026, according to the company’s annual report. Lindian acquired a 100% stake in the SARECO plant in Stepnogorsk and adjacent structures for the tenge equivalent of up to $20 million. The final payment was made on Sept. 4.

The transaction included production assets, equipment, land and buildings.

Lindian Resources is a public company whose shares are traded on the Australian Securities Exchange. Major shareholders include Regal Funds Management and L1 Capital.