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Why Lynas Corporation Ltd shares are zooming today

Rare earths miner Lynas Corporation Ltd (ASX: LYC) is at the top of the S&P/ASX 200 gains list today, up 3.2% to $2.85 at the time of writing – a 52-week high for the stock.

Lynas has a portfolio of assets to develop, explore, mine and process rare earth elements, with its main project at Mt Weld in Western Australia.

Rare earth miners have received plenty of attention recently, with experts speculating the advent of new technologies will see demand for rare earth elements increase exponentially in the near future.

Things have been fairly quiet on the announcement front for Lynas, but its continued share price surge could potentially be due to news out of the Australian Financial Review last month that China has slashed its production quota for the rare earth minerals crucial to high-growth industries– providing a potential boom for Australian mines which account for 15% of global output.

With Lynas going great guns investors should keep an eye on movement out of other rare earths players such as Arafura Resources Limited (ASX: ARU) with Arafura shares up 4.7% to 11c per share at the time of writing and Greenland Minerals and Energy (ASX: GGG) – also up 2.3% to 8c per share today.

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Motley Fool contributor Carin Pickworth has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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