Why is the Lynas share price having such a top run on Tuesday?

The Lynas share price is up amid reports the rare earths miner has received takeover offers.

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The Lynas Rare Earths Ltd (ASX: LYC) share price is up 3.6% to $7.16 at the time of writing.

The ASX rare earths share is climbing amid reports the company has received takeover offers.

Let's dig in to the news.

What's got the Lynas share price rising today?

The Australian reports that Lynas CEO Amanda Lacaze said the company has received buyout approaches.

She also reportedly said that Lynas is looking for acquisition opportunities.

Lacaze is a speaker at the Diggers & Dealers Mining Forum in Kalgoorlie, Western Australia today.

In her speech, Lacaze says Lynas is delivering on its growth plans.

In Australia, this includes full plant commissioning at Kalgoorlie and the commencement of an exploration and capacity expansion project at Mt Weld.

Overseas, a new facility in Malaysia will receive MREC (mixed rare earth carbonate) from Kalgoorlie.

In the United States, Lynas has bought a site in Texas for its US Rare Earths Processing Facility and the US Department of Defense (DOD) has promised further funding of US$258 million.

This news was announced last week and sent the Lynas share price up 6% at one point on the day.

What else is news for this ASX rare earths share?

The company also released its quarterly activities report last week.

Lynas revealed $157.5 million in sales revenue for 4Q FY23.

This was down from A$237.1 million in 3Q FY23 and A$294.5 million in 4Q FY22.

However, the company reported its highest-ever quarterly production of NdPr at 1,864 tonnes.

Mt Weld also delivered record quarterly concentrate production.

Investors appeared pleased with the report, with the Lynas share price gaining 2.6% on the news.

Motley Fool contributor Bronwyn Allen has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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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