----Interview with Zekai Komur
CEO
Lindian Resources Limited
Lindian Resources Limited (ASX: LIN) is an Australian-listed critical minerals company focused on the development of the Kangankunde Rare Earths Project in Malawi. Kangankunde is widely recognised as one of the most significant undeveloped rare earth deposits globally, with a JORC Mineral Resource of 261 million tonnes at 2.14% total rare earth oxides (TREO) and an Ore Reserve of 23.7 million tonnes at 2.9% TREO. The project has attracted considerable attention due to its large scale, exceptionally high grade, and extremely simple mineralogy. The Phase 1 mine life is 45 years, producing approximately 15,300 tonnes per year of high-grade monazite concentrate grading 55% TREO, containing around 20% neodymium and praseodymium (PrNd). Of this, 6,000 tonnes per year have already been secured under a long-term strategic offtake agreement with Iluka Resources. The project is scheduled to commence production in 2026.
Asian Metal: Welcome to this interview with Asian Metal, Mr. Komur. Could you please introduce your company and its core business?
Zekai Komur: Lindian Resources Limited (ASX: LIN) is an Australian-listed critical minerals company focused on developing the Kangankunde Rare Earths Project in Malawi. Kangankunde is widely regarded as one of the most important undeveloped rare earth deposits in the world, with a JORC Mineral Resource of 261 million tonnes at 2.14% TREO and an Ore Reserve of 23.7 million tonnes at 2.9% TREO. The project stands out globally due to its scale, high grade and exceptionally simple mineralogy. Our Phase 1 development is now fully funded. We successfully raised AD91.5 million through an institutional equity placement and secured a USD20 million project loan from Iluka Resources Ltd. Kangankunde is positioned among the lowest-cost rare earth projects globally, with operating costs of USD2.92/kg and Phase 1 pre-production capital expenditure of USD40 million, giving the project a strong competitive advantage.
Phase 1 has a mine life of 45 years and will produce approximately 15,300 tonnes per year of 55% TREO monazite concentrate, with around 20% PrNd. Of this volume, 6,000 tonnes per year are already committed under a long-term strategic offtake agreement with Iluka Resources. In addition, our Phase 2 mining expansion licence has been approved, expanding the permitted area from 900 hectares to 2,500 hectares, with preliminary expansion studies currently underway. This provides us with the flexibility to scale production in line with global market demand.
Asian Metal: What is the content of PrNd and other rare earth elements at the Kangankunde project?
Zekai Komur: Mineralisation at Kangankunde is hosted almost entirely within monazite, resulting in exceptionally high ore purity and very low uranium and thorium levels compared with most rare earth deposits. This is a key advantage from both processing and environmental perspectives. The rare earth distribution is highly attractive for the permanent magnet market, with neodymium and praseodymium accounting for approximately 20% of total rare earth oxides, and concentrate grades reaching 55% TREO.
Asian Metal: What do you see as the key advantages of the Kangankunde project?
Zekai Komur: The primary strengths of Kangankunde lie in its large resource base, high grade, low operating costs and very simple mining and processing flowsheet. The mineralisation occurs in extremely clean monazite with minimal uranium and thorium, allowing for a far simpler processing route compared with most other rare earth projects. This simplicity, combined with the quality of the resource, places Kangankunde firmly within the lowest quartile of global operating costs. Our PrNd Oxide production cost is as low as USD20/kg, while Phase 1 pre-production capital expenditure is only USD40 million. This delivers a rare combination of long mine life, low costs and reliable supply.
Asian Metal: How do you see the global PrNd Oxide supply landscape evolving over the next two to three years?
Zekai Komur: Over the next two to three years, global PrNd Oxide supply is expected to remain heavily concentrated in China, which will continue to dominate global production. Outside China, while a number of projects are at various stages of development, most remain several years away from commercial production. With Phase 1 of Kangankunde fully funded and supported by a simple processing route and low-cost operating model, Lindian Resources is well positioned to become one of the few new suppliers capable of delivering meaningful PrNd volumes to the market. Our objective is to be among the next producers, with first production targeted for the fourth quarter of 2026. We plan to produce 20,000 tonnes of monazite in 2026, ensuring Kangankunde plays a key role in meeting near-term demand growth.
Asian Metal: What are the main downstream applications for PrNd Oxide?
Zekai Komur: The most important downstream application for PrNd Oxide is permanent magnets, particularly neodymium-iron-boron (NdFeB) magnets, which offer exceptionally high magnetic performance and are critical across a wide range of industries. Electric vehicles represent the largest demand driver, where permanent magnet motors have become the preferred solution. Wind turbines, particularly offshore wind projects with stringent reliability requirements, are another major consumer. Demand from robotics and automation is also growing strongly as factories and supply chains adopt more advanced technologies. In addition, a wide range of consumer electronics, from smartphones to laptops, rely on these magnets. We believe the most significant step-change in NdFeB magnet demand will come from electric vehicles, renewable energy and robotics, as these sectors are expanding at remarkable speed and are central to the global energy transition. The European Commission forecasts that demand for critical rare earth elements will increase by around 4.5 times by 2030 and 5.5 times by 2050, underscoring the long-term strategic importance of PrNd.
Asian Metal: How do you view the outlook for China’s new energy vehicle industry over the next two to three years?
Zekai Komur: We expect the new energy vehicle sector to maintain strong growth over the next two to three years, although growth rates may vary by region. China will continue to lead globally in both sales volumes and technology, while Europe is accelerating adoption and the United States is experiencing steady growth. Importantly, governments and manufacturers are fully engaged in supporting the transition, with ongoing investment in charging infrastructure and consumer preferences increasingly aligned with electrification. While annual growth rates may fluctuate, the overall trend is clear: more electric vehicles on the road and significantly higher production of permanent magnet motors. For companies like Lindian Resources, this is highly significant. PrNd demand is closely linked to electric vehicle growth, and the expected expansion of the sector over the coming years provides strong support for Kangankunde’s planned production timeline.
Asian Metal: Which emerging downstream applications do you expect to develop over the next two to three years?
Zekai Komur: Over the next two to three years, growth in NdFeB magnet demand will continue to be driven primarily by established applications such as electric vehicles, wind turbines, robotics and consumer electronics. These sectors are expanding rapidly and will dominate the demand landscape. That said, we are seeing emerging applications gain traction, including autonomous systems, advanced robotics, drones, and defense and aerospace technologies, all of which rely on compact, high-performance permanent magnets. We also expect incremental demand growth from new applications within industrial automation and smart energy systems. While short-term demand will continue to be led by electric vehicles and renewable energy, we believe that a broader range of applications will increasingly underpin long-term PrNd demand growth.
Asian Metal: What is your outlook for PrNd Oxide demand over the next two to three years?
Zekai Komur: We expect PrNd Oxide demand to remain robust over the next two to three years, with all forecasts pointing in the same direction. Growth will be driven primarily by permanent magnets for electric vehicles and wind turbines, with additional contributions from robotics and industrial automation. Global electric vehicle sales continue to rise, while renewable energy projects such as solar and offshore wind are expanding rapidly. Global rare earth consumption is forecast to grow at a compound annual growth rate of 5.8% through 2030, highlighting the importance of new and reliable sources of supply. This will drive the market to seek additional supply beyond China’s existing production base. This further reinforces the strategic importance of bringing Kangankunde into production on schedule. With Phase 1 fully funded and first production targeted for the fourth quarter of 2026, we are well positioned to meet a portion of this growing demand.
Asian Metal: PrNd Oxide EXW prices in China are currently around RMB577,000-582,000/t (USD80-82/kg), up 28.41% year-on-year. What do you see as the main drivers behind the recent price increase?
Zekai Komur: The recent increase in PrNd Oxide prices has been driven primarily by strong demand from the NdFeB magnet sector, particularly electric vehicles, wind turbines and robotics, while new supply remains limited. Most new projects outside China are still several years away from production, keeping the supply side tight. We are also seeing government policy play an increasingly important role in supporting prices. For example, the agreement between the US Department of Defense and MP Materials includes a price floor mechanism designed to provide producers with greater confidence to invest over the long term. Similar discussions are underway in Australia, highlighting the strategic importance of PrNd in securing critical supply chains.
Asian Metal: How do you see PrNd Oxide prices evolving over the next two to three years?
Zekai Komur: Looking ahead, we believe PrNd Oxide prices will remain well supported over the next few years. Demand from electric vehicles, wind power and robotics continues to grow rapidly, with no signs of slowing. On the supply side, most new projects outside China will take time to come online, suggesting the market will remain relatively tight. Government policy, particularly price floor mechanisms, is another important factor. Such measures send a strong signal to the market, provide greater certainty for producers, and help prevent excessive price declines during periods of economic weakness. For Lindian Resources, the key point is that Phase 1 of the Kangankunde project is fully funded, positioned in the lowest cost quartile globally, and progressing on schedule, with first production expected in the fourth quarter of 2026. Phase 2 studies are advancing in parallel, enabling future capacity expansion to meet market demand. As an emerging rare earth producer, we aim to leverage our grade and scale advantages to deliver a stable and reliable supply to the global market.
Asian Metal: Thank you for sharing your insights. We wish Lindian Resources continued success.
