Lynas Rare Earths (OTCPK:LYSCF) has officially stated that any discussions with MP Materials (NYSE:MP) are currently not in progress.

In response to media speculation about a potential deal with MP Materials (MP), Lynas (OTCPK:LYSCF) has clarified that the company is focused on implementing a robust organic growth plan.

Lynas responded to the conjecture through a statement on Saturday and emphasized its dedication to seeking opportunities for scale expansion and market enhancement to benefit its shareholders.

The Australian Financial Review reported on Friday that MP Materials (MP) and Lynas Rare Earths (OTCPK:LYSCF) might be considering a deal to unite the world’s two largest non-China producers of rare earth materials.

Both MP Materials (MP), operating at California’s Mountain Pass, and Lynas (OTCPK:LYSCF), having a mine in Western Australia and a plant in Malaysia, have encountered severe setbacks due to the steep decline in rare earth prices.

MP Materials (MP) saw a 6.4% increase in its stock price on Friday, and the company has confirmed that it will report its Q4 results on February 22.