The company said it will issue shares at A$13.25 apiece, representing a 10% discount to the last traded price on Aug 27.

“In addition to this fully-underwritten placement, there will also be a non-underwritten share offering to raise up to a further A$75 million,” it said.

The cash will be used to expand its Mount Weld mine, build more processing capacity in Malaysia and facilitate tie-ups with other companies trying to build metals and magnet plants outside China.

Those goals are part of a “Lynas 2030” strategy also unveiled today.

“The rare earths market is rapidly evolving and we need to move at pace,” CEO Amanda Lacaze said in a Thursday statement.

Lynas halted trading before the announcement. Its stock has more than doubled this year, and closed yesterday at A$14.73 a share.

The news comes after Lynas recently sold rare earths at the highest price in three years, which could signal that the market is recovering from a protracted price rout.

China, which produces about 90% of the world’s rare-earth magnets, reported July shipments jumped to their highest since January.

The Perth, Australia-based company today posted A$8 million in net income for the year to June 30, below the A$23.5 million analyst consensus.