Siemens and Lynas will form a joint venture to produce neodymium-based rare earth magnets. Lynas will supply raw materials from its mine in Australia to the joint venture. The partnership will secure a long-term supply chain from mine to magnet. Siemens will hold 55% of the joint venture and Lynas will hold 45%. The joint venture is an important strategic move for Siemens to ensure a stable supply of high-performance magnets.