Lynas aims for record production
Rare earths miner Lynas could not explain its see-sawing share price yesterday as the company announced its Malaysian plant would achieve record production in the March quarter.
China produces more than 90 per cent of global rare earth minerals, but Lynas’ Mt Weld mine near Laverton is considered one of the world’s richest deposits, with products refined at a purpose-built facility in Malaysia.
Lynas was asked for a please explain from the Australian Securities Exchange yesterday after its share price fell from 23 cents last Friday to a five-year low of 17.5 cents in mid-session trading on Wednesday.
There was also a significant rise in volume, with more than 119 million shares changing hands over five days, including 43.5m yesterday.
The depressed market for rare earth products, which have a range of high-tech industrial uses from missiles to mobile phones, has already slashed Lynas’ share price from a 12-month high of 68.5 cents.
