Business

Lynas shares jump as Malaysia operation starts

November 30, 2012

CANBERRA, Nov 30 — Shares in Australian rare earths producer Lynas Corp rose as much as 6 per cent today after it said it started operation at its long-delayed Malaysia processing plant.

Lynas said the first feed to kiln and commencement of operations were now underway at the Lynas advanced materials plant.

It also anticipated a ramp-up period of three to four months until its first commercial sales and subsequent cash generation.

The US$800 million (RM2.4 billion) plant — the world's biggest outside China — has been ready to fire up since early May, but had been delayed by disputes over environment and safety.

Lynas shares were p 4.4 per cent to A$0.71 by 2314GMT, but are still well below levels above A$1.50 at the start of the year. — Reuters

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