![Lynas Corporation mines rare earths in Western Australia and processes them in Malaysia.](http://web.archive.org./web/20190416233716/https://www.afr.com/content/dam/images/g/l/t/o/6/y/image.related.afrIndexLead.160x106.h0wzgi.png/1538962961731.jpg)
Lynas shares climb on interim profit
Lynas Corp's shares surged after strong production and strong rare earths prices drove the miner to a profitable first half.
Lynas Corp's shares surged after strong production and strong rare earths prices drove the miner to a profitable first half.
Some of the biggest names on the Financial Review Rich List picked the biggest investment trends in 2017 early on, and have reaped the rewards.
Mineral sands miner Iluka Resources said its first-half net loss widened to $81.5 million but lifted revenue and increased its dividend.
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Iluka Resources says plant maintenance will lead to a $150 million pre-tax impairment charge in its half-year accounts.
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Shares in rare earths miner Lynas jumped 18.9 per cent on the news that its lenders had extended repayments.
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Lynas has earned a reprieve with its lenders agreeing to postpone payments due in May and September until December.
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Australia's Lynas Corp blamed illegal Chinese miners for adding to an oversupply of rare earths.
Rare earths miner Lynas has narrowed its full year net loss to $118.60 million, from $345.40 million in the previous year, helped by cost reductions and higher sales.
Rare earths miner Lynas has more than doubled its annual revenue as its production rapidly increases.
The collapse of US rare earths miner Molycorp cannot bode well for local player Lynas Corp.
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China has scrapped quotas on rare earths exports and will probably replace them with a resources tax.
Chanticleer | Until last week there was a deadly smell surrounding rare earths producer Lynas.
Northern Minerals has received a green light from Western Australia for its Browns Range rare earths project and secured $6m funding from Macquarie Bank.
Lynas Corp faces a cash crisis at the end of the September quarter unless they find solutions to their significant funding, pricing and production problems.
Cash-strapped rare earths producer Lynas is understood to be rattling the tin for $30 million, after entering a trading halt on Wednesday.
China has broken international trade law by restricting the export of rare earth elements and other metals crucial to modern manufacturing, a World Trade Organisation panel found.
Peak Resources share price fired up nearly 30 per cent on the day it released the results of a Preliminary Feasibility Study (PFS) relating to its wholly owned Ngualla rare earths project in Tanzania.
Integrated mining and ore processing company Lynas Corp is being smashed in the Australian stockmarket as it struggles to transition from start-up phase to world-leading rare-earths producer.
The clock is ticking for Lynas to secure more cash funding as it ramps up production, with shares in the rare earths’ miner slumping to an almost five-year low following a larger first-half loss that triggered a warning from its auditor about its ability to continue trading.
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