JOHANNESBURG (miningweekly.com) – Shares in Australia-based rare earths producer Lynas surged 17% on Wednesday as the company reported that it had exceeded its production target of 3 840 t of neodymium-praseodymium (NdPr).
During the 12 months ended June 30, Lynas produced 3 911 t of NdPr.
As a result of exceeding its production targets, Lynas managed to reduce the interest rate under its Jare senior loan facility from 6.5% a year to 5.7% a year. The loan facility specified NdPr production targets for each six-month period from July 1, 2015, to December 31, 2017.
Lynas shares closed at A$0.07 apiece on Wednesday, up 17.24% from the previous day’s closing price. The company had a market capitalisation of A$237.21-million.
Lynas owns the Mt Weld mine, south of Laverton, in Western Australia, the Mt Weld concentration plant, near the mine site, and the Lynas Advanced Materials Plant, in Malaysia.
Edited by: Creamer Media Reporter
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