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Australia's Lynas posts annual loss, to raise capital to build local facility

The date of: 2020-08-17
viewed: 2

source:Reuters

(Adds details on capital raising, Refinitiv estimates for annual loss, background on new plant)

Aug 17 (Reuters) - Australian rare earths producer Lynas Corp Ltd posted a smaller-than-expected annual loss on Monday and outlined plans to raise A$425 million ($304.94 million) to fund construction of an ore processing plant in Australia.

Lynas expects to process low-level radioactive material from its Mt Weld mine at the new cracking and leaching plant in Kalgoorlie in Western Australia, shifting part of its operations off its Malaysian plant where it has faced stiff opposition due to environmental concerns.

The Malyasian government has given the miner four years to build a permanent site to store waste and move its cracking and leaching facility outside Malaysia.



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