Below is what Nicholas said with the biggest gun to his head in his business lifetime. Do you think he is delighted with this deal right now, he would have been resigned to it at that time, but NEVER delighted? And now further down the track have things changed? I say yes they have, you only need look to Chinalco and Rio, was it not RIO who were similarly delighted when the Chinalco cavalry turned up to save them. I mentioned a while back that things on Lynas in general were too quiet, we know about the FIRB etc but I smell some new found strength.
The Executive Chairman of Lynas, Mr Nicholas Curtis said
“Lynas is delighted to have attracted such a strong shareholder who fully supports the development of our business model. This new shareholding by CNMC affirms the attractive economics of the project. The funding package will enable restart of the Lynas Rare Earths project with anticipated first production approximately 12 months from the receipt of funds, and will enable the company to fully implement the Lynas vision of being a global leader in Rare Earths for a sustainable future. I strongly believe the new shareholding of Lynas by CNMC will provide a stable foundation for further growth of the company.”
No matter what else I did with my few bob right now I would not be out of Lynas for all the tea in China.
LYC Price at posting:
38.6¢ Sentiment: Hold Disclosure: Held
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