News: Lynas to cut costs

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Lynas Corporation Limited (ASX:LYC) is cutting costs in response to a fall in demand for its products and a decline in commodities prices.

The rare earths miner recently began production at its refinery in Malaysia but now says the plant will operate at a reduced capacity due to subdued demand for its products.

 

Lynas says prices this calendar year have continued to fall, although there are now emerging signs of stabilisation in some categories.

 

The company mines rare earths at Mount Weld in Western Australia, and began producing rare earth products from its Malaysian plant in February.

 

Lynas posted a net loss of $56.6 million in the first half of fiscal 2013.