Lynas Jumps After Agreeing to Settle $95 Million of Bonds
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By Jason Scott
March 23 (Bloomberg) -- Lynas Corp., an Australian miner of minerals used in iPod music players and liquid crystal displays, rose the most in five weeks in Sydney trading after agreeing to settle all claims concerning $95 million of convertible bonds.
Lynas shares rose as much as 21 percent and at 11:58 a.m. were up 18 percent to 19.5 Australian cents, the highest level for the Sydney-based company since Jan. 29.
“Lynas decided that it was in the best interests of the company to settle all claims concerning the convertible bonds, rather than becoming involved in lengthy and costly litigation,” it said today in a statement to the Australian stock exchange. The convertible bonds will be canceled, it said.
Rare earths are also used in compact fluorescent light bulbs, hybrid cars and wind turbines.
To contact the reporter on this story: Jason Scott in Perth at [email protected]
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