It's interesting to see Bank of America pop up on the equity...

It's interesting to see Bank of America pop up on the equity raising. The investment bank has no previous public mandates with the company, according to S&P Global Research's database. Lynas most recently raised equity in 2014 in a deal underwritten by Patersons Securities,which was acquired by Canaccord Genuity last year.

The raising also comes only days after Lynas confirmed it was in talks with key stakeholder and funder, Japan Australia Rare Earths (JARE), to help fund its heavy rare earths separation plant. JARE has already lent Lynas $US145 million, and Lynas said interest repayments were deferred until October 2021.