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LYC Lynas projects on track in December


LYNAS CORPORATION LIMITED ORDINARY FULLY PAID 21 Jan 2011 06:13:00
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Lynas Corporation Ltd said engineering and construction of the Concentration Plant in Western Australia and the Lynas Advanced Materials Plant (LAMP) in Malaysia remained on time and within budget at end December, with first feed to kiln at the LAMP on target for the third quarter of 2011.
A strategic alliance agreement was signed with Sojitz Corporation, a leading Japanese trading firm, to accelerate expansion to 22,000 tonnes rare earths oxide per annum to provide a stable and long term source of supply of rare earths products for the Japanese market.
The Government of Malawi approved for Lynas to complete the acquisition of the Kangankunde Carbonatite Complex in Malawi including the transfer of mining licence for the tenement to Lynas.
On the corporate front, Dr Ziggy Switkowski was appointed a non-executive director, effective February 1.
Cash on hand as at December 31 was $271.5 million plus the OCBC facility of $21 million.
Lynas also expects to receive $US250 million in a combined debt and equity funding package from JOGMEC/Sojitz by March 31 2011, to be used to fund the phase 2 expansion to 22,000 tonnes rare earths oxide, expected to be in production by the end of the third quarter 2012.


STOCK DASHBOARD: 1
Lynas
Closing Price: $1.97
Price change from previous trading day: -2.5%
Relative Strength (6 months percentile rank): 91.4
Market capitalisation: $3.3 billion
Turnover volume: 26,996,001.0
Volume Index (1 is average): 1.3
Turnover value: $53.7 million
Turnover period: 3 months
Value of $1,000 invested 1 year ago: $3,230
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