- Reuters
Lynas Rare Earths' revenue slumps, misses expectations
MELBOURNE (Reuters) -Australian miner Lynas posted a slump in third-quarter sales revenue on Wednesday, missing analyst expectations on the back of a plunge in prices for rare earths, while it flagged higher costs at a project in Western Australia. Prices of rare earths were fairly weak during the third quarter, as increased production in China, the top producer, and slower-than-expected demand growth recovery remained a drag. "The market continues to be less than kind to us and to anybody else in rare earths sector," CEO Amanda Lacaze told analysts on a quarterly call, noting a "slight improvement in price, but not at a significantly accelerated rate."
- Reuters
Australia's Rinehart takes stake in Lynas Rare Earths, shares jump
MELBOURNE (Reuters) -Australia's richest person, Gina Rinehart, become a substantial shareholder in Lynas Rare Earths, the largest producer of rare earths outside of China, an exchange filing showed late on Tuesday. The stake, taken by Rinehart's privately held Hancock Prospecting, is fuelling speculation of sector consolidation, after the magnate acted as a kingmaker in Australian lithium, and following merger talks between Lynas and the next biggest Western rare earths miner, MP Materials, earlier this year.
- Reuters
UPDATE 5-Australia's Lynas Rare Earths quits tie-up talks with MP Materials
Australia's Lynas Rare Earths said on Monday confidential talks have ended with U.S.-based MP Materials for a possible merger that industry sources said would have been difficult for the sides to agree on a value. Lynas is the world's biggest producer of rare earths outside of China, and MP is the biggest in the United States. China is the world's top rare earths consumer and producer, controlling some 87% of global rare earths refining capacity, according to the International Energy Agency.
