Rare earths producer Lynas Corporation has successfully raised $425 million in fresh equity from investors.
The company, the only major supplier outside China of rare earths used in high technology products, raised $114 million in an entitlement offer with existing shareholders.
Fourty four per cent of shareholders agreed to subscribe new equity.
Together with funds raised from a share placement with institutions, the company has now raised $425 million.
Lynas is building a rare earths processing plant at Kalgoorlie to partly treat ores previously send to its value-added processing facility in Malaysia, which has been embroiled in controversy and faced shut-downs this year.
A second heavy rare earths separation plant is being planned for the United States.
Lynas’s operations are based on its mine at Mt Weld in Western Australia.
Picture: Lynas Corporation
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