Lynas Corp raises new equity from investors

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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