Lynas Corporation profit hit
Rare earths producer Lynas Corporation experienced a 13 per cent profit slump in the first half to an EBITDA of $44.2 million on revenues of $180 million. The company’s licence had been under threat in Malaysia, leading Lynas to re-shore some processing to its Mt Weld, Western Australian processing site.
Orica to raise $30 million from shareholders
Chemicals and explosives group Orica is raising $30 million from existing shareholders in a share purchase plan. The raising, and a recently-completed $500 million raising from institutions, will pay for the acquisition of Latin American explosives manufacturer, EXSA.
Imagion Biosystems readies for manufacture
Breast cancer treatment company Imagion Biosystems has completed approvals for the contract manufacture of its HER2 nanoparticle metastic breast cancer treatment. Equipment has been installed and approved with Good Manufacturing Practice (GMP) in readiness for human trials later in 2020.
Elsight suffers coronavirus hold up
Communications technology developer Elsight is experiencing delays in the roll out of its Halo product providing real-time data, video and audio transmission over cellular networks. The product’s case is made in China, with the virus disrupting supply, as well as forcing the cancellation of a number of important trade shows. The first Halo products were shipped to prospective customers in November.
Zoono surges on coronavirus fears
Shares in hand sanitiser manufacturer Zoono have surged on the ASX as coronavirus sparks interest in its products. The company’s Microbe Shield has efficacy of 99.99 per cent in destroying the coronavirus in tests.
China manufacturing smashed by coronavirus in February
In further coronavirus news, China’s monthly PMI result was lower than analysts’ expectations, slipping to 35.7 from 50 in January. The BBC reports that the virus’s impact is exceeding that of the Global Financial Crisis. Bloomberg Economics calculated that China’s factories – which contribute roughly a third of global manufacturing output – were running at 60 to 70 per cent capacity last week.
Amazon sells Australian made in India
Amazon Australia has launched online in the Indian market complete with a range of Australian manufactured products. As well as the ubiquitous Vegemite spread, the site features Australian brands Capilano, Swisse, Sukin, Gaia Skin Naturals, Australis, Sanitarium, Sun Rice, Orgran, Australia’s Own and the Byron Bay Chilli Company.
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