Lynas (ASX:LYC) fourth quarter results hit by US-China trade war
Rare earth’s miner Lynas (ASX:LYC) says continuing US-China trade tensions, while leading to greater interest in Rare Earths, continue to have a negative short term effect on market confidence, particularly in China.
Fourth quarter rare-earths production fell from 1505 to 1,242 tonnes. While sales volumes were also down on the same time last year falling from 4,723 to 4,186 tonnes.
Quarterly production was managed in line with the calendar year 2019 production limit applied by the Malaysian government
Lynas says the average market price for Neodymium nee·ow·di·mee·uhm and praseo-dymium remained flat.
The Malaysian government renewed the operating licence for the Lynas Malaysia plant for a 6 month period.
Subject to meeting specified conditions over this time, the renewal provides a pathway for th company’s continued operation in Malaysia.
Shares in Lynas (ASX:LYC) closed -2.69 per cent lower at $2.53 on Friday
Copyright 2019 – Finance News Network
Source: Finance News Network
