Lynas shares dive as it reports more rare earth losses

Lynas Corporation has extended its losses by almost 60% to $103.5 million in the half year to December.

The rare earth miner is cutting costs, reviewing operations and talking with debt providers to get cheaper finance.

CEO Amanda Lacaze said: “Through the half year Lynas has improved core capabilities and grown strategic customer relationships providing a platform for future growth. I am pleased that these continuing improvements have been recognised by our two key debt providers who have agreed to make changes to our debt agreements to support the continued growth of the Lynas business.”

Prices have been depressed due to uncertainty surrounding production and demand in China.

Rare earths are used in hybrid cars, petroleum catalysts, glass manufacturing and electronic components

Lynas shares are down today almost 4% to $0.049 but are down more than 300% over the last 12 months from about $0.23.

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