Australia's Lynas Rare Earths falls on weak Q1, planned shutdown in Malaysia

Ionic Rare Earths

20/10/2023 01:33

** Shares of Lynas Rare Earths Ltd  LYC.AX  fall as much as
2.7% to A$6.240, their lowest since May 3
    ** LYC down for third straight day
    ** Co says Q1 sales dropped 21.8% to A$128.1 mln ($80.98
mln) owing to lower rare earths prices and continued
accumulation of inventory
    ** Announces planed shutdown of all Malaysia ops, except
mixed rare earth carbonate (MREC) processing facility, starting
mid-November
    ** Hikes Mt Weld expansion project cost at completion
forecast to A$570 mln from A$500 mln; says schedule on track
    ** LYC down 18.3% this year, as of last close

($1 = 1.5818 Australian dollars)

 (Reporting by Sameer Manekar in Bengaluru)
 ((Sameer.Manekar@thomsonreuters.com; Twitter: https://twitter.com/sameer_manekar))