Australia's WestStar climbs on $20 mln contract from Lynas Rare Earths

Weststar Industrial

11/10/2022 03:43

** Shares of Australia's WestStar Industrial  WSI.AX  rise 
as much as 8.6% to A$0.19, their biggest intraday pct gain since
Sept 15
    ** The industrial service provider announces that its
engineering construction contracting business, Alltype
Engineering, has been awarded a new major contract valued at
about A$33 mln ($20.68 mln) by Lynas Rare Earths  LYC.AX 
 urn:newsml:reuters.com:*:nASX46Sf6y
    ** Says new award brings WestStar's FY23 consolidated group
contracted revenue to about A$120 mln
    ** Weststar says the contract has been awarded for SMPE&I
fabrication and installation of the Kiln Feed Hood and Waste Gas
Treatment circuit at the Lynas Rare Earths Processing Facility
in Kalgoorlie
    ** Lynas shares up 5.1% and set for their best day since Oct
4, if gains hold
    ** WestStar stock down 23.9% this year, as of last close
     ($1 = 1.5957 Australian dollars)
 (Reporting by Rishav Chatterjee in Bengaluru)
 ((Rishav.Chatterjee@thomsonreuters.com;))