Lynas Eyes Rare Earths Supply Expansion
Lynas Rare Earths plans to expand its global supply chain and support United States magnet production. The move follows a sharp rise in annual profit that still missed market expectations due to rising costs.
LYNAS RARE EARTHS LTD posted a net profit after tax of A$222.4 million ($159.37 million) for the year ended June 30, up from A$8 million a year earlier. The surge was driven by record average selling prices and strong demand. However, the figure missed the Visible Alpha consensus estimate of A$242.5 million.
The results sent shares falling as much as 8% during Wednesday's trading session. The company faced operational challenges at its Mt Weld mine in Australia, though management confirmed that quality issues at its Kalgoorlie plant have been resolved.
