Aug 17 (Reuters) - Australian rare earths producer Lynas
Corp Ltd posted a smaller-than-expected annual loss on
Monday and outlined plans to raise A$425 million ($304.94
million) to fund construction of an ore processing plant in
Lynas expects to process low-level radioactive material from
its Mt Weld mine at the new cracking and leaching plant in
Kalgoorlie in Western Australia, shifting part of its operations
off its Malaysian plant where it has faced stiff opposition due
to environmental concerns.
The Malyasian government has given the miner four years to
build a permanent site to store waste and move its cracking and
leaching facility outside Malaysia.
"By strengthening our balance sheet, we can mitigate global
economic uncertainties and continue to progress our foundation
project, which is the Kalgoorlie Rare Earth Processing
Facility," Chief Executive Amanda Lacaze said.
"The project has received strong support from the
Kalgoorlie-Boulder City Council, Western Australian and
The world's biggest rare earths miner outside China said its
loss after tax came in at A$19.4 million for the year ended June
30, compared with a profit of A$83.1 million a year earlier.
This was better than analysts' expectations of a loss of
A$27.6 million, according to Refinitiv estimates.
Operations at Lynas' Malaysian processing plant were halted
through April under government-mandated COVID-19 restrictions,
leading to a significant drop in output in the fourth quarter of
($1 = 1.3937 Australian dollars)
(Reporting by Arpit Nayak in Bengaluru; Editing by Muralikumar
Anantharaman and Kim Coghill)