SYDNEY(REUTERS) - Australian rare earth producer Lynas Corp Ltd said on Monday (July 29) it is on track to have its Malaysian operating licence renewed, as it flagged soft demand from China amid a slip in quarterly sales revenue.. Read more at straitstimes.com.
SYDNEY - Australian rare earth producer Lynas Corp said on Monday that it is on track to have its Malaysian operating licence renewed, as it flagged soft demand from China amid a slip in quarterly sales revenue.
"The earliest we have ever had formal renewal of our licence was a couple of weeks before the renewal date," chief executive Amanda Lacaze told an analyst briefing on Monday. Lynas, the largest rare earths producer in the world outside China, noted in its quarterly report that Malaysia's deputy environment minister had told Parliament conditions for the renewal would be decided by Cabinet and announced in mid-August.
Sales revenue for the June quarter fell 4.6 per cent to A$87.5 million , lower than the A$91.7 million it earned for the same period last year, the company said. Shares in Lynas were down by 3.2 per cent at A$2.58 by 0211 GMT .
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