Lynas widens loss in tough H1
PERTH (miningweekly.com) – Rare earths miner Lynas faced a tough six months to December 31, with the miner on Friday reporting a net loss before tax of $103.5-million, a widening of the $59.3-million loss in the previous corresponding period.
Gross loss for the six months under review reached $31.5-million, which the miner said reflected the current stage of production ramp-up and the fixed nature of production costs, which had not been fully absorbed based on the production volumes during the period.
Lower selling prices also contributed to the gross loss, Lynas told shareholders.
Some 3 560 t of rare-earth oxides were sold in the six months under review, generating revenue of about A$78-million.
Lynas CEO Amanda Lacaze noted that, over the half-year, the company had focused on improving its core capabilities and growing strategic customer relationships, to provide a platform for future growth.
“I am pleased that these continuing improvements have been recognised by our two key debt providers who have agreed to make changes to our debt agreements to support the continued growth of the Lynas business,” she said.
Lynas and its debt providers have agreed on amendments to the financing deals that would see the debtors delay amortisation payments and allow Lynas to deposit the interest payment due in 2015 into specific bank accounts.
Lynas would have, at the discretion of the lenders, the option to apply for a cash withdrawal of the monies in those accounts, over the next 12 months.
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