Rare earths miner Lynas increases output 12%
PERTH (miningweekly.com) – Rare earths miner Lynas has continued the trend of improved production performance during the first quarter ended September, with the miner producing 2 043 t of rare-earth oxide (REO).
This is a 12% improvement on the 1 822 t the company produced in the June quarter.
In September, monthly production reached 90% of the Phase 1 rates of 11 000 t/y.
Sales volumes for the quarter under review were 1 546 t of REO, generating revenue of A$31-million.
“This is the first full quarter under my leadership. I am pleased with the progress we have made in some areas, but there are other areas where we still have work to do,” CEO and MD Amanda Lacaze said on Wednesday.
Earlier this year, the rare earths miner announced plans to streamline its operations in an effort to reduce overall costs, including moving its head office from Sydney, Australia, to Kuala Lampur, Malaysia.
Other initiatives to deliver cost savings included reducing the workforce numbers, mostly contractors, improving the asset use, the renegotiation of supplier contracts and the improvement of procurement practices.
At the end of September, Lynas announced plans to raise as much as A$83-million through an entitlement offer and institutional placement, to provide the company with liquidity as it transitioned from a start-up to a full business operation.
“The ability to complete the placement and the fully underwritten rights issue will provide the ability to manage the business through to cash break-even and to invest in those areas that will allow us to improve the business in the future,” said Lacaze on Wednesday.
At the end of the September quarter, Lynas had some A$16.9-million cash on hand.
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