JOHANNESBURG (miningweekly.com) – Shares in Australia-based rare earths producer Lynas surged 17% on Wednesday as the company reported that it had exceeded its production target of 3 840 t of neodymium-praseodymium (NdPr).
During the 12 months ended June 30, Lynas produced 3 911 t of NdPr.
As a result of exceeding its production targets, Lynas managed to reduce the interest rate under its Jare senior loan facility from 6.5% a year to 5.7% a year. The loan facility specified NdPr production targets for each six-month period from July 1, 2015, to December 31, 2017.
Lynas shares closed at A$0.07 apiece on Wednesday, up 17.24% from the previous day’s closing price. The company had a market capitalisation of A$237.21-million.
Lynas owns the Mt Weld mine, south of Laverton, in Western Australia, the Mt Weld concentration plant, near the mine site, and the Lynas Advanced Materials Plant, in Malaysia.