Lynas full-year loss widens
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Australian rare earths miner Lynas has widened its full year loss but has set the ambitious goal of becoming one of the the world's leading rare earths suppliers.
The company's full year loss grew to $107.4 million for the 12 months to June 30, from $102.6 million.
The company obtained its first pay cheque before the end of the fiscal year: a modest $900,000 for rare earths products but a symbolic first step.
The loss was partly associated with extra costs around the commissioning of its Malaysian processing plant, which has finally received a licence to operate following protracted legal battles with opponents.
"They represent a clear step forward in the group achieving its core objective of becoming the leading sustainable supplier of rare earth materials to the market," said the company, which operates the Western Australia-based Mt Weld mine.
The ramping up of the Malaysian plant will end China's monopoly on rare earths supply.
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