Lynas soars on reaffirmed guidance
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Shares in Lynas Corporation (LYC) have soared after the rare earths miner said it expects record production and sales in the March quarter.
At 11.40am (AEDT), Lynas shares were 21.5% higher at 19.44c, against a benchmark index fall of 0.9 per cent.
Lynas this morning confirmed that commercial production and sales of rare earth oxide products at its Malaysian plant for the March quarter will reach a record high, in line with guidance.
Chairman Nicholas Curtis said although the Lynas Advanced Material Plant (LAMP) had been slower to ramp up than the company would have liked, recent production was starting to show sustainable momentum.
"I also wish to affirm our guidance of achieving the target 11,000 tonnes per annum run rate during the June quarter," Mr Curtis said.
Lynas also responded to an ASX price query, after its shares fell from 23c on March 21 to 17.5c at the time of writing on March 26, saying it was not aware of any information that had not been announced that could explain the trading.
Meanwhile, the World Trade Organisation on Wednesday confirmed a ruling that China's restrictions of rare earth exports were against international trade laws.
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