Japan's largest financial group, Mitsubishi UFJ Financial Group, has bought a 9.99 per cent stake in rare earths producer Lynas Corporation Ltd (ASX:LYC).
The stake is valued at around $322 million, based on yesterday’s closing price of $1.89.
A statement to the Australian Securities Exchange reveals Mitsubishi has bought 170.1 million shares in a series of transactions between May 24 and June 7.
Lynas is currently preparing a rare earths processing plant in Malaysia to process ore concentrate from its deposit at Mount Weld in Western Australia.
In the six months to 31 December 2010, Lynas Corporation recorded a net loss of $20.5 million.
