Lynas Corporation Limited
(ASX:LYC) says it has significantly upgraded ore reserves at its Mount Weld deposit in Western Australia.
The rare earths developer says ore reserves have increased by 362 per cent compared to figures contained in its 2005 Mount Weld feasibility study.
Chairman Nick Curtis says the upgraded ore reserves confirm Mount Weld’s status as one of the world’s richest rare earth deposits.
The upgrade follows the granting of a temporary operating licence for its $US800 million rare earths plant in Malaysia earlier this month.
Lynas Corporation booked a net loss of $38.5 million in the first half of its 2012 financial year.
