Lynas Corporation Limited
(ASX:LYC) has advised it is continuing to pursue potential supply agreements after none were executed in the fourth quarter.
The rare earths producer says the average "basket price" for its products dropped 19 per cent on a China free on board basis and dropped 15 per cent on a China domestic basis. While conceding the drop has been significant Lynas says prices are stabilising after a period of high volatility.
Lynas held $189.5 million of available cash on hand at the end of 2012 and says it anticipates having the require working capital through to positive cash flow.
The company announced first feed to kiln at its Lynas Advanced Materials Plant in Malaysia in November 2012 and has forecast first cash flow in the 2014 financial year.
Lynas Corporation booked a net loss of $87.8 million in the 2012 financial year.
