Lynas (ASX:LYC) fourth quarter results hit by US-China trade war

Company News

by Anna Napoli

Rare earth’s miner Lynas (ASX:LYC) says continuing US-China trade tensions, while leading to greater interest in Rare Earths, continue to have a negative short term effect on market confidence, particularly in China.

Fourth quarter rare-earths production fell from 1505 to 1,242 tonnes. While sales volumes were also down on the same time last year falling from 4,723 to 4,186 tonnes.

Quarterly production was managed in line with the calendar year 2019 production limit applied by the Malaysian government

Lynas says the average market price for neodymium and praseodymium remained flat.

The Malaysian government renewed the operating licence for the Lynas Malaysia plant for a 6 month period.

Subject to meeting specified conditions over this time, the renewal provides a pathway for th company’s continued operation in Malaysia.

Shares in Lynas (ASX:LYC) closed 2.69 per cent lower at $2.53 on Friday.

Anna Napoli

Finance News Network
Anna joined FNN February 2018 and also works with Channel 7 as a freelance producer. Anna has also worked as a lawyer and lecturer. She has also presented news updates for interstate news with Southern Cross Austereo.