Lynas Corporation (ASX:LYC) has operations in Malaysia postponed for an extended period

Company News

by Rachael Jones

Rare earths producer Lynas Corporation (ASX:LYC) is continuously assessing the effects of the shutdown of their Malaysia plant on the essential supply chains to which they contribute after an closure extension ordered by the government to help to help reduce the spread of COVD-19.

This includes the use of Lynas Malaysia’s products in permanent magnets used in medical devices including ventilators, and in lanthanum products used in oil refineries for petroleum production.

The Malaysian government’s Movement Control Order has been extended to April 14th.

Their Mt Weld facility in Western Australia is continuing to operate during this period with essential staff and with health and hygiene precautions in line with government guidelines.

Shares in Lynas Corporation (ASX:LYC) are trading 8.4 per cent higher at $1.42.
 

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.