Lynas Corporation Limited
(ASX:LYC) has outlined plans to move its headquarters to Malaysia in an effort to streamline its operations and cut costs.
The rare earths producer will remain listed on the ASX but its head office will relocate from Sydney to Kuala Lumpur, and closer to the company’s Malaysian refinery.
Lynas will also trim its workforce, improve asset utilisation, renegotiate supplier contracts and target improvements in procurement practises.
New CEO Amanda Lacaze says a review has identified opportunities to improve cost, production and financial performance.
The company believes demand for rare earth oxide products remains buoyant and has reported increased production and sales of rare earth oxide products in the June quarter.
Lynas was the second worst performer in the S&P/ASX 200 index over the 2014 financial year with its stock shedding 65.3 per cent to end fiscal 2014 at $0.13.
Lynas Corporation widened its net loss to $59.3 million in the first half of the 2014 financial year.
