Shares in Lynas Corporation Limited (ASX:LYC) have plunged more than 15 per cent to the benchmark’s worst performer after releasing its quarterly update.
While the troubled rare earths producer has been plagued by fears for its funding position it claims to have made substantial progress with its financiers.
Lynas says the detailed terms of these negotiations are subject to further due diligence and completion of definitive documentation.
The miner has also reported its fourth straight quarter of increased rare earths oxide (REO) production and sales volumes.
Over the June quarter, Lynas boosted its production by 73 per cent to 1,882 tonnes on a rare earths oxide equivalent basis.
Lynas Corporation widened its net loss to $59.3 million in the first half of the 2014 financial year.
