Lynas holds AGM, Malaysian Government review decision due

Company News

by Anna Napoli

Rare earths miner, Lynas (ASX:LYC) has kicked of its Annual General Meeting in Sydney today.

Chairman, Mike Harding, says 2018 has been a year of record growth with the company achieving its first net profit after tax of $53 million.

The meeting comes just hours before a decision is due to be handed down by the Malaysian Government regarding aspects of Lynas' operations in the country.

Lynas expects the Minister will take some time to consider the report which will then be considered by the cabinet, but it could be weeks before the company is told of the findings.

The company is planning for a temporary shutdown of Malaysian  production in December as it waits on approval to increase the annual volume of lanthanide concentrate that can be processed at its Malaysian plant.

Shares in Lynas (ASX:LYC) are trading 3.19 per cent lower to $1.98.

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.