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Lynas narrows FY losses

Lynas narrows FY losses

Photo by Bloombeg

21st September 2015

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – Rare earths miner Lynas has narrowed its losses for the financial year ended June, as the company’s cost saving initiatives paid off.

Lynas on Monday reported a loss before tax of A$118.6-million for the year, compared with a loss of A$345.4-million the year before.

The company noted that general and administrative expenses during the year reduced by A$84.2-million, while an impairment review on the carrying value of the Lynas Advanced Materials Plant (LAMP), in Malaysia, and the Mt Weld assets narrowed to A$16.8-million, compared with an impairment of A$196.4-million reported last year.

Revenue, meanwhile, increased from A$64.6-million in 2014 to A$144.6-million in the year under review, as concentrate production at LAMP ramped up.

For the year under review, Lynas produced 10 223 t of rare earth oxides, up from the 3 965 t produced in the prior year, while shipments for the year under review amounted to 7 883 t, compared with the 3 008 t shipped last year.

Identified bottlenecks at LAMP have been resolved and significant improvements were made during the year in plant organisation and operating procedures.

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

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