Lynas Corporation Loses Nearly $1 Billion

The Sydney Morning Herald reported that Lynas Corporation (ASX:LYC) is seeing weaker cash flows amid lower rare earth prices.
As quoted in the publication:

Lynas on Thursday signalled continued weak cash flows as it moves to ramp up production at its Malaysian processing site. The warning came as the group disclosed losses totalling $960 million, rising another $66.1 million in the December half alone.
Professor Dudley Kingsnorth, who was the project manager of the Mt Weld project, which launched Lynas, and is a long-standing consultant to the sector, said  “the problem is the amount of illegal mining, primarily in China, which continues”. He said these producers paid no tax and complied with no environmental controls.

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