Lynas Hit By Rare-Earth Price Dive

The Australian reported that shares of Lynas Corp. (ASX:LYC) dropped on a decrease in rare earth prices.

The market news is quoted as saying:

Lynas, which aims to produce the first rare earths outside China, said it could not explain the fall, but the miner revealed it was likely this week to post a before-income tax loss of about $57 million, compared with a $43m loss in in the prior period. The company attributed the loss to increased operating costs ahead of first production from its plant in Malaysia.

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