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MINING.com reported on two developments on Tuesday for rare earth company investors. In the first, the death of an engineer at Lynas’ (ASX:LYC) processing facility in Malaysia caused the Australian company’s shares to drop 3.6 percent on Tuesday and 7 percent since the fatality was reported.
MINING.com reported on two developments on Tuesday for rare earth company investors. In the first, the death of an engineer at Lynas’ (ASX:LYC) processing facility in Malaysia caused the Australian company’s shares to drop 3.6 percent on Tuesday and 7 percent since the fatality was reported.
As quoted by MINING.com:
Opponents of the Australian company’s operations in Kuantan, Malaysia — known as the Lynas Advance Material Plant (LAMP) — are now calling for the facility to be shut down pending an official investigation into the death of an engineer.
In the second, Lynas’ rival Molycorp (NYSE:MCP) along with several Canadian juniors posted gains.
As quoted by MINING.com:
US producer Molycorp (NYSE:MCP) which together with Lynas produce the bulk of rare earths outside China, surged more than 6%, lifting its market value to $1.15 billion.
Canadian juniors locked in a race to build the country’s first rare earth mine all made strides. Rare Element Resources (TSX:RES) and Avalon Rare Metals (TSX:AVL) were up 7.5% and 5.3% respectively. Gains for Quest Rare Minerals (TSX:QRM) were more modest at 2.3%.