Lynas Corp, which spent about $930 million on a rare earths processing plant in Malaysia, plans to defer some debt repayments and sell as much as A$40 million in shares after prices slumped, Bloomberg News reported.
The producer of elements used in cruise missiles to iPads will seek to sell Australian $30 million of shares to existing holders and A$10 million in an institutional placement, Sydney-based Lynas said today in a statement. It will also delay repayments on $215 million of outstanding loans to Tokyo-based Sojitz Corp. to June 2016.
The past week saw all metals on Rare Earths MMI® hold steady. At CNY 20,500 ($3,287) per metric ton, cerium oxide didn’t move. At CNY 1,650 ($264.57) per kilogram, the week finished with no movement for dysprosium oxide. Europium oxide prices held steady from the previous week at CNY 4,000 ($641.39) per kilogram.
Lanthanum oxide traded sideways last week, hovering around CNY 19,500 ($3,127) per metric ton. Following a steady week, prices for neodymium closed flat at CNY 415,000 ($66,544) per metric ton. Prices for neodymium remained constant, closing the week at CNY 415,000 ($66,544) per metric ton. Neodymium oxide remained essentially flat from the previous week at CNY 325,000 ($52,113) per metric ton.
Praseodymium oxide prices held steady from the previous week at CNY 580,000 ($93,001) per metric ton. At CNY 25,000 ($4,009) per metric ton, the price of rare earth carbonate did not change since the previous week. Closing at CNY 18,500 ($2,966) per metric ton, samarium oxide remained unchanged for the week. Following a steady week, prices for terbium metal closed flat at CNY 4,600 ($737.60) per kilogram.
Terbium oxide traded sideways last week, hovering around CNY 3,200 ($513.11) per kilogram. Prices for yttria remained constant, closing the week at CNY 51,000 ($8,178) per metric ton. Yttrium remained essentially flat from the previous week at CNY 290.00 ($46.50) per kilogram.
The Rare Earths MMI® collects and weights 14 global rare earth metal price points to provide a unique view into rare earth metal price trends. For more information on the Rare Earths MMI®, how it’s calculated or how your company can use the index, please drop us a note at: info (at) agmetalminer (dot) com.