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Highlights:
- Lynas’ shares were trading 1.612% lower on the ASX at 1:00 PM AEDT today.
- The rare earth minerals producer recently shared its quarterly report on the ASX.
Shares of rare earth minerals producer Lynas Rare Earths Limited (ASX:LYC) were spotted trading lower on the ASX on Thursday afternoon. The company’s shares were trading 1.612% lower, at AU$8.540 per share, on the ASX at 1:00 PM AEDT today (3 November 2022).
Recently, Lynas shared its quarterly activity report for the period that ended on 30 September 2022.
Details of Lynas’ quarterly report
On 27 October 2022, Lynas shared quarterly results for the September quarter. Some of the key highlights of Lynas’ quarterly report are as follows:
Update from Lynas’ growth projects
- Lynas has begun the Mt Weld exploration program after getting financial support in the form of a US$9 million equity placement from Japan Australia Rare Earths BV.
- Lynas announced a Mt Weld capacity expansion during the quarter.
- The company has continued to progress in developing the Kalgoorlie Rare Earths Processing Facility.
- The company has initiated the development of the US Rare Earths Processing Facility.
- Lynas hosted Caroline Kennedy, the US ambassador to Australia, and Siriana Nair, the consul general in Perth, at its Mt Weld operations and the Kalgoorlie Rare Earths Processing Facility to sharpen the focus of global governments on market development.
Summary of Lynas’ share price movement on ASX
The share price of Lynas has marked a gain of almost 17% on the ASX in the previous 12 months. However, on a year-to-date basis, the company’s share price has fallen over 22% on the ASX (as of 1:58 PM AEDT today).
Meanwhile, the S&P/ASX 200 Materials sector (INDEXASX:XMJ) was quoted at 15,341 points, down by 2.958% or 467.6 points, on the ASX at 2:21 PM AEDT today.
