Lynas Corporation's shares trade large volume; rare earth production ramps up
Wednesday, January 08, 2014 by Proactive Investors
Lynas Advanced Material Plant commercial production and sales of REO products increased during the December quarter.
Lynas Advanced Material Plant commercial production and sales of REO products increased during the December quarter.
Lynas Corporation (ASX: LYC, OTC: LYSDY) traded close to 27 million shares yesterday, which is around four times higher than the daily average over the past few weeks.
Shares in the company also closed 6.9% firmer yesterday at $0.31.
A recent update by the company for the Lynas Advanced Material Plant (LAMP) in Malaysia shows that commercial production and sales of REO products increased during the December quarter.
This reflected the progressive completion of the previously announced work programs in the cracking and leaching units of the LAMP.
Total “ready for sale” production during the quarter was 741 tonnes, on an REO equivalent basis, around three times the production of 253 tonnes in the September quarter. An additional 35 tonnes of production is awaiting classification as “ready for sale” production.
A total of 409 tonnes of rare earth product was shipped to customers during the quarter, 87% higher than in the previous quarter.
In addition, most of the cerium and lanthanum borrowed in 2012 for the pre-seeding of the LAMP was produced and returned by the end of the quarter.
http://www.proactiveinvestors.com.au/companies/...ramps-up-51672.html
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