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Why The Lynas (ASX:LYC) Share Price Is Up 6%

The share price of Lynas Corporation Ltd (ASX:LYC) is up more than 6% after making an announcement this morning. 

The share price of Lynas Corporation Ltd (ASX: LYC) is up more than 6% after making an announcement this morning.

Lynas Corporation is a ‘rare earths’ minerals producer. Rare earths are minerals which are used as inputs to create many of the electronic devices (e.g. mobile phones) we know and use each day. Lynas has two large projects: Mt Weld in WA is a deposit and mining facility; Kuantan in Malaysia is a rare earths separation facilities in the world. Lynas is one of the world’s largest producers of rare earths outside of China.

Why The Lynas Share Price Is Up

This morning Lynas welcome the comments made by the Malaysian Prime Minister yesterday indicating that the export of water leach purification (WLP) residue will no longer be a condition of renewal of Lynas’s Malaysian operating licence.

However, the company is still awaiting formal notification from the Malaysian government about the renewal conditions.

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Jaz Harrison

Jaz is a Staff Writer for Rask. She is a keen investor who loves to thoroughly poke holes in an investment idea before it has a chance of making it into her portfolio. Jaz invests for the long-term and doesn't sweat the small stuff. She strongly believes that empowering people with knowledge is the best way for them to take charge of their finances, which is exactly the approach she takes with her own money and investments.
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