Lynas posts annual loss on lockdown of Malaysian plant

Lynas also said it intends to raise A$425 million ($304.94 million) in equity to fund the construction of a new initial ore processing plant at Kalgoorie in Western Australia, among other projects.

Australian rare earths producer Lynas Corp Ltd posted a smaller-than-expected annual loss on Monday and outlined plans to raise A$425 million ($304.94 million) to fund construction of an ore processing plant in Australia.

Lynas expects to process low-level radioactive material from its Mt Weld mine at the new cracking and leaching plant in Kalgoorlie in Western Australia, shifting part of its operations off its Malaysian plant where it has faced stiff opposition due to environmental concerns.