Australia’s Lynas posts over 90% fall in annual profit; to raise A$750 million

AUSTRALIA’S Lynas Rare Earths posted a more than 90 per cent fall in its full-year profit on Thursday, hurt by depreciation from its Kalgoorlie and Mt Weld facility expansion, while announcing an A$750 million (S$626.3 million) equity raising.

The world’s largest rare earths producer outside China said its net profit after tax was A$8 million for the year ended June 30, compared with A$84.5 million reported a year earlier.

That missed the Visible Alpha consensus estimate of A$30.4 million. REUTERS