http://www.watoday.com.au/business/lynas-enters-trading-halt-20110630-1grxy.html Shares in rare earths miner Lynas Corporation have gone into a trading halt, pending an announcement about the company's proposed processing plant in Malaysia. The plant, currently subject to an independent technical review, is a key component of Lynas's plan to supply rare earths under the brand RED (Rare Earths Direct). The plant would process ore mined at Lynas's deposit at Mt Weld, in Western Australia. Advertisement: Story continues below The trading halt will remain in place until Monday, July 4, or until the announcement is made. Read more: http://www.watoday.com.au/business/lynas-enters-trading-halt-20110630-1grxy.html#ixzz1QiuWWlRR
Latest Update http://www.watoday.com.au/business/...-may-be-delayed-for-years-20110630-1grxy.html Australian miner Lynas will only be granted licenses for a Malaysian rare-earth refinery after implementing recommendations made by a panel of experts which could take up to two years to complete, the government said. Lynas, which suspended its shares today in Australia today, had planned to process ore from its Mount Weld mine in Western Australia from September at a plant under construction in Malaysia's eastern Pahang state. Delaying output may further tighten the rare earths market where prices have more than doubled as the biggest producer, China, cuts export quotas. Read more: http://www.watoday.com.au/business/...d-for-years-20110630-1grxy.html#ixzz1QjxnMjbS
Not good for the company share price short term but possibly long term if it meant staving off an environmental event. I like Lynas it has some very bright future prospects.
I have a buy order in for 1.8 since the start of the week Ive owned Lynas since it was 1.19 - sold out at 2.10 a few weeks ago I hope I can pick it up for about 1.5 - 1.7 James Dines seems to think there will be panic buying in the rare earth sector in (i think 5 years) so I take his opinion with some weight.
I don't hold shares which don't pay dividends, but I had made a very rare exception for LYC back in January. It seemed like production was just around the corner, but as deadlines came and went, I decided I didn't want to stick around. Even with all that money they couldn't get things moving along? srsly =_= Just burning through cash like other juniors and paying big salaries to unproductive fat cats >_> I sold on the last major upwards movement so at least made a profit on my way out. ps. I'm cynical ok
