Lynas soars on Beijing’s quota cuts
China’s decision to cut back rare earth exports is good news for Lynas Corp.
Rare earths player Lynas Corp has extended last year’s stellar run-up in its share price into 2011 on the back of tough Chinese export restrictions and news that two Japanese companies are close to completing the acquisition of a stake in the company.
Lynas stock surged by about 12 per cent to $2.30 yesterday. That took the gain to 42 per cent for the past four trading days, following news that China had decided to impose export limits on rare earths for the first half of 2011. The stock has now more than quadrupled in the past six months.
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