Why it matters: The cost of Lynas’ Kalgoorlie plant has blown out to $730 million.
Lynas is withholding a portion of supply from the market in response to depressed prices.
It did not declare a dividend.
Lynas Rare Earths blames inflationary pressures, approval delays and deadlines imposed by Malaysian authorities for a big cost blowout on a downstream processing plant under construction in Western Australia.
The cost of building the cracking and leaching plant at Kalgoorlie has blown out to $730 million, up from $575 million, as Lynas runs down the clock to have it up and running by December 31.
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Brad Thompson was a reporter at The Australian Financial Review
