Iron ore weakness to continue into 2025 and beyond, says Fitch Solutions’ BMI
Looking beyond 2024-2025, BMI analysts maintained their view that iron ore prices will likely follow a multi-year downtrend.
Rare earths producer Lynas Corp said on Tuesday it will follow the Malaysian government’s order to extend restrictions on movement by two weeks to April 14 to curtail the spread of the coronavirus.
“We will continue to follow all guidelines of the Malaysian government, including the Ministry of Health,” Lynas said in a statement, referring to the extension announced last week.
The world’s biggest rare earths producer outside China said its processing plant in Malaysia has been in maintenance mode since March 23, days after the government first announced a two-week restriction on movement until March 31.
“We were already prudently planning for the possibility of a longer shutdown,” Lynas said.
Lynas said its processing plant in Malaysia produces products used in making permanent magnets that are then used in medical devices like ventilators. It also makes lanthanum products used in oil refineries for petroleum production.
It was assessing the impact of the shutdown on the supply of these products.
Lynas said its flagship mine in Australia, Mt Weld, will continue to operate with essential staff.
(By Nikhil Kurian Nainan; Editing by Shinjini Ganguli and Kim Coghill)
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