Vedanta seeks $1 billion in upsized share placement
Vedanta is joining a slew of Indian companies tapping stock investors amid surging valuations and increasing demand for equity investments in the country.
Australian miner Lynas Corp. (ASX:LYC) announced its first rare earths products were ready to deliver to customers from its Malaysian refinery, reports The Australian.
The company did not say what the current volume was nor which customers would receive them, although it forecasts 11,000 tonnes of output by the second quarter of this year.
Lynas began production in earnest at its operation — known as the Lynas Advance Material Plant (LAMP) — in Kuantan, Malaysia, last November. Government permitting delays and legal challenges from environmental groups and local residents dogged the project for several years.
Deposits are shipped from the company’s Mt. Weld mine in Western Australia, one of the richest major rare earth deposits in the world.
Company shares rose 4.3% following the announcement.
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Image courtesy Lynas Corp.
