Arcadium shareholders approve $6.7bn sale to Rio Tinto
Shares of Arcadium Lithium rose about 7% in extended trading after the company said that about 98% of its shareholders had voted in favor of the sale.
Lynas Rare Earths said on Monday labour shortages and supply issues are hampering commissioning of the final stage of its rare-earths processing facility in Kalgoorlie, Western Australia.
Shares of Lynas, the world’s biggest producer of rare-earths metals outside China, dipped 1.2% to A$7.26 in early trading.
Lynas is racing to complete construction of the plant to handle cracking and leaching, essential to producing neodymium and praseodymium (NdPr) used in magnets in sectors from electrified transport to defence.
The Stage 4 process commissioning is on track for completion by the end of this month, with the exception of two critical path items – the waste gas treatment plant and on-site gas supply, Lynas said.
The producer said the lack of suitably qualified people to staff 24-hour construction activities have added to its challenges.
The first production of mixed rare-earths carbonate (MREC) from the Kalgoorlie Facility is now expected in August, Lynas said.
(By Harish Sridharan; Editing by Subhranshu Sahu and Sherry Jacob-Phillips)
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