Shares to Sell Lynas Corporation (LYC)
LYC owns the richest deposit of Rare Earths in the world at Mt Weld (Western Australia), 35km south of Laverton in Western Australia.
Mt Weld is also the world’s largest deposit outside China, with supply due to begin in 3Q11.
LYC was one of the market’s shares to sell yesterday amid environmental concerns over its proposed rare earths plant in Malaysia.
The Malaysian government said that it would hold off on issuing a license to Lynas Corporation until the panel it set up reports its finding in a month’s time.
The plant is crucial for LYC as it looks to develop the rare earths extracted from its Mount Weld mine in WA.
LYC shares slumped almost 10% yesterday, making it one of the worst performers in the Australian share market.