|Bid||6.71 x 265100|
|Ask||6.72 x 748200|
|Day's range||6.69 - 6.77|
|52-week range||6.02 - 9.85|
|Beta (5Y monthly)||0.73|
|PE ratio (TTM)||19.74|
|Earnings date||29 Aug 2023|
|Forward dividend & yield||N/A (N/A)|
|1y target est||9.11|
MELBOURNE (Reuters) -Australia's Lynas Rare Earths Ltd hiked construction cost estimates for its Kalgoorlie rare earths facility by more than a quarter and said it would boost the plant's production capacity to tap growing demand. Lynas has sped up construction at Kalgoorlie in Western Australia amid worries that a facility in Malaysia may have to be partly wound down after regulators there raised concerns about radiation levels from the process of cracking and leaching. The biggest producer of rare earths outside of China now expects to incur A$730 million ($470 million) in costs to complete the construction of Kalgoorlie, compared to an earlier estimate of A$575 million.
Under the contract, a contribution of about $258 million by the U.S. government is currently allocated to the project, higher than the $120 million contribution announced last year, Lynas said. Lynas, the world's largest producer of rare-earths outside of China, said the updated contract follows detailed design work and cost updates for the project. Lynas' Texas facility will serve both the DoD and commercial customers, and is targeted to be operational in the financial year 2026.
Lynas, the world's largest producer of rare earths outside of China, said its sales revenue was A$157.5 million ($104.85 million) for the three-month period ended June 30, compared with A$294.5 million a year ago, and a consensus estimate of A$216 million, according to Barrenjoey. Prices of rare earth minerals have declined over the last year because of increased supply from top producer China and soft demand from green energy companies and automotive sector.