2140 GMT - The issue that drove Lynas Rare Earths's 2Q production miss looks to be a one-off to Ord Minnett. Lynas had intended to source all of its rare-earths output in December from mixed rare earth carbonate, or MREC, produced at its new Kalgoorlie plant in Australia. However, that plan was roiled by impurities in the MREC that required more treatment. Lynas didn't get chemicals to rectify the issue until Dec. 25. "We are surprised that sampling and prior trials had not revealed the impurities, but do not expect the problem to reoccur following process changes," analyst Matthew Hope says. Ord Minnett has a buy call on Lynas and A$7.80/share price target. Lynas ended last week at A$7.03.(david.winning@wsj.com; @dwinningWSJ)
(END) Dow Jones Newswires
January 19, 2025 16:40 ET (21:40 GMT)
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