AUSTRALIA RARE EARTHS LYNAS HQ MOVING TO MALAYSIA?

Australia-listed rare earths producer Lynas Corp will shift its headquarters to Malaysia and cut jobs to reduce costs as it looks to lift output of the minerals used in a range of high-tech equipment. 

Following setbacks over the last two years in boosting output of rare earths mined in Australia and processed at a plant in Malaysia, Lynas also said in a statement on Wednesday that key elements of production had operated at target-capacity in the last quarter. 

“This streamlining of office locations is the first in a series of initiatives aimed at simplifying our approach,” said Lynas Chief Executive Amanda Lacaze(pic). 

Other costs savings will include reducing workforce numbers, renegotiating contracts with suppliers and improving procurement practices, the company said. 

• Lynas, one of two producers of rare earths oxides outside China, has struggled to ramp up its A$873 million plant in Malaysia since it started operating in November 2012 due to technical problems. 
•  Lynas mines rare earths from its Mount Weld mine in Western Australia, grinds them to granular size and ships them to its advanced materials plant in Pahang, Malaysia.

Source: Yahoo news