Rare earth miner Lynas has announced a cost-blow out at its Kalgoorlie rare earths processing facility, while falling revenue and inflation pressures have eaten into profits for the year ending June. Lynas CEO and MD Amanda Lacaze said on Tuesday that an updated project budget for the Kalgoorlie rare earths processing facility had now estimated the capital cost at A$730-million, instead of the original price tag of A$500-million, and higher than the A$575-million estimated last year.
PERTH – Rare earth miner Lynas has announced a cost-blow out at its Kalgoorlie rare earths processing facility, while falling revenue and inflation pressures have eaten into profits for the year ending June.said on Tuesday that an updated project budget for the Kalgoorlie rare earths processing facility had now estimated the capital cost at A$730-million, instead of the original price tag of A$500-million, and higher than the A$575-million estimated last year.
Lynas in October last year announced upgrades to certain equipment and infrastructure at the Kalgoorlie operation to allow for future capacity expansion. This was as a result of the average sales price falling by 23% during the year under review, while the cost of sales increased by 15%. “During the year, we invested A$595-million in capital projects and completed the year with a cash balance of A$1-billion, providing funding certainty for completion of our key growth projects.”
The project remains on track, with earthworks nearing completion, concrete works well progressed, and fabricated steel modules being delivered to site.
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