Lynas shares drop 6 percent after capital raising for Malaysia plant
SYDNEY (Reuters) - Shares in Australia's Lynas Corp (LYC.AX) dropped 6.2 percent on Monday after the company said it raised A$150 million ($156 million) to help fund the start-up of its controversial Malaysian rare earths plant through a placement to institutional investors.
A further A$50 million will be sought from retail investors.
Shares in Lynas surged 12 percent on Thursday after a court lifted a suspension on its licence to operate the processing plant. The shares were suspended on Friday after it announced the capital raising.
The stock was down 5 percent at A$0.76 at 1110 GMT.
($1 = 0.9635 Australian dollars)
(Reporting by Lincoln Feast; Editing by Leslie Adler)
- Protesters fell Lenin statue, tell Ukraine's president 'you're next'
- Four dead in apparent Connecticut murder-suicide
- South Korea expands air defense zone to partially overlap China's |
- Singer Susan Boyle reveals she has Asperger's syndrome: paper
- Dynasty's Congress party punished in Indian state elections