September 29, 2009 / 8:06 AM / 10 years ago

Australia rare-earths firm Lynas to raise A$450mln

SYDNEY, Sept 29 (Reuters) - Australian rare-earths prospector Lynas Corp (LYC.AX) has secured an underwriter to raise up to about A$450 million ($394 million) in equity to fund the development of a major deposit, after its Chinese backer pulled out last week.

Lynas outlined the share issue in a statement on Tuesday.

Last week, China Nonferrous Metal Mining (Group) Co Ltd terminated its bid for Lynas, owner of the world’s largest undeveloped deposit of rare earths, citing stiff conditions imposed by Australia’s Foreign Investment Review Board. ($1=1.142 Australian Dollar) (Reporting by Mark Bendeich; Editing by Denny Thomas)

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