Lynas hit with cost blowout on rare earths plant

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She said Lynas had been forced to build the plant in a “ridiculously compressed timeframe” and that working around the clock escalated costs on top of the inflationary pressures that have hit other critical minerals projects in Australia. Lynas posted full-year net profit of $310.7 million, down from $540.8 million, on lower rare earths prices countering higher production. Revenue fell to $739.3 million from $920 million and EBITDA slipped to $377.7 million from $601.2 million. The profit and earnings numbers were slightly better than consensus. Lynas, the world’s biggest supplier of rare earths outside of China, is continuing to withhold...