Company News

BUZZ-Rare earths producer Lynas boosted by potential U.S. Army funding

(Recasts; updates prices, includes other rare earths miners)

** Australian rare earths producer Lynas Corp jumps 13.9% to A$2.46 after a report said the U.S. Army plans to fund construction of processing facilities

** Reuters reported that an Army division asked miners for cost proposals of a pilot plant to produce heavy rare earths - specialised minerals sought for use in weaponry

** Shares of Lynas, the world’s only major rare earths producer outside China, mark their biggest jump since May-end, and sit at their highest level since Nov 13

** The United States is looking to safeguard supplies of rare earths as the long-lasting trade war with China fuelled concerns that Beijing may look to restrict supply of the key minerals, which has raised the spotlight on Lynas

** The document shows Lynas and its privately held JV partner Blue Line Corp are among those that the army has asked to provide proposals - sources

** About ~6.7 mln Lynas shares change hands, vs 30-day average of 3 mln; shares advance ~36% this year, as of last close

** Other mentioned miners such as Texas Mineral Resources , UCore surged overnight; U.S.-focused rare earths firms also got a boost, including Rare Element Resources and Medallion Resources (Reporting by Nikhil Kurian Nainan and Niyati Shetty)