Lynas Corporation Limited’s [ASX:LYC] share price dipped 3.20%.
The metal and minerals company, which has an enterprise worth $1.67 billion, share value has been growing consistently since last year.
Despite the slight drop, they are trading at $2.42 a share in comparison to $1.82 back in February.
Lynas was incorporated in 1983, and specialise in engaging exploration development as well as processing rare earth minerals across Australia and Malaysia.
Lynas maintains a profit
Their half year results state that revenue has grown up to 75%.
REO production growth has jumped up to 17%. By the end of December last year, Lynas also managed to reduce its overall group debt
Lynas has been focusing on reducing their debts.
The JARE facility has been a prominent factor in their debt control as they made an early repayment of US$15 million dollars to JARE.
Back in July last year, a large amount of Convertible Bond Debt were converted into equity.
The Australian Financial Review reported that Lynas Corp’s Managing Director Amanda Lacaze stated:
‘As we continue to rehabilitate the balance sheet and improve our standing as far as that is concerned then we would expect we will go back and have a further conversation about a couple of the elements of that agreement.’
Lynas aims to be in a position to pay dividends in an efficient manner.
The overall company debt dropped down to $236.5 million back in January.
Lynas is focusing on delivering a new level of quality to their sites.
They are pushing fourth the process of increasing reliability and production of their existing assets in order to turn in a more consistent outcome.
Lynas seeks to deliver better returns on rare earths processed so they may expand their portfolio and enhance plant reliability.
They have already displayed they can keep costs down, and only wish to continue their efforts while maintaining overall process efficiency and procurement effectiveness.
For Money Morning
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