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BRIEF-Lynas Corp says sustained low rare earths prices affected financial performance

Published 30/11/2016, 09:19 am
© Reuters. BRIEF-Lynas Corp says sustained low rare earths prices affected financial performance
LYC
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Nov 30 (Reuters) - Lynas Corp Ltd LYC.AX :

* Sustained low rare earths prices directly affected financial performance and subsequent ability to service debt commitments

* During past twelve months, major governance issue facing Lynas was its ability to continue as a going concern

* Due to low rare earth prices, & despite significant improvement in operational performance, we are break even on operating cash flow basis

* Uncertainty as to Lynas' ability to service future principal and interest repayments, including substantial liabilities due in Dec 2016

* Debt needed to be restructured Source text for Eikon: Further company coverage: LYC.AX

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