Lynas (LYC) slides on soft quarterly
LYC -8.31%: the Rare Earths miner fell today after releasing 3rd quarter numbers to the market. Total rare oxide production was up sharply on the 2nd quarter, but the key minerals of neodymium & praseodymium (NdPr) was marginally down. Lynas continues to talk to higher prices receiving an average of $35.5/kg of product in the quarter, around 20% better than the previous 3 months. They continue to see the support of the US Government who are looking to sure up supply in a market dominated by China. The share price reaction today is typical of stock that has a lot of upside priced in and the numbers were a tad soft.
MM remains bullish LYC
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