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          MarketScreener Homepage  >  Equities  >  Australian Stock Exchange  >  Lynas Corporation Limited    LYC   AU000000LYC6

          LYNAS CORPORATION LIMITED

          (LYC)
            Report
          End-of-day quote. End-of-day quote Australian Stock Exchange - 07/24
          2.17 AUD   +1.88%
          07/22LYNAS : rare earth output nearly halves on virus-linked plant halts
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          07/21Australia shares retreat on Trump's virus comment
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          07/21LYNAS : rare earth output nearly halves on virus-linked plant halts
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          News SummaryMost relevantAll newsPress ReleasesOfficial PublicationsSector news

          Aiming to thwart China, U.S. senator pushes rare earths funding bill

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          05/12/2020 | 07:04pm EDT
          FILE PHOTO: Senator Ted Cruz (R-TX) questions judicial nominees during a hearing before the Senate Judiciary Committee on Capitol Hill in Washington

          By Ernest Scheyder

          U.S. Senator Ted Cruz introduced legislation on Tuesday to help revive the U.S. rare earths industry with tax breaks for mine developers and manufacturers who buy their products, the latest attempt by Washington to break China's control over the strategic sector.

          China is the largest global processor of rare earths, a group of 17 minerals used to make electronics and military equipment. The country has threatened to stop exporting the specialized minerals to the United States amid the ongoing trade war, prompting efforts by Washington to help revive its domestic rare earths industry.

          Cruz's legislation, if approved, would let mining companies deduct from their tax bill the costs of building rare earths mines, processing facilities and equipment purchases.

          It would also let electronics manufacturers deduct 200 percent of the cost of U.S. rare earth products, including magnets, a measure designed to entice companies to buy fewer of the strategic minerals from China and more from the United States.

          "I believe China is the most significant geopolitical threat to the United States for the next century," Cruz, a Texas Republican, said in a statement.

          The bill would also require the Pentagon to use U.S.-derived rare earth products in all weaponry.

          Similar bills from other senators have yet to pass, though elements from them all could eventually be folded into broader U.S. military funding legislation, congressional staffers have said.

          Reuters reported last month that a Chinese company's minority stake in the only U.S. rare earths mine has prompted concerns from scientists at the U.S. Department of Energy. The U.S. Department of Defense decided to fund the mine's owner, MP Materials in April.

          Australia-based Lynas Corp also received Pentagon rare earths funding.

          Two days after the Reuters report, Cruz and five other senators sent a letter to the Pentagon pushing it to only fund U.S. rare earth projects.

          Cruz's legislation introduced on Tuesday also would provide $50 million in grants for rare earth pilot projects, with roughly a third allocated for minerals recycling from old mine waste, among other sources.

          "We commend Senator Cruz for recognizing that the first step in addressing China's dominance in the rare earths sector is prioritizing domestic U.S. rare earth development," said Pini Althaus, chief executive of USA Rare Earth, which is developing the Round Top rare earth mine in Texas with Texas Mineral Resources Corp .

          Alaska, Wyoming and California also contain large concentrations of rare earths.

          (Reporting by Ernest Scheyder; Editing by Aurora Ellis)

          Stocks mentioned in the article
          ChangeLast1st jan.
          AT HOME GROUP INC. 4.47% 8.64 Delayed Quote.57.09%
          GOLD 0.80% 1900.6 Delayed Quote.24.28%
          JUST GROUP PLC -4.88% 45.66 Delayed Quote.-42.20%
          LINE CORPORATION 0.36% 5530 End-of-day quote.3.36%
          LYNAS CORPORATION LIMITED 1.88% 2.17 End-of-day quote.-6.87%
          NIOCORP DEVELOPMENTS LTD. 3.66% 0.85 Delayed Quote.3.66%
          SHENGHE RESOURCES HOLDING CO., LTD -0.57% 8.75 End-of-day quote.-3.53%
          TEXAS MINERAL RESOURCES CORP. 2.82% 2.19 Delayed Quote.78.05%
          THE GLOBAL LTD. -2.27% 215 End-of-day quote.-54.35%
          THE NEW HOME COMPANY INC. -2.52% 4.25 Delayed Quote.-8.80%
          UCORE RARE METALS INC. 4.00% 0.13 Delayed Quote.-42.22%
          WILL GROUP, INC. -0.31% 644 End-of-day quote.-48.56%
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          Financials
          Sales 2020 312 M 222 M 222 M
          Net income 2020 -20,6 M -14,7 M -14,7 M
          Net Debt 2020 137 M 97,5 M 97,5 M
          P/E ratio 2020 -56,1x
          Yield 2020 -
          Capitalization 1 517 M 1 076 M 1 078 M
          EV / Sales 2019
          EV / Sales 2020 5,30x
          Nbr of Employees -
          Free-Float 95,9%
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          Number of Analysts 5
          Average target price 3,24 AUD
          Last Close Price 2,17 AUD
          Spread / Highest target 107%
          Spread / Average Target 49,3%
          Spread / Lowest Target 10,6%
          EPS Revisions
          Managers
          NameTitle
          Amanda M. Lacaze Chief Executive Officer, Executive Director & MD
          Richard Michael Harding Non-Executive Chairman
          Gaudenz Sturzenegger Chief Financial Officer
          Kathleen Marie Conlon Independent Non-Executive Director
          Philippe G. Etienne Independent Non-Executive Director
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