Lynas in halt on China funding update
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Wednesday, 23 September, 2009 - 11:47
Shares in Lynas Corporation have been placed in a trading halt, pending an update regarding a $505 million deal with China Nonferrous Metal Mining Group Co.
Lynas, which is developing the Mt Weld rare earths mine in Western Australia, did not say why the halt was sought.
The company has been waiting for a decision by the Foreign Investment Review Board on the multi-million dollar deal, which would give the Chinese company a 51.6 per cent stake in Lynas.
FIRB has delayed their decision on the investment three times. A decision is expected early next month.
Shares in Lynas last traded at 90 cents, up three cents from yesterday's close.
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