Lynas Corporation Provides Rare Earths Project Update (LYC.AX, 00999496, 20091016)

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Lynas Corporation Provides Rare Earths Project Update
Friday October 16, 2009, 5:40 pm

Original Announcement: Project Update - Engagement of United Group Limited

Lynas Corporation provided an update concerning the Lynas rare earths project, reporting that following receipt this week of net proceeds in the amount of approximately $204m from the unconditional placement and the institutional entitlement offer components of the equity raising announced on 29 September 2009, Lynas is now finalising plans for remobilisation to site and recommencement of project works. Lynas requested various parties to submit proposals to complete the remaining engineering works. Following a review of the proposals received, Lynas has decided to engage United Group Limited as Engineering Contractor, and to source selected services from Ranhill WorleyParsons and other parties.

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