Lynas Shares Plunge as Power Failures Halt Rare Earths Output

Australian rare earths producer Lynas Rare Earths Ltd. is facing intense selling pressure following a severe operational disruption at a key processing facility. The company disclosed significant production losses just hours before its annual general meeting, sending its stock price tumbling below a critical support level.

The crisis stems from repeated power failures at Lynas’s Kalgoorlie processing plant in Western Australia during November. These disruptions were caused by issues with the Eastern Goldfields Load Permissive Scheme (ELPS), an electrical network system operated by Western Power that was designed to ensure reliable energy supply but instead triggered extended blackouts.

Company management confirmed the production loss equates to one Read more...