Tuesday, December 28, 2010

DJ MARKET TALK: Lynas Corp Rises To Record On China Quota Cut

2331 GMT [Dow Jones] Rare earths developer Lynas Corp. (LYC.AU) gets its usual fillip from news of declining Chinese rare earths exports: Lynas up 8.6%, or 14 cents, to A$1.76/share with a healthy 11.6 million shares, worth A$20.1 million, changing hands; move pips Oct. 21 A$1.76/share record for stock. Beijing ministry of commerce announced over Christmas break that 1H 2011 rare earths export quota will be 14,446 tons, 35% cut on 1H10; such announcements from China, which produces more than 90% of world's rare earths, normally drive jumps in Lynas shares, although worth noting that the latest cut brings export run rate roughly level with 2010's 30,259 tons total. (david.fickling@dowjones.com)

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