Just one third of new shares offered by troubled rare earths miner Lynas Corporation Ltd in an effort to raise A$71 million have been taken up by its shareholders.

The 66.5 percent of shares not bought by shareholders would instead be taken by several institutional sub-underwriters of the capital raising, Lynas said in a statement.

The company made a A$366 million loss in 2013/14 and recently renegotiated a US$255 million loan to push large repayments back to 2016.

Lynas mines rare earths, which are used in a range of high-tech products, in Western Australia, and operates a refinery near Kuantan, Pahang in Malaysia.

It has been hit by falling prices for its products, and said the new funds would allow it to invest in areas of its business that will improve its performance.

- Bernama


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