Lynas Corp Shares Surge

Mining company, Lynas (ASX:LYC) have seen their shares surge 15 percent. The mine development company declared a substantial increase to previous mineral resource estimates for its Mount Weld project in Western Australia (near Laverton). The combined rare earths mineral resource estimate has increased to 17.49 million tonnes, with 8.1 percent rare earth oxides (REO). Such as density means that there are 1.416 million tonnes of REO, an increase of 19.4 percent increase to previous estimates. The increased estimates pertain to the Duncan deposit while the Central Lanthanide deposit is unchanged.

Lynas is planning to begin production next year, expecting to become the biggest producer of rare earth metals outside of China (currently produces 90 percent of the world's resource). Rare Earths are used in Electronics and Hybrid Car technologies as well as mobile phones, car engines, batteries and glass manufacturing.