BUZZ-Australia's Lynas jumps after China rare earth export curbs raise supply fears for auto sector

Reuters
05 Jun
BUZZ-Australia's Lynas jumps after China rare earth export curbs raise supply fears for auto sector

** Shares of Lynas Rare Earths LYC.AX rise as much as 11.8% to A$9.140, their highest level since February 8, 2023

** Lynas, which is the world's biggest producer of rare earth minerals outside China, extends gains after rising 3.3% on Wednesday

** China produces around 90% of the world's rare earths and has imposed restrictions requiring exporters to obtain licenses from Beijing

** Global automakers are sounding the alarm on impending shortage of rare earth magnets as China's restrictions threaten production delays

** LYC top gainer on ASX 200 benchmark index .AXJO

** As of last close, LYC was up ~28% YTD

(Reporting by Himanshi Akhand in Bengaluru)

((Himanshi.Akhand@thomsonreuters.com;))

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