Shares of rare earths miner Lynas Corporation Limited (ASX: LYC) have plunged a further 4.7% in today's session to trade at just 8.2 cents.
Shareholders will likely be used to seeing their shares trading in the red by now, considering the stock has lost 77.5% of its value in the last 12 months. To make for an even more depressing case, the stock is down 97% since reaching $2.70 back in 2013.
In case those numbers didn't highlight just how bad things are looking for Lynas, perhaps this will. The miner released its first quarter financial results last week in which it was revealed that the miner had just $16.9 million of cash left in the bank as at 30 September – down from $141.4 million at the end of FY13 and $38.1 million at the end of FY14.
Of course, we saw the stock decline heavily late last month when the miner put its hand out to shareholders to raise $83 million in capital. The capital raising was the second of its kind this year and I wouldn't be surprised to see another one or two in the near future for the purposes of paying down the company's massive debt.
