Lynas Corporation Ltd (ASX:LYC) shares lift as reserves up

Rare earth miner Lynas Corporation Ltd (ASX: LYC) shares are climbing back into the black today after a period of downturn to close off July off the back of news its Mt Weld Ore reserves are up 60%.

Lynas announced yesterday its high-grade Mt Weld mine in Western Australia has had a substantial increase in tonnage – bolstering the company’s reputation as the world’s second-largest supplier of NdPr – used in electric vehicle magnetic motors.

Lynas is the only miner and processor of rare earth materials outside of China.

The Lynas share price has had a volatile 12 months, but the company has managed to reduce debt over FY18 and has plans to increase NdPr to 500 tonnes per month as at April 2018 to 600 tonnes per month from January 2019.

S&P/ASX 200 commodity shares on the up today include Beach Energy Ltd (ASX: BPT) – firmly on the gains list up 3.2% to $1.96 at the time of writing and Regis Resources Limited (ASX: RRL), also up 1.7% to $4.29.

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