In a shareholder address at Lynas
Corp. Ltd’s annual general meeting (AGM),
the company’s CEO, Amanda Lacaze, told investors
that the company is hoping to separate its selling prices from
the volatility of published prices and to create product and
pricing options that differentiate it from its competitors.
The Australian company, currently the only
non-Chinese miner of rare earths, said that it was in the
processes of introducing a system to trace material origin
though the supply chain of rare earths. This, it hopes, will
reduce the problem of illegal mining in China.
"We believe the recent VW scandal is a
timely reminder to all suppliers of the consequences of
ignoring consumer expectations and a timely reminder to improve
purchasing practices," Lacaze said.
Lynas is also hoping to shift to more
contract-based pricing and sales mechanisms, something that
Lacaze said was more common before 2010. "It appears they
became unfashionable when market participants thought it better
to 'bet’ on the market price than focus on value,"
In Canada, Geomega Resources
Inc. notified its shareholders that it is to reduce
director compensation by almost 60% and settle Canadian dollar
(C$) 177,500 ($133,000*) owed to directors through the issuance
of 375,000 common shares.
"One of the early objectives since
becoming (…) CEO of Geomega had been to reduce the
corporate overhead of the company and to clean the balance
sheet," Kiril Mugerman, Geomega’s CEO, said.
"The company’s corporate
overhead has now been significantly reduced and the company [is
now] much better positioned to deal with the current poor
market conditions," Mugerman added.
In Vancouver, British Columbia,
Canada Rare Earth Corp. has signed a letter of
intent (LOI) to establish a joint venture (JV) originally
entered by CEC Rare Earth Corp., with a
"leading international designer, builder and operator of rare
eath refineries." CEC Rare Earth’s assets were
recently acquired by Canada Rare Earth.
"We have been working indirectly with the
engineering company for three years on our refinery
initiatives," said Peter Shearing, Canada Rare
Earths’ chief operating officer, Peter
"The ability of Canada Rare Earth to
directly arrange and participate in refinery design, build and
on-going operations of future refineries in collaboration with
the engineering company represents a significant cornerstone to
our vertical integration focus," he added.
Also based in Vancouver, rare earths
explorer Pacific Wildcat Resources Corp. saw
its Muiane tantalum project site destroyed in Mozambique by
Security staff based at the site were
injured and the company has received reports that the camp and
equipment have been set on fire. Local police have restricted
access to the property by the company owing to "bandits still
occupying the area".
Meanwhile in Kenya, the company has filed
and registered a request for arbitration with the
International Centre for Settlement of Investment
Disputes (ICSID) against the Kenyan government by its
Pacific Wildcat is in dispute with the
government over the licencing situation of the Mrima Hill rare
earths project and has been advised by the ICSID Tribunal in
Washington DC, US, of the completion of the appointment of its
*Conversion made November