Lynas looks to Chinese to solve funding woes

SHARES in Lynas Corporation jumped 45% this morning on news the company has signed a binding heads of agreement with China Non-Ferrous Metal Mining (CNMC), which will become a new majority shareholder in the rare earths developer.

Lynas looks to Chinese to solve funding woes Lynas looks to Chinese to solve funding woes Lynas looks to Chinese to solve funding woes Lynas looks to Chinese to solve funding woes Lynas looks to Chinese to solve funding woes

Under the proposed HOA, the state-owned Chinese company will subscribe in cash for 700 million new shares in Lynas at 36c per share, raising $A252 million.

The placement will give CNMC a 51.

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