Rare Earths Global Limited Trading Update (6367Y)
2013年2月26日 - 4:00PM
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RNS Number : 6367Y
Rare Earths Global Limited
26 February 2013
Press Release 26 February 2013
Rare Earths Global Limited
("REG" or the "Group")
Trading Update
Rare Earths Global Limited (AIM: REG), a leading mining services
group focused on the extraction, separation, refinement and trading
of rare earth elements, oxides and other related products, today
announces the following trading update.
As outlined in the Group's Interim Results on 25 September 2012,
the Rare Earth industry both domestically in the People's Republic
of China ("PRC") and internationally is going through a period of
rapid change and development. The uncertainty this has caused,
coupled with a fall in rare-earth prices (up to 60% since the
beginning of 2012), has meant that REG will not meet market
expectations for the financial year ended 31 December 2012 and as a
result expects to report a normalised loss for 2012.
The change in the PRC Government, the Chinese White Paper on
Rare Earth and subsequent statements from The Ministry of Commerce
("MOFCOM") in 2012 (which are detailed in the Group's Interim
Results) have created significant uncertainty in the PRC and their
implications with regard to rare earth production and exports
continue to be interpreted. This uncertainty has lead to
significant delays in REG receiving its production quota and not
receiving an export quota at all in 2012. This has severely
hampered the ability of the Group's separation plant and trading
divisions to carry out its strategy. In addition, given the current
uncertainty, the Board has not been able to progress its
discussions with Credit Suisse regarding its proposed US$50 million
debt facility.
The Board continues with the strategy as set out at the time of
the Company's flotation on AIM which now includes numerous
potential opportunities regarding possible joint ventures which
would provide the optimum approach to carrying out this stated
strategy. A further update will be made to the market in due
course.
The Board continues to believe that the demand for Rare Earth
Oxides ("REOs") for new applications will continue to increase and
in absolute terms both domestic and international global demand
will return to previous levels. Coupled with increasing regulation
and control of production both domestically and internationally the
Board believes that the long term outlook for the price of REOs
(and more specifically Heavy Rare Earth Elements) is positive.
The Group plans to issue its Preliminary Results for the year
ended 31 December 2012 by the end of May 2013. A notice of results
will be issued in advance.
- Ends -
For further information:
Rare Earths Global Limited
Simon Ong, Chief Executive Officer Tel: +86 755 8633 6388
Brian Ho, Finance Director www.rareearthsglobal.com
Charles Stanley Securities
Nominated Adviser & Broker
Dugald J. Carlean / Carl Holmes Tel: +44 (0) 20 7149 6000
www.csysecurities.com
Media enquiries:
Abchurch Communications Limited
Henry Harrison-Topham / Joanne Tel: +44 (0) 20 7398 7702
Shears
henry.ht@abchurch-group.com www.abchurch-group.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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