Australia's Lynas 'positive' on rare earths despite 74% profit drop

SYDNEY -- Australian mineral company Lynas remains "very positive" about the market for rare earths despite posting a 74% drop in half-year net profit that it blamed largely on weak prices in China.

On a call with investors on Monday, Lynas Rare Earths chief executive and managing director Amanda Lacaze said the company expected "soft demand" in China to recover, noting that the market was "quite distorted ... with dominance and market power resting in one area."