Lynas Moves HQ to KL from Sydney to Cut Costs; Fires Contractual Employees
By Vittorio Hernandez | July 3, 2014 9:22 AM EST
Despite the recent protest against the operation of its rare earths facility in Malaysia, Australian miner Lynas said on Wednesday that it would move the company's headquarter to Kuala Lumpur from Sydney to cut costs.
The decision would bring the Lynas management closer to its production and sales facility in Western Australia and Malaysia, said new Lynas Chief Executive Amanda Lacaze.
Included in the cost-cutting strategy are to fire contractual workers, improve use of assets, pursue better procurement practices and renegotiate contracts with suppliers.
"This streamlining of office locations is the first in a series of initiatives aimed at simplifying our approach and focusing on the highest value drivers in our business" Lacaze said, quoted by the Sydney Morning Herald.
She disclosed that over the past quarter, the Lynas Advanced Materials Plant had encountered bottlenecks that affected production results. However, Lacaze added that the problem areas have been managed and each stage of the phase 1 plant, beginning from cracking and leaching all the way to solvent extraction and product finishing, have been individually operated at target capacity for that quarter.
She added that the shift of corporate headquarters would not change its listing in the Australian Stock Exchange.
To contact the editor, e-mail:
Most Popular Slideshows
- Still The World Champions: Team USA Overpowers Serbia, 129-92 To Win 2014 FIBA World Cup [PHOTOS]
- Kendall Jenner Could Be Next Victoria's Secret Angel [PHOTOS]
- From Fat To Fit: Celebrities Who Were Overweight Before They Became The Beauties That They Are
- Taylor Swift Named People's Best Dressed Stars Of 2014 [PHOTOS]
Join the Conversation
- iOS 8 Release Date Of Sept 17 Has Arrived: Update Begins At 10AM Pacific Time, Upgrade Your iDevices With iOS 7.1.2 First To Install iOS 8
- Google Nexus 6 Release Date on Q4 2014 Confirmed by T-Mobile Featuring Wi-Fi Calling
- Why Samsung Galaxy S5 Is Not The Best Smartphone To Purchase Now? If You Still Want To, Wait For A Month To Get It Cheap
- Apple iPad Air 2, iPad Mini 3 October Release Date Roundup: Freshly Leaked Protective Case Debuts Unique Vent Alongside Camera
- Canadian IS Jihadist Wants to ‘Play Soccer’ with Heads of US Decapitated Soldiers
- Warning to U.S. – ISIS Has Shot Down a Syrian Regime Fighter Jet
- Spice Dream Uno vs Xiaomi Redmi 1S: Android One Smartphone to Challenge The Existing Budget Friendly Smartphone