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
- Flight MH17 Attack: Russians Claim 'Putin A Terrorist,' Memorial at Dutch Embassy Overflows [PHOTOS]
- Typhoon Rammasun Claims 18 Lives in China, Incurs $4.32B Losses (PHOTOS)
- Ellen DeGeneres Caught Cheating with Mutual Friend Before Portia de Rossi’s Rehab – Reports [PHOTOS]
Join the Conversation
- California Fruits Recalled in USA and Canada for Possible Listeria Contamination
- Malaysian Airlines Flight 17: Air Carrier Losing $1.6 Million/Day; Crisis Management Experts Suggest Hiring Risk Expert as CEO
- The IBM and Apple Merger: Will it Spell Trouble to Rival Companies
- CBA, NAB, Westpac in Fixed Rate War Offering Below 5% Interest
- Radio Australia Cuts to Affect Isolated Vanuatu Residents Who Rely on It for Weather Bulletins
- Samsung Galaxy Note 4 Apps Leak Online, Five Fresh Features to Expect from the Android Smartphone
- Windows Phone 8.1 Update Rollout: 20 Nokia Lumia Phones Eligible and 13 New Features to be Added
- Three New Moto G Successors Spotted in FCC Document Dubbed Moto G2, Moto M and More --Reports
- iPad Air 2 Release Date Will Skip IGZO Panel; To Rollout with Super-Slim iPad Mini Air
- Sony Xperia M2 vs. Moto G – Specifications, Features and Price Showdown