Rare earths miner Lynas is looking to bolster sales in a difficult market after sharply narrowing its full year loss.
The company posted a net loss of $118.6 million in the year to June 30, compared to a $345.4 million loss in the previous year, on the back of cost reductions and higher sales.
Lynas mines metals used in many hi-tech products, with operations in Western Australia and a refinery in Malaysia.
Rare earths prices have tumbled over the past two years as supply has increased and hi-tech product users have become more efficient, finding alternative sources to deal with China's stranglehold on world production.
The struggling miner has been forced to carry out a review of its operations and cut expenses, including by way of closing its Sydney operations, reducing its workforce, making changes to its debt agreements and renegotiating supplier contracts.
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Lynas said it had achieved cost reductions of over $40 million a year, helping the business report positive cash flow in the fourth quarter.
"The company continues to work to achieve further reductions in the cost of production," it said.
Despite the market continuing to be oversupplied, Lynas said it was looking to develop additional sales opportunities.
The company held total debt of $662 million at the end of June, up from $550 million a year ago.
Lynas shares, up 0.05 cents at 3.85 cents at 1200 AEST, have tumbled by two-thirds in the past 12 months.
LYNAS NARROWS ITS FULL YEAR LOSS
* Net loss of $118.6m, compared with $345.5m
* Revenue of $144.6m, up from $64.6m
* No final dividend, unchanged
