Lynas seeks to raise up to $40m

Shares in Lynas Corporation are due to resume trading after the miner said it would tap investors for up to $40 million.

Rare earths miner Lynas Corporation hopes to raise up to $40 million from investors to bolster its working capital reserves.

Lynas, which placed its shares in a trading halt last week, said it would launch a fully underwritten share purchase plan to raise at least $30 million.

It could also raise up to another $10 million using a "top up" share placement.

Chairman Nicholas Curtis said the money would provide a solid financial base for Lynas and address any liquidity concerns the market might have.

"The equity raising will secure our short-term working capital requirement," he said on Tuesday.

Lynas also said it would again alter the terms of its Sojitz/JOGMEC debt facility.

Lynas shares last traded at 16.5 cents.