Stephen Simpson, CFA
Long only, growth at reasonable price, value, research analyst

Lynas Can't Afford Further Delays

I thought Lynas (OTCPK:LYSDY) looked like an interesting, albeit very risky, mining story back in December of 2013 ("Weak Prices Have Lynas Fighting An Undertow"). While the shares did participate a bit in the early 2014 run in mining companies, it didn't last and one of my biggest concerns (further issues ramping up the processing facility) seems to be coming home to roost.

Although management believes it could reach a 11ktpa production run-rate (a level where cash flow breakeven seems probable) in June of 2014, this is a company that has built a reputation for missing deadlines and coming in short of their own goals. What's more, the shortfalls in ramping up production have created the

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