Lynas Rare Earths Shares Fall After A$750 Million Equity Raise

Shares of Lynas Rare Earths Ltd. declined after the critical materials miner backed by Australian billionaire Gina Rinehart raised A$750 million ($488 million) in a stock sale to speed up its expansion plans.

The stock slid as much as 9%, the most since October 2021, to A$13.40 after it exited a trading halt Friday. The company issued shares at A$13.25 apiece in a fully underwritten placement, representing a 10% discount to the last traded price on Wednesday, according to an exchange filing. Its stock has more than doubled this year.

The funding will be used to streamline existing operations, ...