Rare Earths Global issues profit warning

Shares in Rare Earths Global (REG) plunged by more than a fifth on Tuesday morning after the group admitted it will not meet expectations for the year ended December 31st 2012 and as a result expects to report a normalised loss for the twelve month period.

Shares in Rare Earths Global (REG) plunged by more than a fifth on Tuesday morning after the group admitted it will not meet expectations for the year ended December 31st 2012 and as a result expects to report a normalised loss for the twelve month period.

The company said this was due to the period of rapid change and development occuring in the Rare Earth industry both domestically in the People's Republic of China (PRC) and internationally, which has caused uncertainty. There has also been a steep decline in rare-earth prices by as much as 60% since the start of 2012.

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