The shutdown of the controversial plant could see the Australian rare earths producer take a A$16 million hit.
Lynas Corporation Ltd. Mining News
Firm struggled to increase output due to problems at Malaysian plant.
A Malaysian court dismissed an appeal against a temporary operating licence for Lynas Corp (ASX:LYC), an Australian rare earth miner, despite residents' opposition over alleged radioactive hazards.
After months of polemic and legal battles, Australian rare earths miner Lynas (ASX:LYC) has finally begun production at its Malaysian processing plant following a recent court triumph.
Australia's Lynas Corp (ASX:LYC) won Thursday the latest of a series of long-dragged legal battles against activists, which took the company to court for allegedly causing major health and environmental damages to the Malaysian population.
According to a report by Fairfax Media, Lynas Corporation Limited may face more obstacles at its rare earths processing plant in Malaysia after a group of activists confirmed its commitment to obstruct the project.
Analysts from Foster Stockbroking told investors to purge their shares in rare earths miner Lynas Corporation as there is no end in sight for the ongoing problems that have forced the company to halt operations in Malaysia.
The High Court of Malaysia today rejected Australian miner Lynas Corp’s (ASX:LYC) application for an injunction against pressure groups that oppose the company’s rare earth plant (LAMP), informs The Malaysian Insider.
Australian rare earths miner Lynas Corporation (ASX:LYC), has filed a defamation action against Malaysian protestors and opponents over their criticism of the company's rare earth plant (LAMP), which will process ores shipped from Western Australia.
Australian analysts from Foster Stockbroking say confidence in rare earths miner Lynas Corporation (ASX:LYC) is returning after the Malaysian High Court dismissed an appeal against the company's Advanced Materials Plant (LAMP).
In what could be considered a slight victory for embattled Australian rare earths miner Lynas Corporation (ASX:LYC), the Malaysian High Court ruled today against a request to review a recent decision to grant the Lynas a temporary licence (TOL) for its processing plant.
Malaysia's Atomic Energy Licensing Board (AELB) has postponed granting a temporary rare earths mine operating license (TOL) to Australian miner Lynas Corp. (ASX:LYC) until an outstanding appeal by residents to the science, technology and innovation minister has been completed.
Cows shrinking to the point they turn into cats and villagers wrapped in do-it-yourself anti-radiation suits are only some of the effects of allowingAustralia's Lynas Corporation to open a rare earths plant inMalaysia, according to not-so-subtle protest short satirical films populating YouTube these days.
Reuters reports prices of most rare earth elements – used in consumer electronics, defence and green energy industries – have risen since Wednesday after of local government crackdown on mining, with three major producers slated for closure. The news follows an announcement from the EU that it is building a stockpile of a variety of REEs and that a high-level meeting of officials from Europe, the US and Japan will take place in Washington early next month to discuss supply security. The price of some REEs such as samarium oxide used in jet fighter electrical systems has increased 25-fold in just three years.
Australia's Lynas Corporation lost more than 11% of its value on Friday after it emerged the company's Malaysian rare-earth refinery may be delayed by a government review that called for higher safety standards, further limiting supply of rare earths. Once in operation, the Lynas project could account for more than a third of the world’s supply outside of China. China in recent months closed or consolidated more than 35 rare earth mines and cut export quotas sparking concerns in the US and other industrial nations about access to supplies and causing a frenzy of exploration and development activity.
After sitting idly by and watching China monopolize the industry – the country is responsible for upwards of 95% of global supply – a rush to bring rare earth mine to production is on: There are now 251 rare earth projects being undertaken by 165 different companies in 24 countries. While prices have been rising rapidly, rare earth production is an expensive and complex undertaking. Very few projects can be developed for under $1bn and as the rest of the world shuttered rare earth mines metallurgical skills languished along with it.
Rare earths project developer, Lynas, reckons independent review of its proposed Malaysian processing facility will not pose a delay for project completion.
Australian mining company Lynas is planning to set up a refinery in Malaysia that will receive rare earth ores from its Mount Weld mine in Western Australia. Jonathan Manthorpe, an international affairs columnist for the Vancouver Sun, examines the claims of critics who wonder why the company needs to ship the ore 4,000 kilometres away from the mine.
New York Times says that Malaysia is placing a big bet on rare earth metals: As many as 2,500 construction workers will soon be racing to finish the world’s largest refinery for so-called rare earth metals […]