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Lynas gets approval to operate rare earth plant in Malaysia

February 02, 2012 - 09:14 GMT Location: Singapore

KEYWORDS: Lynas Corp , Malaysia , rare earth , LAMP , Australia

Australian miner Lynas Corp has received a temporary and conditional licence from the Malaysian government to operate a rare-earth refinery in the eastern state of Pahang.

Among the conditions listed by the Atomic Energy Licensing Board (AELB), Lynas is required to submit its plans for a permanent disposal facility and pay $50 million as a financial guarantee in instalments, within ten months of the issuance of the licence. The licence could be suspended or cancelled without consideration for subsequent application if conditions imposed are not adhered to, AELB said. The temporary licence is valid for two years, and if Lynas complies with regulatory requirements, a permanent licence may be...

All material subject to strictly enforced copyright laws. © Euromoney Institutional Investor PLC.

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