Extension of operating licence gives the company’s plant in Gebeng, Pahang, a much-needed lifeline.
PETALING JAYA: Shares in Lynas Rare Earths Ltd rallied in the Australian market after Malaysia reversed an earlier ruling that had threatened the future of one of the few rare-earths plants outside China.
Lynas had challenged an earlier ruling that would have halted the so-called “cracking and leaching” plant at the start of 2024.The rare earths refinery that Lynas runs in Malaysia is the largest outside China, but has been dogged by concerns over radioactive waste and community opposition. “This decision provides a strong foundation for further development of the Malaysian rare earths industry,” Lynas CEO Amanda Lacaze said in a statement yesterday.
While putting up legal challenges to Malaysia’s proposed ban, Lynas had prepared to build that unit in Australia instead.
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