no equity raising and no bank debt said nc

My apology if this has been posted today. I really hope good news flow continue. Good luck all holders.

http://www.businessday.com.au/business/lynas-wins-rareearths-approval-20120905-25ert.html

Lynas wins rare-earths approval
Date
September 6, 2012

Winners are grinners: Nicholas Curtis. Photo: Rob Homer
LYNAS Corporation was celebrating last night after its controversial rare-earths plant in Malaysia won a temporary operating licence from the country's Atomic Energy Licensing Board.

Executive chairman Nicholas Curtis said development of the plant had been a decade-long ''emotional roller-coaster'' for Lynas, which was hit by a withdrawal of funding during the financial crisis and by delays in licensing.

Yesterday's approval will allow it to transport rare-earths concentrate from its Mount Weld mine near Laverton in Western Australia to be fed into the Malaysian plant kiln in October. Lynas expects income from sales by the end of the year and to be cash-flow positive by the first quarter of next year. Full production of 22,000 tonnes a year is to be achieved before the end of next year.

Mr Curtis ruled out raising equity to fund working capital but said Lynas expected to be able to borrow, as it had no bank debt.

He said there was nothing unusual about the two-year temporary licence in Malaysia and, if the plant complied with safety standards, Lynas could expect to get a rolling three-year licence.

The company, which has faced community opposition in Australia and Malaysia and continuing legal action, said it intended to go beyond the conditions of its approval and ''remove from Malaysia the radioactive tailings material that is the principal cause of the community anxiety by engaging with export markets for the processed co-products from the [plant]''.

Rare-earths prices, and Lynas shares, took off in 2009 after China, which controlled 95 per cent of global supply, imposed export restrictions. While the elements comprising rare earths are priced individually, based on average distribution from Mount Weld, prices rose from $US10.32 per kilogram in 2009 to $US147.96 in 2011 and were back down to $US51.87 this week.

Rare earths are used in high-technology applications including defence, IT and transport.

Mr Curtis said the debate about rare earths should be informed by science rather than politics and fears about radioactivity.

''This is a benign radioactive material … such as occurs around you naturally,'' he said.