LYC 3.39% $7.02 lynas rare earths limited

abc 24 story, page-8

  1. 5,056 Posts.
    lightbulb Created with Sketch. 243
    http://www.abc.net.au/news/2012-11-19/an-protesters-to-demonstrate-outside-lynas-agm-in-sydneyprotest/4380590


    Print Email Facebook Twitter More
    Lynas defends Malaysia project amid ongoing protests
    By Canberra correspondent Stephanie March
    Posted 2 hours 17 minutes ago

    MAP: Australia
    Malaysian activists opposed to a rare earth processing plant set up by Australian miner Lynas, say they will protest outside the company's annual general meeting in Sydney on Tuesday.

    Members of the Stop Lynas Save Malaysia movement have also met with members of the minority Greens Party.

    The Greens are concerned not only about the development in Malaysia but also the possibility of radioactive waste from the plant being shipped back to Australia.

    Lynas has applied to the Australian Radiation Protection and Nuclear Safety Agency (ARPANSA), a regulatory authority, for a permit to send the by-product back.

    "I think it is a ruse. I think the company has no intention," said Greens Senator Scott Ludlam, the member for the area in Western Australia where the material would most likely be shipped back to.

    "It is an alarmingly bad idea and I object to the idea they can hoodwink local residents that they have a safe dumping strategy for Australia, which we know would be difficult."

    Senator Ludlam said while it would be difficult for the company to get the approvals required to ship the by-product back, it would not be impossible.

    "In the correspondence we have seen from ARPANSA, they acknowledged the legal procedures. I think it is unprecedented, I don't want the company to have this 'get out of jail free card' where they tell residents 'OK take back to Australia' when in fact formidable legal hurdles and opposition from Fremantle and elsewhere up the corridor."

    Lynas chief executive Nick Curtis says the company made the application to ARPANSA in the hope of shipping the by-product back and on-selling it to be recycled, but that is no longer the company's plan.

    "We ceased looking for contracts in Australia because we think shipping to Thailand or Indonesia is cheaper."

    Mr Curtis says the company has permits to store the waste in Malaysia for the sort and long term but are looking at opportunities to recycle the product in-country for industrial use.

    "We feel it would be better to seek to recycle into industrial use and we intend to do that. We are well advanced in our research, we know there are markets for forms of our residue and sell it. That is our intention and we are working on it. We have contracts in place but we have strong indications of what we are doing."

    Last week a Malaysian court dismissed an application to suspend the company's temporary operating licences.

    The protesters have lodged an appeal to the decision.

    "We are not worried about losing the battle: you win some, you lose some. We will fight on until we carry Lynas from Malaysia," said Tan Bunteet, a member of the Stop Lynas Save Malaysia movement.

    But Lynas chief Nick Curtis' resolve seems just as strong.

    "Every regulation has been met, it is safe. However there is a system that allows to take it to court. We will simply turn up and state our case and we are confident we are safe in that."

    He says the project is on track to start operating in December.
 
watchlist Created with Sketch. Add LYC (ASX) to my watchlist
(20min delay)
Last
$7.02
Change
0.230(3.39%)
Mkt cap ! $6.561B
Open High Low Value Volume
$6.74 $7.05 $6.72 $39.03M 5.604M

Buyers (Bids)

No. Vol. Price($)
1 11129 $6.99
 

Sellers (Offers)

Price($) Vol. No.
$7.03 26155 5
View Market Depth
Last trade - 16.10pm 28/08/2024 (20 minute delay) ?
LYC (ASX) Chart
arrow-down-2 Created with Sketch. arrow-down-2 Created with Sketch.