News: Lynas ramping up in Malaysia

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Lynas Corporation Limited (ASX:LYC) achieved first production of rare earths materials at its Malaysian Advanced Materials Plant in the first quarter. 

 

Lynas says the controversial plant is ramping up to achieve nominal capacity of 11 thousand tonnes annually by the end of June. 

 

The rare earths producer says the plant has produced the full suite of rare earths products, and has now commenced production of aggregate co-products on site. 

 

The company advised there have been three legal challenges to its Temporary Operating License, with just one remaining to be heard by the Kuantan high court in Malaysia. 

 

Funding wise, Lynas had $172 million of unrestricted available cash on hand at the end of last month, following its capital raising in December. 

 

Lynas Corporation reported a net loss of $56.6 million in the first half of fiscal 2013.