LYC (ASX) News: LYC Malaysian Prime Minister says other companies may buy rare-earths processor Lynas

Originally posted by mikaj: ↑

Big end of town annoyed at WES as well:

Lynas investor lashes Wesfarmers over dealings with Malaysia
A major investor in Lynas Corporation has lashed out at Wesfarmers over its representations to the Malaysian government on the future of the rare earths miner and processor.
Greencape Capital’s Ryan Green said Wesfarmers’ actions raised governance issues, given it appeared to be making representations and promises to a foreign government about assets it did not own.
Mr Green said Greencape, which owns about 9 per cent of Lynas stock as well as shares in Wesfarmers, was scratching its head over the conglomerate’s tactics after Wesfarmers launched anindicative $1.5 billion takeover offerlate last month.
Lynas Corporation is seeking urgent clarification from the Malaysian government after Prime Minister Mahathir Mohamad said it had been in talks with companies interested in buying the rare earths processor.
Dr Mahathir said the interested parties had given undertakings on processing rare earths from the Mount Weld mine in Western Australia to remove low-level radioactivity before it was shipped to Malaysia and refined at Lynas' Kuantan plant.
Wesfarmers welcomed what it described as additional clarity provided by Dr Mahathir, saying his comments were “consistent with prior public statements by the government and the views shared with us in meetings with senior Malaysian government officials since we announced our proposal to acquire Lynas”.
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“We look forward to more detail from the government about Lynas’ operating licence certainty to assess the conditionality of our proposal,” a Wesfarmers spokesman said on Sunday.
A key plank of Wesfarmers' plans for Lynas is to build an onshore cracking and leaching processing plant, most likely at its chemical processing hub at Kwinana, south of Perth, to remove radioactivity from materials.
That would mean replicating at least some of $800 million Kuantan plant in WA as part of a multi-year approvals and construction process.
It is unclear what would happen with the waste in the meantime if processing were to continue at Kuantan.
Lynas, the world’s biggest supplier outside of China of key ingredients needed to make permanent magnets used in electric vehicles, consumer goods, the aerospace industry and in the military, is in danger of having its processing licence in Malaysia revoked and has beenunder pressure to remove 450,000 tonnes of low-level radioactive wastefrom the country.
“We have opened up the business to other people, and there are other companies willing to acquire Lynas,” Dr Mahathir said after a crucial cabinet meeting on Friday.
“They [the other companies] have given us a promise that in the future, before sending the raw materials to Malaysia, they will clean it up first. They will crack it and decontaminate it in some way with regard to radioactivity.”
Dr Mahathir indicated Lynas would have to at least match the radioactivity commitment to have any chance of getting its operating licence renewed.
Mr Green said there was no reason Lynas could not build its own onshore first-stage processing plant in WA, given its expertise with rare earths and strong backing from Japanese customers and major shareholders.

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