LYC 0.00% $6.40 lynas rare earths limited

Crisis in Malaysia, page-38

  1. 408 Posts.
    lightbulb Created with Sketch. 87
    i try again the posting:

    Minister of Energy, Science, Technology, Environment and Climate Change, Yeo Bee Yin, said the Cabinet's decision to extend Lynas' operating permit for another six months was not the "ideal" decision.

    However, the Bakri MP added, at least the decision made by the cabinet is much better than it is today.

    “The Cabinet has taken note of this issue, but some people have different views. Therefore, the decision has been reached.

    “What I can say is, the decision made is not the ideal, for me. Not the ideal, but better than the status quo. It's better, "Yeo told reporters.


    He said this after launching the National Science Week Carnival Program 2019, at the Raja Tun Uda Library, Section 13, Shah Alam.

    Yeo was asked to comment on whether Lynas was allowed to keep leachate purified wastewater (WLP) in Malaysia or not following reports that the cabinet had reached a decision to abolish the conditions it announced for Lynas to send WLP waste out of Malaysia.

    The results were achieved by the majority

    Commenting further, Yeo said the cabinet decision would be announced in detail by August 15 through a press release.

    “What the prime minister has announced is part of what we are talking about. My ministry reviews and personal views have been presented to the cabinet. Other members of the congregation also voiced their views.

    "Cabinet decisions have been achieved through the majority," he added.


    88468cfdc3876a25f51cc98a95dd86c7.jpg

    He is believed to be referring to Prime Minister Dr Mahathir Mohamad's statement that the government is still waiting for Lynas' proposal to control the rare earth waste processing, including where they will make waste disposal.


    Last year, Mestec ordered Lynas to send WLP - currently 451,654 tonnes - to Australia before September 2 this year, the same date as the company's temporary storage license expired.

    It is one of the two pre-requisites set by the ministry, besides stating that the company will submit an action plan on disposal of underground waste (NUF).

    This morning, according to a source report, Malaysiakini reported that the government is expected to extend its six-month rare earth production plant operating permit to renew its permit, which ends Sept. 2.

    However, it is understood that all ministers who objected to Lynas' operations while in opposition, remained consistent with their stand.



    The decision to drop the terms of shipping the waste overseas was also said to be unanimous.

    Commenting on this, Yeo explained that, legally, Lynas can only apply for a license renewal 30 days before the expiry date, which is yesterday (Aug 2).

    “Applications are still being made, processes and procedures need to be taken before a detailed official statement is announced to all (by August 15).

    "Not only that, we have other conditions. So (even if that is what is being achieved (the decision), my view is the same as before, "he said, adding that Mestec would act on the cabinet's decision.

    Do not obstruct public protests

    In addition, Yeo also announced that he would hold a dialogue meeting with lawmakers who had concerns over the cabinet's decision next Tuesday.

    Although not directly speaking, he is believed to have referred to several leaders who have consistently voiced objections to the Lynas operation in the past, including Bentong MP Wong Tack and Kuantan Member of Parliament Fuziah Salleh.

    Asked about the intention of the Save Malaysia Stop Lynas (SMSL) NGO to organize a protest against the government's decision, Yeo said he had no problem with the matter.

    "I think all Malaysians have the right to voice their views, and I will not block such gatherings," he added.

    Yesterday, SMSL announced that it was in the process of filing a judicial review should the government decide to waive previously imposed conditions on Lynas in relation to the disposal of the rest in Gebeng, Kuantan.

    According to his spokesman, Tan Boon Teet, he had earlier requested a meeting with the prime minister before the final decision on the extension of the Lynas permit was made by the cabinet.

    However, he said there was no agreement given by the Prime Minister's Office on the application.


 
watchlist Created with Sketch. Add LYC (ASX) to my watchlist
(20min delay)
Last
$6.40
Change
0.000(0.00%)
Mkt cap ! $5.982B
Open High Low Value Volume
$6.47 $6.48 $6.34 $20.28M 3.161M

Buyers (Bids)

No. Vol. Price($)
1 12848 $6.39
 

Sellers (Offers)

Price($) Vol. No.
$6.40 17965 2
View Market Depth
Last trade - 16.10pm 12/07/2024 (20 minute delay) ?
LYC (ASX) Chart
arrow-down-2 Created with Sketch. arrow-down-2 Created with Sketch.