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Qoka

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07/05/23

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Post #: 67647229
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Originally posted by skijapan: ↑

Malaysia gives Lynas six-month extension for rare earths operations to go radiation-free

UPDATED
15 MINS AGO

KUALA LUMPUR – Malaysia has extended to January 2024a deadline for Australian miner Lynasto ensure its rare earths plant in Pahang, the world’s largest, is effectively radiation-free.
The Straits Times has learnt that the six-month delay, following an April 28 appeal hearing, was conveyed to Lynas late on Friday ahead of an expected announcement this week.
The decision, legally under the sole discretion of Science, Technology and Innovation Minister Chang Lih Kang, is closely watched due to the geopolitical importance of rare earths.
China controls four-fifths of the global production of the mineral crucial to high-technology applications such as smartphones, electric vehicles and military assets.
Authorities issued a three-year licence renewal to Lynas in February but refused to remove conditions effective from July 1. The main requirement is the need to move “cracking and leaching” of lanthanide concentrate to another site outside of Malaysia, and refine only intermediate materials at its facility in Gebeng, near Kuantan in Pahang.
The refining processes have sparked fears of environmental and health hazards, especially the release of radiation that Lynas insists has no impact on the normally occurring levels around Gebeng.
Opposition Perikatan Nasional as well as industry and diplomatic officials have lobbied Mr Chang to revise the conditions to ensure Lynas would not have to shut down its Malaysian operations that account for half of the world’s rare earth supply outside of China.
https://www.straitstimes.com/asia/se-asia/malaysia-gives-lynas-six-month-extension-for-rare-earths-operations-to-go-radiation-free

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Excellent news, just hope that it’s true. Just wasn’t expecting this from the Malaysian Government. Woohoo!

LYC Price at posting: $6.58 Sentiment: Hold Disclosure: Held
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Last $6.76		Change 0.020(0.30%)		Mkt cap ! $6.318B

Open	High	Low	Value	Volume
$6.76	$6.81	$6.72	$16.83M	2.487M

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No.	Vol.	Price($)
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