LYC 0.33% $6.07 lynas rare earths limited

15 aug articles, page-48

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    ATOM ENERGY LICENSE BOARD (LPTA) AUGUST 15, 2019
    __________________________________________________
    TRANSFER OF "CRACKING AND LEACHING" PROGRAMS AND COUNTRY PDF Download FOR LYNAS OPERATIONAL LICENSE Terms
    _________________________________________________________
    PUTRAJAYA, AUGUST 15, 2019: Following a public statement made by the Prime Minister and the decision of the Cabinet, the Atomic Energy Licensing Board (LPTA) renewed its operating license of Lynas Malaysia Sdn Bhd (Lynas) for six months.
    Some of the conditions set are:
    (i) Lynas must submit plans for the construction of a Cracking and Leaching facility overseas for the purpose of relocating the process currently underway at the Kuantan Guleng, out of Malaysia. Overseas Cracking and Leaching facilities must be constructed and commenced within 4 years from the date the license is valid. After the Cracking and Leaching facility began operating overseas, licensees were no longer allowed to produce radioactive residues exceeding 1 Becquerel per gram at their plant in Gebeng, Kuantan.
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    (ii) Lynas must:
    (a) identify the specific site for the construction of the Permanent Disposal Facility (PDF) and shall obtain written consent from the State Government for the use of the site as a PDF. The licensee must also submit a complete PDF construction planning plan as well as a sufficient financing plan to cover the entire construction and operation of the PDF; or
    b) obtain the written permission of the authorities of any country to bring out the Water Leach Purification (WLP) residue to that country;
    (iii) Lynas shall terminate all Research and Development (R&D) activities related to the re-use of WLP radioactive residues as a Condisoil in agriculture and shall submit 0.5 per cent (%) of the gross annual sales set for previous R&D efforts to The Government of Malaysia added additional security until the "Cracking and Leaching" facility overseas began operating.
    These conditions were decided after the Federal Government of Australia and the State Government of Western Australia informed Malaysia that they would not accept the repatriation of WLP Lynas radioactive residues.
    The above terms are also based on the recommendations made by the Lynas Advanced Materials Plant Executive Committee on Operations in its November 2018 report.
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    PDF construction needs to be accelerated to minimize the risk of accumulating WLP radioactive residues now exceeding 580,000 tonnes at residue storage facilities (RSFs) exposed to natural disaster threats such as floods.
    The LPTA will closely monitor and ensure the construction and operation of PDFs in accordance with international standards.
    - END -
    For any further questions, please contact:
    Sir. Hj. Zul Helmi bin Ghazali
    head of Unit
    Corporate Communication unit
    Atomic Energy Licensing Board (LPTA) Tel: 03-89225888
    Released on August 15, 2019, 5.00 pm
    3
 
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