Lynas plans announcement on Pahang plant
UPDATED @ 09:57:11 AM 30-06-2011 June 30, 2011MELBOURNE, June 30 ? Australian rare earths producer Lynas Corp plans to update the market on an independent review of its rare earths plant in Malaysia, it said today, requesting a trading halt on its shares.
The Malaysian government, under pressure to show that the plant does not pose any radioactive risk, recently set up an independent panel to review the health and safety aspects of Lynas? rare earths plant in Pahang.
Malaysia?s International Trade and Industry Ministry will hold a media briefing at 0300 GMT (11am Malaysian time) on the same issue.
Lynas had hoped to receive a pre-operation licence for the plant by September.
The Malaysian plant was supposed to process rare earth concentrate shipped in from the firm?s Mount Weld site in Western Australia. The site was scheduled to produce its first feed of ore in late March.
The strategy would make Lynas a key global supplier after top rare earths producer China last year imposed export quotas to retain resources.
Company officials said annual output from the Malaysian plant would hit 22,000 tonnes, meeting roughly a third of total global demand outside China by 2013. ? Reuters
Why would u annouce bad news at your own plant...
Lynas plans announcement on Pahang plantUPDATED @ 09:57:11 AM...
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