LYC 1.65% $7.75 lynas rare earths limited

The moratorium on mining and exporting bauxite activities from...

  1. 1,349 Posts.
    lightbulb Created with Sketch. 364
    The moratorium on mining and exporting bauxite activities from Pahang which will end March 31 next will not be continued, general Water Minister, Land and Natural Resources Minister Dr Xavier Jayakumar today.

    Following the announcement, all mineral exploration and exporting of mineral materials may resume, but this time with new standard operating procedures (SOPs) and tighter enforcement.

    "The moratorium will not be continued after 31 March ... I see the bauxite industry in the state of Pahang is indeed a high demand and the profits gained by the government are also numerous."In 2015 alone, the state government receives RM47 million from royalty payments, our federal government can not get any part, just grant approval for import permit (AP) only.

    "In discussions with all stakeholders previously none of us have said that we have to stop the bauxite industry in Pahang, whether local political leaders and the state government all agree that the industry has great potential and it needs to be continued," he said.

    Dr Xavier said this to reporters after visiting a bauxite storage area around the district and Kuantan Port in Kuantan today.According to him at the same time, 435,000 tonnes still in the storage area at Kuantan Port and Kemaman Port should be emptied immediately within a month before 31 March.

    This is because, he said, starting in the new SOP that will be introduced later, only bauxite that has been washed, is allowed to be exported to protect the environment.

    "The Ministry in collaboration with the relevant parties has set up a new SOP and I ask for cooperation with all concerned concerned especially miners to comply with the terms and conditions set by us.

    "Any defender of this industry can be fined up to a maximum fine of RM500,000 and three months imprisonment if it is found to have been illegally and illegally mining according to the Environmental Quality Act 1974.

    "We will be empowering the SOP so the industry will comply with what we set out, that is important," he said.

    Dr Xavier said the new SOP was carefully prepared covering four key aspects of the management of bauxite, transport and enforcement extraction, storage and management areas at ports and bauxite exports.

    According to him, the focus was on freight and enforcement which was loosening to environmental pollution, leading to the implementation of the moratorium on the activity on Jan 15, 2016.

    He said in order to overcome it, every involved miner would have to register with the State Land and Mines Office as well as only the lorries of the prescribed type would be allowed to transport the material from the storage area to the port.

    "If the SOP is implemented without problems, we will expand its implementation to other states which also have bauxite namely Terengganu and Johor. So far Terengganu has shown interest (bauxite exports) but the ministry will discuss with the state government how to implement the industry, "he said.

    In other developments, the ministry has been asked by ministers to study areas rich in mineral resources to be explored due to high demand in the market including tin ore.

    Dr Xavier said that the ministry would hold a symposium and exhibit in the future to look into the matter.

    https://www.malaysiakini.com/news/464567?utm_source=dlvr.it&utm_medium=facebook
 
watchlist Created with Sketch. Add LYC (ASX) to my watchlist
(20min delay)
Last
$7.75
Change
-0.130(1.65%)
Mkt cap ! $7.244B
Open High Low Value Volume
$7.79 $7.87 $7.70 $22.02M 2.835M

Buyers (Bids)

No. Vol. Price($)
1 5000 $7.74
 

Sellers (Offers)

Price($) Vol. No.
$7.76 4578 2
View Market Depth
Last trade - 16.10pm 12/11/2024 (20 minute delay) ?
LYC (ASX) Chart
arrow-down-2 Created with Sketch. arrow-down-2 Created with Sketch.