Malaysia's politicians have a hell of a lot more to worry about than playing silly games with Lynas residue:
World's Worst Major Stock Market
The benchmark FTSE Bursa Malaysia KLCI Index is down 14 percent from a record in May 2018 and it’s the worst major market in the world so far this year, having slipped 3.6 percent. That’s even amid a rally in global equities spurred by the Federal Reserve’s dovish pivot and a potential trade deal between the U.S. and China. The gloomy outlook for Malaysian stocks isn’t likely to end anytime soon, says Samsung Asset Management Co.
Euphoria about Malaysian stocks has faded after almost one year since Mahathir Mohamad’s surprise election victory in May, as the new administration struggled to clean up government inefficiencies and corruption. Unfulfilled campaign promises partly due to the legacy it inherited have also hurt its popularity. The new administration last month lowered its 2019 economic growth forecast and has been on an austerity drive to rein in its budget deficit.
Foreign investors have dumped Malaysian shares worth more than a net $500 million so far in 2019, according to Bloomberg-compiled data.
And the oil wealth that underpinned its rise as an Asian Tiger 30yrs ago has been largely squandered:
"The perception that Malaysia is the only beneficiary in Asia from rising oil prices is a fallacy," Richardson said. "Rising oil price is negative for Malaysia" because it imports more oil products than what it exports as crude, he said.
Big picture, Malaysia is on the nose international investors, excepting Japanese $1.8Bn charity loan, their primary source of wealth oil has been raped & pillaged, yet they persecute a forward looking industry highly likely to draw significant downstream investment for decades, as per the Chinese template.
All because they refuse to understand international standards <10 bq NORM. Hard to find a single word that encaptures this saga, but selfish is probably as good as any.
Some perspective across a broad range of industry:
In 2015 the IAEA (NORM VII) says that there is still a lack of harmonization of national approaches to the management of NORM residues. However, acceptance of the need to minimize NORM waste by recycling NORM residues or using them as by-products (with dilution if necessary) continues to grow. Some national authorities are now actively promoting this approach instead of discouraging or prohibiting it as in the past. This includes use in building materials, subject to 1 mSv/yr reference level for exposure.
Earlier IAEA recommendations for the classification of exempt waste (i.e. beneath low-level, and therefore not requiring any special facilities for disposal) are between 10 Bq/g and 1 MBq/g for 'moderate amounts' – depending on the radionuclide in question and the chances of public exposure (Radiation Protection and Safety of Radiation Sources: International Basic Safety Standards, IAEA July 2014), however in practice categorization of waste is strongly determined by where the waste comes from.
Lynas has NEVER even attempted to avoid its responsibility to manage its low level NORM residues, it simply wants to follow international best practice in recycling. The ultimate irony is Malaysia has reused far higher NORM waste in urban development for decades.
As a sidebar, NORM levels across EU shown in brown & black, alert the media! Looks like I'll be living with a higher level than any LAMP operator shortly, have to keep an eye out for a two headed Bresse chicken, perhaps some La Rochelle oysters as a starter.
(20min delay)