Toly while I totally agree Lynas cannot continue trying to operate one of the most complex chemical plants in the world under the current political situation in Malaysia it seems to me your suggestion to move the operation out of Malaysia is premature. I simply cannot believe the Fuzzies, Yeos and WT's of this world can be allowed to use factually incorrect information to cause major disruption to such a strategically important business. The opponents seem unable to read english, maybe have extremely poor comprehension or just have no intention of understanding the scientific truth.
The LAMP as we know is bigger than just Malaysia. It is a ROW strategically important asset.
While I am confident the current issues will be resolved in a business like manner this will require someone of authority in the Malaysian parliament to grow a pair and exert their authority. There have been a number of letters printed in the Malaysian Press in recent times which have been authored by extremely well qualified chemical engineers who understand the science and the low risk Lynas brings to employees and the people of Kuantan. The specially selected review committee prepared a report which effectively gave the thumbs up to the current safety measures in place at the LAMP with some suggestions for further testing of the Condisoil product. For some reason this report has been overruled by Yeo and the RC members placed under a gagging order. What is going on? This is looking more cynical than the alleged corruption and bribery of the previous administration.
Now we see a news report video with Fuzzy tearfully quoting the heavy metals including nickel in the waters coming from Lynas plant is damaging the health of Kuantan residents. This is a blatant lie. The presence of heavy metals in the Balok River was reported from independent tests carried out in 2012 before the Lynas LAMP commenced operations.
The delayed approvals, Ministerial decisions which are politically motivated but not based on scientific evidence must be challenged. This challenge is the responsibility of lawmakers who have been elected to improve the plight of all Malaysians. This must happen quickly. Lynas must have certainty and security of tenure and ability to operate its business in accordance with the laws of Malaysia, International laws and their operating license.
This must happen before the NUF storage license expires in February 2019. Failure to achieve this milestone will probably see your plan implemented which would be a grave injustice to a large number of people in Malaysia who depend on Lynas for their livelihoods, not to mention of course the long suffering shareholders.
Rant over. I just hope sanity will prevail in the very near future and we can all relax and make positive comments about our investment in Lynas and the supportive people of Malaysia.
LYC Price at posting:
$1.65 Sentiment: Buy Disclosure: Held
(20min delay)