KUALA LUMPUR, Feb 1 – Australian miner Lynas Corp has been granted a temporary operating licence (TOL) for its controversial RM2.5 billion rare earth plant in Kuantan despite nearly a year of sustained public protests.
The Atomic Energy Licensing Board (AELB) said it decided in its January 30 meeting to approve the Australian miner’s application despite receiving 1,123 comments on Lynas’ documents during the public feedback period which ended on January 26.
“Based on the decision of the board meeting, the application for a (TOL) has been approved with several conditions where if any of them are broken, the licence can be suspended or withdrawn and further applications will not be considered,” said AELB executive secretary Raja Datuk Abdul Aziz Raja Adnan (picture) in a statement today.
The decision by the AELB will finally allow Lynas to fire up its refinery that has raised fears of radiation pollution among local residents and environmentalists.
AELB has said it will monitor the plant over the next two years within which time Lynas must show that it meets the safe levels of radiation the company has claimed before it is granted a full licence to ramp up operations.
The company listed on the Australian stock exchange expects an RM8 billion annual windfall once it is operating at full capacity, expected to be in 2013.
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AELB approves licence subject to conditions. Plant will be monitored for radiation levels over next 2 years to ensure conforms to claims and assurances made in the application.
Great news for all holders.
LYC Price at posting:
$1.34 Sentiment: Hold Disclosure: Held
(20min delay)