Most similar comparable resource, page-2

Lynas wrote off their investment in the Kangankunde Project during 2013-2015.

The extract from the F2022 Annual Report only started appearing on their reports from F2018. No mention made on previous annual reports. Wonder why?

If you were to read each extract from Lynas annual reports there tend to vary to some degree. For example ..."ongoing dispute between another claimant". was quoted on F2018. Legal proceedings by Lynas commenced last quarter 2018.

From all accounts Lindian did their Due Diligence before commiting to buy the K project from Rift Valley. They would have investigated any pending legal disputes. In addition the Malawi Mining Executives were consulted before Lindian proceeded. Its highly unlikely there are any hidden legal risks. You will need to check with Lynas re any pending Court cases.

You will also need to research the history of how Lynas obtained the Mining Licence and legal disputes they had with Michael Saner and Coy. Much was written back in 2006. These are some of my research findings.


"The Mining licence holder sold his “rights” to Kangankunde to Lynas who announced on 6 September 2007. Lynas for a long time could not legally obtain transfer of title to the deposit because of Saner’s 2006 Court Order and the mining licence holder could not get paid the US$4 million purchase price. Saner obtained a High Court Injunction on 18 December 2010 prohibiting the transfer of the “mining licence” to the subsidiary Lynas Africa Ltd. The Minister of Mines again ignored this Court Injunction (again was on the big bucks from the indian holder - lynas knew this). Despite the Injunction, Lynas Corporation announced on 22nd December 2010 that the Malawi Government had granted its approval to the transfer of the “mining licence” to Lynas. Lynas view was that if its supported by the government all the way through we will be fine".

"The (previous) mining licence holder and Lynas applied in December 2011 to intervene in Saner’s court case dating from May 2003, with the stated intention to remove all of Saner’s applications before the court to have his mineral rights reinstated. A High Court judge allowed this intervention. Saner appealed against this decision. The full High Court ruled on 4 June 2012 that these applicants have no grounds whatsoever to intervene in this case. The judgment also reinforced Saner’s legal right to Kangankunde as contained in the 26th May 2006 judgment. Saner was again awarded costs and $100m in damages."

. "All Lynas could ever do is sue the government - they cant touch the new EPL which will be issued to rift valley (lin having rights to 75%) - if they tried all the info regarding what they knew on how the ML was issued and who paid what will come out (saner told and emailed them many times during the court hearings). Lynas cannot afford the reputational headaches as the world is a very different place 10 years on."