News: LYC UPDATE 1-Lynas Rare Earths' Malaysia operating licence extended till Jan 2024

(Updates with background on Malaysia unit, regulatory concerns, company comment)

May 8 (Reuters) - Australia's Lynas Rare Earths Ltd (LYC) on Monday said its operating license in Malaysia to import and process rare earths was now valid until Jan. 1 next year from a prior expiry date of July 1 if it had failed to comply with certain conditions.

In mid-February, Malaysian regulators renewed Lynas' domestic unit's license for three years but retained conditions that prevented it from importing and processing rare earths concentrate after July 1, which could lead to revocation of its licence.

Lynas' rare earths processing facility in Malaysia is the world's largest outside of China, and has been dogged by environmental concerns which have resulted in multiple regulatory roadblocks so far.

"The licence variation allows the Lynas Malaysia cracking and leaching plant to continue to operate until 1 January 2024 and will remove the requirement for a shutdown at the Lynas Malaysia plant prior to 1 January 2024," the rare earths producer said.

"Lynas has made significant investments in its Malaysian facility and will seek review through (these) processes in respect of the conditions to ensure that Lynas is treated fairly and equitably as a foreign direct investor." (([email protected]; Twitter: https://twitter.com/sameer_manekar))