LYC (ASX) The day after... bandwagon news and action

Originally posted by goldrain: ↑

West in rare earth predicament - Lynas boss
Brad ThompsonReporterJun 20, 2019 — 5.35pmSaveShareLynas boss Amanda Lacaze says the United States and rest of the Western world have been left badly exposed by their reliance on rare earths materials from China, which is moving towards an export freeze on all but value-added products.Ms Lacaze said on Thursday that Lynas was now in a "very special position" as the only rare earths miner and processor of any scale outside of China able to supply ingredients that are increasingly important in electric vehicles, electronics, wind turbines and in the military.“We have a terrific opportunity because the West has been on the heroin drip of cheap components for a very long time and this has exposed us,” she said.Ms Lacaze said China had played a long game on rare earths, now emerging as geopolitically significant amid the trade war between the US and China.“The reason why China focused on this was not just for the resource and value adding that we [Lynas] do," she said."It was for all the downstream jobs that go with it. They are looking at from 2025 no exports of rare earths except in value-added form, which is either a motor or a car.”Rare earth analysts are tipping China is just weeks away from cutting production quotas for the second half of calendar 2019.China’s National Development and Reform Commission said on Monday that new rare earths policies would be rolled out as soon as possible and that Beijing would not allow products made from exported rare earths to be used against it as part of trade disputes.Ms Lacaze said Lynas, which spurned a $1.5 billion takeover proposal from Wesfarmers in March, was looking to reset its business by building an upstream cracking and leaching plant in Western Australia where it operates the Mount Weld rare earths mine.The new cracking and leaching plant is part of strategy to shore up operating licence renewals in Malaysia, where Lynas currently does all the processing of rare earths from Mount Weld and stores low-level radioactive waste produced in cracking and leaching.Ms Lacaze spoke at a WA Mining Club event alongside WA Mines Minister Bill Johnston, who had been scheduled to meet Malaysian environment minister Yeo Bee Yin on Thursday to discuss the removal of stockpiled waste from Malaysia.A spokesman for Ms Yeo, one of Lynas’ fiercest critics, said the visit to WA had been put off pending further developments.Ms Yeo was now looking to visit Australia in late August or early September depending on the availability of Australian ministers.The WA government has suggested she is wasting her time coming because the state will not accept the Lynas waste already stockpiled in Malaysia.Mr Johnston told The Australian Financial Review on June 5 that Ms Yeo had requested the meeting but WA had already written to Malaysia to make its position very clear.“We won’t take processed residuals from anywhere in the world," he said.Ms Yeo has also been pushing for meetings with federal ministers on the waste issue after an initial approach to former environment minister Melissa Price.Wesfarmers boss Rob Scott said last week that he wasn’t scheduled to meet Ms Yeo during her now-postponed visit.Both Ms Yeo and Wesfarmers maintain Lynas still has some bridges to cross before it is allowed to keep operating in Malaysia despite Prime Minister Mahathir Mohamad endorsing the renewal of the operating licence for the $800 million processing hub in Kuantan.Wesfarmers is not budging on its conditional offer for Lynas of $2.25 a share announced on March 26, instead adopting a wait and see approach on the terms of any licence renewal.Ms Lacaze indicated on Thursday that Lynas did not expect to get official notification on the licence renewal until within 60 days of its current licence expiring on September 2.

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"Ms Yeo was now looking to visit Australia in late August or early September depending on the availability of Australian ministers".

If the above happens then Yeo will meet with Bill Johnston just before Lynas' licence renewal on 2 September. We are in for a long nervous wait. I can see a shut down happening. No company should be held to ransom like this.

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Last $7.07		Change -0.030(0.42%)		Mkt cap ! $6.608B

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Last $7.08		Change -0.030 ( 0.05 %)
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Last updated 15.59pm 22/05/2024 ?

"Ms Yeo was now looking to visit Australia in late August or...

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