LYNAS Receives Approval for Operating License
The Technology Metals Summit taking place in Toronto as we speak was the news in REE’s earlier today, but the news now is that The Atomic Energy Licensing Board of Malaysia has granted a two year temporary operating license to Lynas on Feb 2nd. There are several conditions, but Lynas is almost completed their refinery, the largest in the world, and they are certain to do everything they can to abide by the conditions. As a result, Lynas stock has risen 20% in Sydney in the first 20 minutes of trading.
The Australian miner was set to open their Advanced Materials Plant near Kuantan in September, but protests delayed things. Now they can start exporting ore from their $100 million Mount Weld mine in Western Australia they opened in August. The total capacity will be 22, 000 t/y. should a second phase be completed, the company announced Nov 16th. This would account for around 39 per cent of the world's supply outside of China according to the Feb 2nd Sydney Morning Herald.
Many were concerned that even if they were granted a one year temporary license that things would change later this year after an election, because the opposition party opposes the project. However, two years gives them the time to win over Malaysians, regardless of the results of the election, because they will be providing jobs, and are sure to adhere to the considerable environmental regulations. Lynas also has to provide 50 million in bond money to make sure that all requirements are met. This looks very good for Lynas, REE’s, and those doing the announcing at The Technology Metals Summit.
Disclaimer: Lynas is a sponsor of RareMetalBlog.
