Lynas wins Malaysian rare earth storage extension, shares jump

File picture shows labourers working at an under-construction Lynas plant in Gebeng. — AFP pic
File picture shows labourers working at an under-construction Lynas plant in Gebeng. — AFP pic

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SYDNEY, Oct 29 — Australian rare earths miner Lynas Corp said today it has been granted an extension to a temporary permit to store residue at its Malaysian site, pushing its shares up more than 8 per cent.

Lynas’ Malaysian operations have been under scrutiny by the country’s new government over concerns that its six-year-old plant that processes rare earths used in industrial magnets is harmful to the environment.

A committee reviewing Lynas’ plant has been given until the end of November to submit its report and recommendations to the government, the Star newspaper reported this month.

Lynas is the only major rare earths miner outside China. It mines the raw materials in Western Australia which are then sent to a plant in Malaysia for processing.

The miner’s shares jumped to a two-week high of A$1.925 (RM5.71). — Reuters

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