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Australia’s Lynas surges after Malaysia plant appeal dismissed

June 18, 2012

SYDNEY: Shares in Australia’s Lynas Corp jumped in early trading after the Malaysian government dismissed an appeal against its rare earth processing plant in the country.

Lynas shares surged as much as 15% to A$1.01 and last traded at A$1.

On Friday, a statement from Malaysia’s Science, Technology and Innovation Ministry, which considered the appeal, said there was “no strong justification nor scientific or technical basis” to set aside a temporary operating licence given to the plant in January.

The plant is seen as crucial to loosen China’s grip on the global supply of rare earths, used in a range of products from smartphones to hybrid car batteries.

A series of delays to its start-up has rattled Lynas shareholders as the company waits to capitalise on high prices for the materials.

- Reuters


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