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(Kitco News) - Lynas Rare Earths (ASX: LYC) licence to import and process lanthanide concentrate is now valid until 1 January 2024, according to a news release published by the company today.
The rare earths refinery, which is the largest outside of China, is located in Malaysia's Pahang state. The government in Malaysia has raised concerns about ratiation levels at the facility.
Lynas said that 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 news that the deadline was moved to the end of the year led to a jump in Lynas shares, up 12% to A$7.37.
"This change has been made by the Minister of the Ministry of Science, Technology and Innovation
(MOSTI) in response to the appeals filed by Lynas under the Atomic Energy Licence Act 1984 (as
announced on 16 and 24 February 2023). The MOSTI Minister has otherwise dismissed Lynas’
appeals," wrote the company.
"Malaysia offers legal avenues for the review of the licence conditions. 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 and as a significant employer and contributor to the Malaysian economy."
